mtk test1 - Ch1 Marketing o 4 ps: price, product, place,...

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Ch1 Marketing o 4 p’s: price, product, place, promotion o Definition: activities that facilitate exchange between buyers and sellers o Step of marketing Analysis of market exchange of goods and services (understand market) Strategic framework (decompose offering components with respect to market) Customer orientation: focus the offering for the market o International marketing : the performance of business activities designed to plan, price, promote, and direct the flow of a company’s goods and services to consumers or users in more than one nation for a profits o Marketing concepts, processes, and principles are universally applicable all over the world o Internationalization of U.S. business Increasing globalization of markets Many U.S. companies now foreign controlled Changing competitive structures U.S. firms seeking foreign markets to increase profits Domestic market saturation Changing demand structures The international marketing task o Controllable tasks Marketing decisions Firm characteristics Product, price, place, promotion research o Uncontrollable tasks Domestic environment Political, legal, economic forces Competition Foreign environment Political, legal, economic forces Competition Level of technology Geography Culture Self-Reference Criterion and Ethnocentrism o SRC : an unconscious reference to one’s own cultural values, experiences, and knowledge as a basis for decisions o Dangers of the SRC Failing to recognize the need to take action Discounting the cultural differences that exist among countries
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Reacting to a situation in a way offensive to your hosts o Ethnocentrism : refers to the notion that one’s own culture or company knows best how to do things o Both the SRC and ethnocentrism impede the ability to assess a foreign market o Affect reactions to meanings, values, symbols, and behavior relevant to our own culture which are different from those of foreign cultures o Ethnocentrism and the SRC can influence an evaluation of the appropriateness of a domestically designed marketing mix for a foreign market o The most effective way to control the influence of ethnocentrism and SRC : Recognize their effects on our behavior Market saturation o Point at which a market is no longer generating new demand for a firm’s products, due to competition, decreased need, obsolescence, or some other factor Stages of international marketing o No direct foreign marketing: company doesn’t actively pursue customers in foreign markets, but receive them thru unintended channels o Infrequent foreign marketing: company sells to foreign markets only when a temporary surplus of product exists o Regular foreign marketing: companies produce their products and services to primarily sell domestically, but also internationally o International marketing: companies are fully engaged in international marketing
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mtk test1 - Ch1 Marketing o 4 ps: price, product, place,...

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