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Ch._15 - 15 The Global Marketplace Global Marketing in the...

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Unformatted text preview: 15 The Global Marketplace Global Marketing in the 21st Century The world is shrinking rapidly with the advent of faster communication, transportation, and financial flows. International trade is booming and accounts for 25% of U.S. GDP. Global competition is intensifying. Higher risks with globalization. 15-2 U.S. Globalization Many U.S. companies have made the world their market. 15-3 Major International Marketing Decisions 15-4 Looking at the Global Marketing Environment The International Trade System: Restrictions--tariffs, quotas, embargos, exchange controls, and nontariff trade barriers. The World Trade Organization and GATT: Helps Trade--reduces tariffs and other international trade barriers. Regional Free Trade Zones: Groups of nations organized to work toward common goals in the regulation of international trade. 15-5 Economic Environment Subsistence Economies Industrial Economies Types of Industrial Structure Raw Material Exporting Economies Industrializing Economies 15-6 Political-Legal Environment Attitudes Toward International Buying Government Bureaucracy Political Stability Monetary Regulations 15-7 Cultural Environment Sellers Must Examine the Following Before Planning a Marketing Program Within a Given Country. How Customers Think About and Use Products Cultural Traditions, Preferences, and Behaviors Business Norms and Behavior 15-8 Deciding Whether to Go Global Reasons to consider going global: Foreign attacks on domestic markets Foreign markets with higher profit opportunities Stagnant or shrinking domestic markets Need larger customer base to achieve economies of scale Reduce dependency on single market Follow customers who are expanding 15-9 Deciding Which Markets to Enter Before going abroad, the company should try to define its international marketing objectives and policies. What Volume of Foreign Sales is Desired? How Many Countries to Market In? What Types of Countries to Enter? Choose Possible Countries and Rank Based on Market Size, Market Growth, Cost of Doing Business, Competitive Advantage, and Risk Level 15-10 Market Entry Strategies 15-11 Deciding on the Global Marketing Program Standardized Marketing Mix: Adapted Marketing Mix: Selling largely the same products and using the same marketing approaches worldwide. Producer adjusts the marketing mix elements to each target market, bearing more costs but hoping for a larger market share and return. 15-12 Five Global Product and Promotion Strategies 15-13 Whole-Channel Concept for International Marketing 15-14 Deciding on the Global Marketing Organization Organize an export department Create international divisions Geographical organizations World product groups International subsidiaries Become a global organization 15-15 ...
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