International Marketing Chapters 1-6

International Marketing Chapters 1-6 - INTERNATIONAL...

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INTERNATIONAL MARKETING OUTLINE CHAPTERS 1-6 CHAPTER 1 I. International Marketing – the performance of business activities designed to plan, price, promote, & direct the flow of a company’s goods & services to consumers or users in more than one nation to make a profit. II. The International Marketing Task: Controllables – (marketing decisions, product, price, promotion, distribution, & research) Uncontrollables – competition, politics, law, consumer behavior, level of technology, International marketing must deal with more levels of uncertainty instead of one – each country will add its own unique set of uncontrollables. III. Self-Reference Criterion – an unconscious reference to one’s own cultural values, experiences, and knowledge as a basis of decisions. Ethnocentrism – conscious - the notion that one’s own culture or company knows best how to do things. IV. Strategic Orientation 1. Domestic Market Extension: - Domestic operations are primary & foreign operations are secondary & seen as an extension - Market to foreigners the same way they market @ home – No adaptation - “ethnocentric” categorization of firm who operates this strategy 2. Multi-Domestic Market Orientation: - Strong sense that countries are vastly different - Believe market success requires an independent program for each country - Market on a country to country basis with separate country specific strategies - “poly-centric” - Tailor to each [country] market - Many “Home” markets - Advantage: filling needs culture by culture – adaptability - Disadvantage: more expensive 3. Global Market Orientation: - Efficiencies of scale by developing standardized marketing mix applicable across boundaries - The whole world is the market - Ex) coca-cola, Ford, Intel
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- Standardization ex) Starbucks looks the same everywhere - Use the same strategy throughout the world – the whole world is a single market - Advantage: take advantage of economies of scales – easy – one product throughout the world. Also, Drives down the cost of doing business - Disadvantage: everyone gets treated the same all over the world and that’s a disadvantage because people like to be treated specially CHAPTER 2 I. Balance of Payments – system of accounts that records a nation’s international a. current account (only one you need to know) – a record of all merchandise b. capital account c. reserves account II. Protectionism – every government want to export as much as they can & import as little as they can to protect certain jobs, domestic markets, and the home industry - Problems: 1) If our policies are so broad and we restrict import, who will we export to? (exports need imports, trade wars) 2) Comparative advantage of nations – every nation is very good at something a. Protection Logic
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International Marketing Chapters 1-6 - INTERNATIONAL...

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