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International Marketing > Exam 1 > Flashcards

Exam 1 Flashcards

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1
Q

What is globalization?

A

A process of interaction and integration among people, companies, and governments of many nations, is driven by international trade and investment and has resulted in wha some call a global economy

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2
Q

Social networking …

A

Websites have information about their subscribers’ interests, hobbies, and consumption habits Valuable information to global advertisers

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3
Q

What’s global marketing?

A

Attain worldwide coordination, rationalization, and integration of all marketing activities including target market selection, marketing-mix decisions, and organizational design and control mechanisms Includes the development of global products and global communication and distribution strategies

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4
Q

CAGE Framework …

A

Distance between two or more countries

Cultural,

Administrative,

Geographic,

Economic

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5
Q

Cultural differences:

A

language

ethnicities

religion

values

norms measurements: power distance masculinity individualism

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6
Q

Administrative differences:

A

laws

political risk

government structure

measurements: colonizer-colonized link legal system

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7
Q

Geographic distance:

A

country size

infrastructure

climate

remoteness from neighboring countries

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8
Q

Economic distance:

A

national income

costs of doing business

prices

availability of human and natural resources

measurements: inflation imports exports

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9
Q

What are emerging markets?

A

Provide new opportunities for investment and marketing

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10
Q

EPRG Framework …

A

Ethnocentric orientation

Polycentric orientation

Regiocentric orientation

Geocentric orientation

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11
Q

What’s ethnocentric orientation?

A

Focus on the home market

Domestic strategies are superior to foreign ones

Domestic strategies are applied in foreign markets and overseas operations

No systematic marketing screening to search for foreign markets

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12
Q

What is polycentric orientation?

A

Decentralized management

Affiliates develop their own marketing strategy

Mindset of management is focused on host country

Marketing strategies must be adapted to the specific needs of the market

Little room for standardized marketing

Overseas markets are screened individually

Marketing activities are organized and carried out country by country (e.g. Ford Escort)

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13
Q

What is regiocentric orientation?

A

A particular region is viewed as comprising a single market

Regional trade areas are the focus of marketing activities (e.g. EU, NAFTA, Mercosur)

Attempt to develop and implement marketing strategy for all countries in a region

Standardization wherever possible (e.g. Toyota)

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14
Q

What is geocentric orientation?

A

Attempt to implement global marketing by integrating worldwide operations

Products and brands are produced in large volumes to achieve economies of scale

Standardized product, brand, image, positioning with minimal adaptations

Acquire and share knowledge among the various components of the global network to sustain competitive advantage

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15
Q

What is standardization?

A

Gaining economies of scale in production and marketing Lowering costs (R&D)

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16
Q

What is mass customization?

A

Creates value by company-customer interaction at assembly stage of operations level to create customized products with production cost and monetary price similar to those of mass-produced products

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17
Q

Standardization vs. mass customization …

A

Drawbacks: longer waiting times longer searching times higher prices “Customized consumer” separate niche segment

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18
Q

What is a global marketing strategy?

A

Organization-wide plan designed to enable the firm to develop a strong global presence

Internal drivers: global vision firm capabilities financing international experience

external drivers: global economy culture political legal system technology

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19
Q

PESTEL Framework …

A

Audit a company’s external environment

Strategic marketing planning

Political

Economic

Social

Technological

Environmental

Legal

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20
Q

Political factor:

A

Local and national government structure

Government stability

Internal politics

International relations

Terrorist activity

Political risk

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21
Q

Economic factors:

A

Economic growth indicators

Exchange rates

Trade

Trade policy

Government intervention in the economy

Taxation

Consumption

Employment

Inflation

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22
Q

Social factors:

A

Demographics

Lifestyle

Education

Living standards

Immigration

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23
Q

Technological factors:

A

Technological infrastructure

High tech markets

Bio-technology

Information technology

Clean technology

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24
Q

Environmental factors:

A

Environmental regulations

Global warming

Pollution

Green marketing

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25
Legal factors:
Legal system Business legislation Consumer protection Intellectual property issues
26
What is balance of trade?
Difference between exports and imports Excess imports creates a net outflow of monetary payments Outflow of payments weakens the value
27
What is culture?
Shared meaning system Collective programming of the mind that distinguishes the members of one group of people from another Encompasses all value systems of a nation Defines a human community
28
What is non-verbal communication?
Deep culture Facial expressions and posture Hidden meanings
29
Role of subcultures ...
Develop around a shared characteristic that is different and unique within the predominant national culture Can be anything from language, religion, shared interest Corporate culture = subculture Subcultures often transcend national borders and cultures Does a product appeal to national, subculture or both?
30
Hofstede's framework ...
Five dimensions: individualism masculinity power distance uncertainty avoidance long-term vs. short-term orientation
31
Individualism vs. collectivism
Relationship between an individual and the group
32
Masculinity vs. femininity
Assertiveness and personal achievement vs. caring for others, nurturing roles, emphasizing quality of life
33
Uncertainty avoidance
Tendency to avoid risks vs. risk-prone attitude
34
Power distance
Hierarchy is strong, power centralized at top vs. power is more equally disitributed
35
Long-term vs. short-term orientation
Thrift and perseverance vs. tradition, social obligations
36
GLOBE Framework
Measure national culture Result of Hofstede Breaks down Hofstede further Breaks down collectivism into social and in-group Adds assertiveness, performance and humane orientation
37
GLOBE vs. Hofstede
Respondents included middle managers GLOBE: 825 organizations in 61 countries Hofstede: 1 organization
38
Monochronic vs. polychronic
Doing one thing at a time vs. doing a number of things at a time Time is important and regulates how things are done vs. less time-oriented, less organized
39
Civil law vs. common law
Civila law: Roman based, comprehensive system of rules that are applied and interpreted by judges Common law: Court adjudications primary source of law Each new case becomes a precedent for future cases
40
Muslim Law
Inconsistencies Variations between Sunnis and Shiites Example rather than principle
41
What is marketing research?
Information used to discover marketing opportunities, and problems Give directions to marketing actions Track performance Contribute to a better marketing process
42
What is market research?
Part of marketing research Studies market sizes and trends Encompasses competitive research Price or product research Marketing mix Customer
43
What is international marketing research?
Marketing research with the purpose of informing marketing decisions that have to be made in more than one country
44
Why do you perform marketing research?
Risk management Competitive advantage Strategic decision making Tactical decision making Performance tracking and reporting
45
What is quantitative research?
Collection and analysis of numerical data
46
What is qualitative research?
Subjective Free-form format (e.g. interviews, focus groups)
47
Primary vs. secondary research ...
Primary research: collecting original first-hand responses from research participants Secondary research: Collecting and analyzing existing data
48
Steps of the marketing research process:
1. Define the research purpose and objective 2. Decide on the research methodology 3. Design research 4. Collect data 5. Analyze data 6. Report data
49
What is internationalization?
When a firm makes a strategic decision to enter foreign markets and adapts its operations to international environments by committing tangible and intangible assets, knowledge and human resoruces
50
Ansoff model:
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51
Reactive motivation to internationalize:
Unsolicited triger to follow up and investigate foreign markets Response to unfavorable conditions in their current markets (e.g. competitive pressures, excess capacity, declining domestic market)
52
Proactive motives to internationalize:
Desire of management to become global players
53
Indirect exporting:
Intermediaries who specialize in exporting sell the product from home
54
Direct exporting:
Distribute products directly through agents or distributors in the target country
55
Export-based modes of entry?
Indirect exporting Direct exporting
56
Contract-based entry modes:
Contract Manufacturing Turnkey operations Management contracts Licensing Franchising
57
Licensing:
Tansferring rights to a firm's products to an overseas company for the purpose of producing or selling
58
Franchising:
More control to franchisor, but also provide more materials, training and other forms of support
59
Contract Manufacturing:
Using cheaper overseas labor for production
60
Equity-based entry modes:
Wholly owned subsidiaries International joint-venture
61
Equity-based modes:
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62
STP framework:
Segmenting Targeting Positioning
63
Criteria for segmentation:
1. Measurable 2. Different enough to warrant changes in marketing mix 3. Accessible 4. Large enough 5. Stable
64
Which tools are used for segmentation:
Psychographics (values, lifestyles) Demographics (age, gender, race)
65
Criteria for targeting:
Market size Growth rate Competitive position Market accessibility Customer fit
66
SMART acronym
Specific Measurable Attainable Relevant Time-based
67
When is the SMART framework used?
Step 1 in the marketing research process: purpose and objectives
68
How's segmentation accomplished?
Establish homogenous groups of people that share similar demographics and psychographics
69
What's used in poistioning?
4P's
70
What is perceptual mapping used for?
Used to evaluate your current position in the market relative to your competiton on an individual basis
71
What can NGOs learn from Coke?
Use real time data Use local talent Marketing (needs vs. wants, stimulating demand)
72
Consumer Decision Making Process:
1. Identify need / Problem recognition 2. Information search 3. Evaluation of alternatives 4. Purchase 5. Post-purchase (minimize cognitive dissonance)

International Marketing (2 decks)

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