Global Marketing Study Guide

Global Marketing Study Guide - Global Marketing Notes...

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Global Marketing Notes Chapter 1 Notes Globalization : Trend to more integrated and interdependent World Economy, and a trend away from national economies isolated by trade barriers Geographic and Time Zone Differences National Government Regulations Idiosyncratic Business Systems National Cultures Globalization of Markets : Distinct and separate markets are merging into one huge global marketplace Mostly NOT consumer product markets Mostly industrial products Tastes and preferences of consumers converging Globalization of Production Source goods and services from narrow sets of locations around the world National advantage in factors of production a key driver to where to produce decision Global web of suppliers Stake of foreign governments in MNC operations Competitive Advantage : Achieved by integrating and leveraging operations on a worldwide scale Examples of Financial Ratios Cross-border trade / total Worldwide production Cross-border investment / Total capital investment % of industry revenue generated by companies that compete in all key world regions Levels of International Marketing Involvement Domestic Marketing : Low or no international commitment Export Marketing : Limited international commitment. Involves direct or indirect export International Marketing : Substantial international commitment. Focus on countries/regions Global Marketing : Extensive international commitment. Focus on market segments Domestic Marketing is domestically focused Export Marketing is Ethnocentric International Marketing is Polycentric or Regiocentric Global Marketing is Geocentric World Orientations Orientation Assumption Competitive Response Company Type Ethnocentric National Superiority Standardized Products Domestic/International Polycentric All markets unique Local/Adaptation Approach Multinational Company Regiocentric Region is relevant GUDevelop Regional Strategy Global or Transnational
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Geocentric Entire World = Market Develop World Strategy Global or Transnational Global Marketing Strategy Concentration of Marketing Activities Coordination of Marketing Activities Integration of Competitive Moves Drivers of International Expansion Competition Regional Economic and Political Integration Technology Improvements in Transportation and Telecommunication Economic Growth Transition to Market Economy Converging Consumer Needs Firm-Specific Drivers Product Life Cycle Considerations : Chance to extend product cycle by entering growth markets High New Product Development Costs : Firm must look beyond home-country market to recover investment costs Standardization, Scale Economies, Cheap Labor : Price competition during maturity drives firm to new international markets Experience Transfers : Experience in one country serves as basis for strategies in new international markets Self-Reference Criterion Conscious or unconscious reference to own national culture while operating in the host
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Global Marketing Study Guide - Global Marketing Notes...

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