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8-25-11 - MKT4443 17:44 Economyingeneralway Culturetheory...

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MKT 4443 17:44 How does global marketing evolve in the past century? Marketing in Globalization  Economy in general way  Historical perspective  How marketing has been evolving  Culture theory As a whole compared to other cultures is a lot larger that in the US  More radical  More fundamental in peoples way of thinking in value and doing things  Economics theory/competition theory  Supporting global integration  Why we do things together rather than separate  Marketing in Globalization  Globalizations before the 18 th  century (asia centered—ancient silk road) Land time (red lines)  Afro-Eurasia (biggest trading area)  Products traded include tea, silk, satins and other fine fabrics, musk other perfumes,  spices and medicines, jewels, glassware, etc. Marine time (blue lines)
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Afro-Eurasia-American  (Europe centered- British East India Company) trade imbalance Great Britain vs. China Opium trade Opium war Not being solved in the right way, UK found that the demand in Chinese products were  in such high demand Financial trouble Great Britain vs. USA Tea trade and Tea Act Boston Tea party American Revolutionary War  Global conflict WWI and WWII Imperialistic foreign policies The economic cost of WWI weakened the ability of the world to respond to economic  crisis Global depression  Great Depression in the US  Cordell Hull US secretary of state (1933-1944) Conflict: trade issues
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Trade issues Protectionism  The need to balance imports and exports between countires An economical weapon for other purposes Trade barriers Every country seems to take advantage of the open US market while putting barriers in  the way of US exports Barriers to trade, both tariff and nontariff, are one of the major issues confronting  international marketers Tariff Act of 1930 (Hawlet-Smoot Tariff Act) raises US tariffs (doubled on average) on  20,000imported goods because other countries (Canada, European countires) did so  Their impact Retaliation  Not helping smooth trading relations  Crisis and conflict  Conflict: currency issues Currency stability and convertibility Exchange rate The ratio that measures the value of one currency in terms of another currency Freely floating Exchange rate is determined by the currency market forces of supply and demand Currency is changing every second to see how much $1 can get you in euros, etc.  Supply and demand  Soft currency
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Not freely traded  Will be arranged in some way to be arranged  Chinese’s currency is not freely floating  Overseen by government  Pegged currency A fixed rate between two currencies Never been changed for past few years  Disastrous experience with floating rate in 1930s (e.g, The Interwar Currency 
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