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MAR ELECTIVE > Module 2 > Flashcards

Module 2 Flashcards

1
Q

refers to the ONGOING PROCESS of interaction, integration, and interdependence among people, businesses, and governments worldwide

A

Globalization

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2
Q

It involves the EXCHANGE OF GOODS, services, ideas, technology, culture, and finance across national boundaries

A

Globalization

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3
Q

Different definitions of Globalization:

He highlighted the concept of
STANDARDIZATION of products and the convergence of consumer tastes worldwide

A

Theodore Levitt

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4
Q

Emphasize the need for a more INCLUSIVE AND FAIR GLOBAL ECONOMIC SYSTEM that benefits all, rather than just a few powerful entities.

A

Joseph Stiglitz

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5
Q

The TRANSFORMATION OF MODERN SOCIETIES, emphasizing the impact
of globalization on social
structures, culture, and politics.

A

Anthony Giddens

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6
Q

strategic decision
made by a company to capitalize on opportunities in different countries, expand its customer base, access new
markets, and potentially reduce costs by sourcing materials or labor from different regions

A

Going Global

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7
Q

Globalization and its effects on business

A
  1. Advancements in Technology
  2. Trade Liberalization and Tariff Reductions
  3. Outsourcing and Offshoring
  4. Cultural Integration and localization
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8
Q

A PESTLE factor that says Globalization is greatly influenced by these factors
such as GOVERNMENT POLICIES, trade agreements,
geopolitical stability, and the regulatory environment

A

Political Factors

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9
Q

These include economic growth rates, exchange
rates, inflation, interest rates, and the overall
economic stability of different countries

A

Economic Factor

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10
Q

Understanding social trends, demographics,
consumer behavior, lifestyle changes, and cultural
differences across countries is essential for
businesses expanding globally

A

Social Factors

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11
Q

Advances in communication, transportation, digitalization, and information technology have enabled businesses to operate on a global scale

A

Technological Factors

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12
Q

These factors encompass regulations, laws, and
compliance requirements in different countries

A

Legal Factors

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13
Q

Companies expanding globally must consider
these factors in their operations to ensure
compliance and address the growing concerns related to environmental sustainability.

A

Environmental Factors

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14
Q

Identification of global consumer trends

A
  1. Online Platforms and Databases
  2. Social Media and Analytics
  3. Surveys and interviews
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15
Q

It means an UNDIFFERENTIATED use of the same Marketing Mix. In this case, the firm simply REPLICATES, WITHOUT ANY CHANGES the same strategy
in the different markets in which it operates

A

Standardization

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16
Q

It means that each country/market has its Marketing Mix. It aim of EFFICIENTLY MEETING THE SAESPECIFIC NEEDS and respecting the values of local consumers

A

Adaptation

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17
Q

With the world becoming more INTERCONNECTED than ever before, companies have the opportunity to
expand their reach and tap into NEW CUSTOMER BASES across different
countries and regions

A

Entering new markets

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18
Q

Forming this strategy with LOCAL COMPANIES OR ORGANIZATIONS in the target market. This allows companies to leverage the expertise and knowledge of local partners, which can be crucial for navigating the complexities of different markets

A

Strategic Partnerships

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19
Q

This has opened up new opportunities for
small and medium-sized enterprises (SMEs) to expand their markets globally
WITHOUT THE NEED OF A PHYSICAL PRESENCE in each market

A

E-Commerce and Online Platforms

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20
Q

This involves ADAPTING PRODUCTS, marketing messages, and business practices to SUIT THE LOCAL MARKET

A

Localization

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21
Q

Technology’s Impact on Global Business

A
  1. Market reach
  2. Efficiency
  3. Competitiveness
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22
Q

Under Market reach

A
  1. Digital marketing and e-commerce
  2. Global platforms and marketplaces
    3, Cross-border Communication
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23
Q

Under Efficiency

A
  1. Automation and AI
  2. Cloud Computing
  3. Data Analytics
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24
Q

Under Competitiveness

A
  1. Innovation and Product Development
  2. Supply Chain Optimization
  3. Customer Experience Enhancement
25
Q

It refers to the process of INTEGRATING DIGITAL TECHNOLOGIES into various aspects of an organization or business, with the aim of enhancing operational efficiency, improving customer experiences, and fostering innovation.

A

Digital Transformation

26
Q

It refers to the practice of
PROTECTING COMPUTER SYSTEMS,
networks, devices, and data from unauthorized access, cyber attacks, damage, or theft

A

Cybersecurity

27
Q

Challenges of Cybersecurity

A

Cyber Threat Landscape
Complexity of Networks
Data Privacy and Compliance
Supply Chain Vulnerabilities
Skills Gap and Cybersecurity Talent

28
Q

They help a company to promote, sell and distribute its products to its customers.

A

Intermediaries

29
Q

They act as middlemen between various stages in the distribution chain

A

Marketing intermediaries

30
Q

are people that represent another person or entity. They serve as an intermediary between buyers and sellers on a PERMANENT BASIS They are most actively present in the real estate industry.

A

Agents

31
Q

are similar to agents in their role as intermediaries between buyers and sellers. However, they are not permanent representatives of a person or an entity. They are most active in the trading sector

A

Brokers

32
Q

TRUE OR FALSE:
Both agents and brokers are paid on commission for a sale or transaction they have mediated.

A

True

33
Q

act as intermediaries between manufacturers and retailers. They buy products from manufacturers or farmers and sell them to retailers.

A

Wholesalers

34
Q

Products are purchased in huge quantities from the manufacturer, and the __________ distributes them to retailers.

A

Wholesalers

35
Q

They mainly focus on the Business-to Business (B2B) market rather than the Business-to-Consumer (B2C) market.

A

Wholesalers

36
Q

are in direct contact with the manufacturer. But unlike wholesalers, they do not sell the products to a retailer but the end user.

A

Distributors

37
Q

They usually distribute only from a SPECIFIC MANUFACTURER and provide after-sales services to customers. They are either paid in commission or fees by the manufacturer

A

Distributors

38
Q

are the types of intermediaries consumers are most familiar with and interact with the most. Shops, supermarkets, websites, etc., are examples of retail.

A

Retailers

39
Q

have a wider reach. They either buy from the manufacturer or another intermediary

A

Retailers

40
Q

Advantages of Intermediaries

A
  • Better accessibility of
    products and services
  • Physical distribution of goods
  • Storage of supplies
  • Better market coverage
  • Improve buyer-seller relations
  • Before-and-after sales
    services
41
Q

Disadvantages of Intermediaries

A
  • The manufacturer loses some decision-making power.
  • The manufacturers’ profit is reduced due to the money they have to pay the intermediaries.
  • Intermediaries may be misinformed about the product, there by misinforming the customer.
  • Intermediaries may favor a competitor’s product if they offer a better fee
42
Q

refers to the network of entities, processes, activities, resources, and technologies involved in the production and distribution of goods or services from the raw material stage to the end consumer

A

Supply Chain

43
Q

Supply Chain flow

A
  1. Raw Materials
  2. Suppliers
  3. Manufacturing
  4. Distribution
  5. Retail
  6. Customer
44
Q

is a system of INTERCONNECTED FRIEGHT FORWARDERS transportation intermediaries and associated companies that work together to provide efficient and reliable logistics services across the world

A

Global Logistics Network

45
Q

It refer to the societal values, beliefs, norms, and behaviors that characterize different cultures. These dimensions help explain how culture shapes individuals’ attitudes, preferences, and buying behaviors.

A

Cultural Dimensions

46
Q

Power distance impacts on Consumer behavior

A
  • Belief that dominant brands are good
  • Unconscious classification of purchase
    options based on brand position
  • high brand loyalty degree
47
Q

Individualism impacts on Consumer behavior

A
  • No need to group approval for particular brands
  • more impulsive purchase rates
  • lower levels of prestige-sensitivity and need for ―face
48
Q

Uncertainty Avoidance impacts on Consumer behavior

A
  • Not Eager to new options
  • avoid uncertainty by using familiar brands
  • more price conscious.
49
Q

Masculinity impacts on consumer behavior

A

Importance for status, power, success, pleasure and prestige

50
Q

is the awareness of SPECIFIC CULTURAL FACTORS that can influence research.

For brands, it requires marketing teams to be aware of local cultural nuances and develop appropriate messaging that engages their target audience.

A

Cultural sensitivity

51
Q

Key Issues in International Marketing

A

Gender Stereotyping - Axe ad
Slang & Idioms - #WhyIstayed
Graphic Print - China print mistake

52
Q

Market Adaptation strategies

A
  • Understand Cultural Difference
  • Product Adaptation
  • Packaging Adaptation
  • Marketing Campaign Adaptation
  • Test and Iterate
  • Compliance and Legal Considerations
53
Q

Understand Cultural
Differences

A

Market Research and Consumer behavior

54
Q

Product Adaptation

A

Tailor Products to Local Preferences
Address Cultural Sensitivities

55
Q

Packaging Adaptation

A

➔ Design and Branding
➔ Language and Information

56
Q

Marketing Campaign Adaptation

A

➔ Cultural Context in Messaging
➔ Celebrating Diversity
➔ Localized Media Channels

57
Q

Test and Iterate

A

➔ Pilot Studies
➔ Continuous Improvement

58
Q

Compliance and Legal Considerations

A
  • Compliance with regulations

MAR ELECTIVE (5 decks)

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