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International Marketing > Part I > Flashcards

Part I Flashcards

1
Q

What is an LSE?

A

Large Scaled Enterprise. Has more than 250 employees.

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2
Q

What is an SME?

A

Small and medium-sized enterprise. Fewer than 50 employees = small, fewer than 250 = medium

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3
Q

Many resources. LSE of SME?

A

LSE

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4
Q

Internationalization of resources. LSE of SME?

A

LSE

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5
Q

Coordination of: personnel, financing, market knowledge. LSE of SME?

A

LSE

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6
Q

Limited resources. LSE of SME?

A

SME

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7
Q

Externalization of resources. LSE of SME?

A

SME

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8
Q

Deliberate strategy formation. LSE of SME?

A

LSE

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9
Q

Adaptive decision-making mode in small incremental steps. LSE of SME?

A

LSE

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10
Q

What is adaptive decision-making?

A

Shows how decision makers balance effort and accuracy considerations and predicts which strategy a person will use in a given situation.

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11
Q

What is deliberate strategy formation?

A

A strategy that is carefully planned and controlled by the organization

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12
Q

Emergent strategy formation. LSE or SME?

A

SME

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13
Q

Entrepreneurial decision-making. LSE or SME?

A

SME

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14
Q

Owner/manager is directly and personally involved and dominant in all decision-making. LSE or SME?

A

SME

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15
Q

What is an emergent strategy formation

A

An emergent strategy is one that arises from unplanned actions and initiatives from within an organization.

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16
Q

Formal/hierarchical. LSE or SME?

A

LSE

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17
Q

Independent of one person. LSE or SME?

A

LSE

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18
Q

Informal. LSE or SME?

A

SME

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19
Q

Owner has the power/charisma to inspire and control organization. LSE or SME?

A

SME

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20
Q

Mainly risk-averse. LSE or SME?

A

LSE

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21
Q

Focuses on long-term opportunities. LSE or SME?

A

LSE

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22
Q

Sometimes risk-taking, sometimes risk-averse. LSE or SME?

A

SME

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23
Q

Focus on short-term opportunities. LSE or SME?

A

SME

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24
Q

Takes advantage of economies of scale and economies of scope. LSE:

A

Yes

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25
Q

Takes advantage of economies of scale and economies of scope. SME:

A

Only limited

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26
Q

Use of advanced techniques: databases, external consultancy, internet. LSE or SME?

A

LSE

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27
Q

Information gathering in an informal and inexpensive way: internal resources, face-to-face communication. LSE or SME?

A

SME

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28
Q

Intended strategy:

A

Planned strategy

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29
Q

Emergent strategy

A

Not-planned strategy

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30
Q

Economies of scale:

A

Accumulated volume in production, resulting in lower cost price per unit.

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31
Q

Economies of scope:

A

Reusing a resource from one business/country in additional businesses or countries.

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32
Q

Globalization

A

Reflects the trend of firms buying, developing, producing and selling products and services in most countries and regions of the world.

33
Q

Internationalization

A

Doing business in many countries of the world, but often limited to a certain region.

34
Q

(Nine strategic windows) Industry globalism:

A

Degree of industry globalism depends on the international competition structure within an industry

35
Q

(Nine strategic windows) Global:

A

Many interdependencies between markets, customers and suppliers and the industry is dominated by a few large, powerful players

36
Q

(Nine strategic windows) Local:

A

Represents multi-domestic market environment, where markets exist independently of one another

37
Q

(Nine strategic windows) Preparedness for internationalization:

A

Dependent on the firm’s ability to carry out strategies in the international market place

38
Q

(Nine strategic windows) Mature:

A

Well-prepared company

39
Q

(Nine strategic windows) Immature:

A

Not well-prepared company

40
Q

Three steps of Incremental change and strategic drift:

A
  1. Incremental change of company (according to environmental change)
  2. Strategic Drift (company is drifting away from the environmental change)
  3. Transformational change or ‘death’.
41
Q

(EPRG Framework) Ethnocentric:

A

Home country is superior and the needs of the home country are most relevant. Controls are highly centralized, organization & technology will be the same as in the home country.

42
Q

(EPRG Framework) Polycentric:

A

Multidomestic, each country is unique and should therefore be targeted in a different way. Recognizes different conditions and tries to adapt to this. Control is decentralized.

43
Q

(EPRG Framework) Regiocentric:

A

World consists of regions. Firm tries to integrate and coordinate its marketing program within regions, but not across them.

44
Q

(EPRG Framework) Geocentric:

A

Global. The world gets smaller and smaller. Firm may offer global product concepts, but with local adaption (think global, act local)

45
Q

Global marketing:

A

Firm’s commitment to coordinate its marketing activities across national boundaries in order to find and satisfy global customer needs better than the competition

46
Q

The three steps of global marketing:

A
  1. Develop global marketing strategy
  2. Exploit the knowledge of the headquarters through world-wide diffusion and adaptations
  3. Transfer knowledge and ‘best practices’ from its markets and use them in other markets
47
Q

Glocalization:

A

The development and selling of products or services of products or services intended for the global market, but adapted to suit local culture and behavior (think global act global)

48
Q

Global integration:

A

Recognizing the similarities between international markets and integrating them into the overall global strategy

49
Q

Major drivers for shift toward global integration:

A

Removal of trade barriers, global accounts or customers, relationship management, standardized worldwide technology, worldwide markets, global village, worldwide communication.

50
Q

Market responsiveness:

A

Responding to each market’s needs and wants:

  • Cultural differences
  • Regionalism/protectionism
  • Deglobalization
51
Q

Artificial Intelligence:

A

Use of machine learning in combination with human creativity to create a more engaging customer experience on an individual level, in order to attract, engage and retain customer’s interest and business

52
Q

Internationalization motives:

A

The fundamental reasons - proactive and reactive - for internationalization

53
Q

The four main motives to internationalize:

A
  1. Market-seeking
  2. Efficiency-seeking
  3. Resource-seeking
  4. Strategic asset-seeking
54
Q

What is market-seeking?

A

Companies go abroad to find new customers

55
Q

What is efficiency-seeking?

A

Companies go abroad to lower the costs associated with performing economic activities and/or with the aim of rationalizing their existing operations

56
Q

What is resource-seeking?

A

Companies venture abroad to access resources that are not readily available at home or that can be obtained at a lower cost abroad

57
Q

What is strategic asset-seeking?

A

Companies go abroad to obtain strategic assets, which may be critical to their long-term strategy but that are not available at home.

58
Q

Proactive motives (6):

A
  • Profit and growth goals
  • Managerial urge
  • Technology competence/unique product
  • Foreign market opportunities/market information
  • Economies of scale
  • Tax benefits
59
Q

Reactive motives (6):

A
  • Competitive pressures
  • Domestic market: small and saturated
  • Overproduction/excess capacity
  • Unsolicited foreign orders
  • Extend sales of seasonal products
  • Proximity to international customers/psychological distance
60
Q

Managerial urge:

A

Manager’s commitment and motivation that reflect the desire and enthusiasm to drive internationalization forward.

61
Q

Internationalization triggers

A

Internal or external events taking place to initiate internationalization

62
Q

Internal triggers (3):

A
  • Perceptive management
  • Specific internal event
  • Importing as inward internationalization
63
Q

External triggers (5):

A
  • Market demand
  • Network partners
  • Competing firms
  • Trade associations and other outside experts
  • Financing
64
Q

Perceptive management:

A

Perceptive managers gain early awareness of developing opportunities in overseas markets and become knowledgeable about markets

65
Q

Importing as inward internationalization:

A

Direct relationship between inward and outward internationalization in the way that effective inward activities can determine the success of outward activities

66
Q

Inward/outward internationalization:

A

Imports (inwards) as a preceding activity for the later market entries (outward) in foreign markets

67
Q

Market demand:

A

Growing international markets can cause demand for products of some companies to grow, pushing the makers of the products into internationalization.

68
Q

Network partners:

A

Access to external network partners may encourage the company to use this as a key source of knowledge in triggering the internationalization process

69
Q

Trade associations and other outside experts:

A

Formal and informal meetings among managers from different firms at business meetings, export agents, governments, chambers of commerce, banks

70
Q

Financing:

A

Financial resources are required to fund international activities, need to raise necessary funds through grants, debt and or equity financing

71
Q

Name barriers that hinder internationalization initiation (8):

A
  • Insufficient finances
  • Insufficient market knowledge
  • Lack of foreign market connections
  • Lack of export commitment
  • Lack of capital to finance expansion into foreign markets
  • Lack of productive capacity to dedicate to foreign markets
  • Management emphasis on developing domestic markets
  • Cost escalation due to high export manufacturing, distribution and financing expenditures
72
Q

Name a few general market risks that hinder the further process of internationalization (3):

A
  • Comparative market distance
  • Adaptation to foreign markets
  • Competition from other foreign markets\
    Adapting products and services to new local conditions
73
Q

Name a few commercial market risks that hinder the further process of internationalization (3):

A
  • Exchange rate fluctuations when contracts are made
  • Failure of export customers to pay due to contract dispute, bankruptcy, refusal
  • Difficulties in obtaining export financing
74
Q

Name a few political market risks that hinder the further process of internationalization (4):

A
  • Foreign government restrictions & import restrictions
  • National export policy
  • Foreign exchange controls
  • Complexity of trade documentation
75
Q

De-internationalization:

A

A process, determined by internal and external factors, where the multi-national company shifts to a strategic configuration that has a lower international presence

76
Q

Porter’s five forces model:

A

The state of competition and profit potential in an industry depends on five basic competitive forces: new entrants, suppliers, buyers, substitutes and market competitors

77
Q

Market myopia:

A

The failure of a company to define its organization purpose from a broad consume orientation

78
Q

The sharing economy:

A

A business model in which customers are able to make short-term rentals of assets owned by service providers, typically through an online marketplace.

International Marketing (3 decks)

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