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International Marketing > Exam 1 International > Flashcards

Exam 1 International Flashcards

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1
Q

International Trade

A

Trading item with other item, w/o money involved

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2
Q

Domestic Market

A

Marketing using the 4Ps

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3
Q

International Marketing

A

Same as domestic marketing but more

197 countries involved.

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4
Q

3 things to keep in mind when dealing international

A
  1. Finanical concern
  2. Cultural concern
  3. Legal/political concern

Screws up cultural concern the most

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5
Q

3 business strategies/incentives

A
  1. Growth(most Important)
  2. Divestiture (get rid of something)
  3. Maintenance/hold
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6
Q

3 components of International Marketing

A
  1. Value (Both real and perceived)
  2. Competitive (Differentiation) Better than the competitors
  3. Focus (Core confidence)

Focus is like Disney focusing on entertainment than toys

Real value: finanical value
Perceived value: how much more the customer is willing to pay

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7
Q

Saturated Market

A

Everyone has product but no growth

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8
Q

4 Competitive Advantage

A
  1. Brand loyalty
  2. Brand name
  3. Customer service
  4. Global support

Global Support: Leaving to another company in the country

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9
Q

Management orientatoins

Ethnocentrism

A

What works domestically, will work globally

This does not work. DO NOT USE

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10
Q

Management orientations

Acculturation

A

Change/modify to the culture market

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11
Q

Management orientations

Polycentrism

A

Treat each country on as its own country

Use it but go into segmentation

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12
Q

Management orientations

Regiocentrism

A

Some of the product you market have to meet region requirement

Product that makes sense and cross borders

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13
Q

Management orientations

Geocentrism

A

World market as one market

1 set of ps for the whole world, Ex Cola

Difficult to imply

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14
Q

Driving Forces

Trade agreement

A

Open border within the union similar to the crossing the states (w/o passport)

Most favored nation clause ( European unit)

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15
Q

Driving forces

Economy scale

A

more you do, less it’ll cost you

spreading fixed cost over many product

countries inviting you to sell product( Singapore)

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16
Q

Driving Forces

Multinational companies

A

company that’s based out of a country but operates all around the world

Big companies with a lot of resource. Anything they need they control

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17
Q

Driving Forces

International organization

A

World Bank
UN
World trade organization

Example: WTO reduce tariffs to single digits.

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18
Q

Driving forces

World Peace

A

if world is at peace, we can do business

1) Western hemisphere
2) European Union
3) Asian Purific and china

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19
Q

Driving Force

Converging customer needs

A

making things that the customer’s needs

Clothes, music, entertainment

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20
Q

Driving Force

Distribution

A

Products put in contianers

US has the most efffective distribution in the world

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21
Q

Communications

A

Talk to anyone in the world very fast

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22
Q

Finanical Sercuity

Future Rates

A

Call the bank to lock in the rates for a fee

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23
Q

Letter of credit

A

Letter ensures you get paid, between two banks

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24
Q

Counter trade

A

international trade with goods rather than currency power

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25
# Restricting forces Company Culture
Doesn't want to go global, was a domestic company, always a domestic company
26
# Restriciting Forces Political/Nationalism
Government prevent competition with domestic company | Force company to buy within the country, Confisate/nationalise companies
27
# Restriction Forces Expropriate
Government/state buy the company for whatever they want
28
# Restircting forces Non-tariff barries
Restrict trade other than tarrifs | Quotas, embargoes, sanctions,
29
# Restricting forces Global social opposition
Society pressure | People talk abut why going global is bad
30
# Restricting forces International conflict | War
Containers are not in ensure if there's an act of war
31
# Restricting Forces Ignorance
Not enough experiences
32
# Restricting Forces Failure
Not enough money to retry if product fails
33
# Economic systems Capitalism
Privately owned productions, allocated resource based on demand ## Footnote Very few rules, European Union, US
34
Centrally Planned Capitalism
States controls and own factro of production, Business are market driven ## Footnote Must go trhough government, China
35
# Economic System Market Socialism(NORDIC)
Privately owned factors of productions, Government decides allocate resources ## Footnote Highest tax, Sweden
36
Centrally planned socialism
Government own everything and decides where things go ## Footnote North Koera, Cuba,
37
Index of economical Freedom
how attractive the country is to do business ## Footnote Singpore, Switzerland, Ireland, Can do business with Russia, cuba, north korea, Don't do business with
38
# Stages of Market development Low income | (<$0125)
Least devloped countries ## Footnote No consumer products, focus on what they need, concentrate selling to government
39
Lower middle income | ($1026 - $4035)
Developing/expanding countries
40
Upper middle incomes | ( $4036 - $12475)
Devloping/industralizing countries
41
High income | ($12476 >)
Industrialized Countries
42
Market Niches
Specific segment who share characteristics that are likely to buy products
43
# Preferential Trade agreement Free Trade agreement | A
Eliminates barries between countries ## Footnote North America,
44
Customs Union | A, B
Common external tarrifs ## Footnote Unify Front
45
Common Market | A, B, C
Share factors of production, eliminates duplication ## Footnote Move production to less expensive countries or move tech to high tech countries
46
Economical Union | A, B, C, D
Environmental Concerns, Shut you out of market, cuts their cost
47
Escalation Cost
Price increases in foregin countries, domestic price are going down.
48
Cultures
Long term(Muligenerational) learned buying behavior of a society that dicates how people think
49
Attitude/Beliefs
Entrenched prespective on what society believes to be true ## Footnote Diffcult to change
50
Subcultures
Help identify market niche
51
Religion
Buying behavior is influenced by religion, market product along with the religion laws ## Footnote Regligious law take over the civil law int he middle east.
52
# Culture is reflected in Aesthetics
Impact of number and color | Different culture views color and number differently ## Footnote Color: White and number 4
53
# Culture reflected in Music
jingles and background selections ## Footnote Different tones/ music mean different things
54
# Culture is reflected in Dietary preferences
Product and entertainment ## Footnote Some products aren't even shown in some countries due to the fear of social backlash
55
3 types of Language and communications
1.Verbal 2.Non-verbal (body language) 3.Listening(Most important)
56
Decision Maker
Respect generated by everyone( generally the oldest) ## Footnote Look how the behavior to each other
57
# Culture is reflected in Relationship
Importance of relationship with the costumer
58
High Contextual countries
Relationship based countries, words aren't that important. Background, assoicates, relationship are important. Trust, doesn't need lawyer
59
Low contextual countries
Words and definiation based countries. Everything must be written down. Responsibility passed down to the lowest person, Must need lawyer.
60
# Hofstede's cultural typology( how to market, communicate, time frame) Individualism vs Collectivism
Worry about self vs worry about society
61
# Hofstede's cultural typology Power distance
Show respect to society/family | Pecking order ## Footnote Don't challenege your senior(high) Calling senior's name (low)
62
# Hofstede's cultural typology Uncertanity Avoidance
Risk taker vs risk avoidance
63
Risk tolarance
How willingly customers are to take the risk
64
# Hofstede's cultural typology Gender roles
Culture of country aggressive or nuturing | Achievement and success(Male) Nuturing and relationship(female)
65
# Hofstede's cultural typology Long term vs short term
Short term - Want result now, how are we getting paid Long term - Not worry about getting paid
66
Diffusion Theory
How quickly products intergrates into country
67
Adoption process
1. Awareness (Introduce yourself to the market) 2. Interest (Access via social event/social media) 3. Evaluation (Reinforce the positive decision habits via spokeperson) 4. Trial (Samples, Trial offer) 5. Adoption (Customer buys product, after sale support)
68
Characteristics of innovations
1. Relative advantage( How is it better) 2. Compatability (How does this product fit me, lifestyle, culture) 3. Complexity (How hard is it to make change) 4. Divisability (Break down the product, piece by piece) 5. Communicable (Can it be communicated in a different language)
69
Adopter Catergories
1. Innvoators (Early gatekeepers, Market follows them, usually 2nd buyers, 2.5%) 2. Early Adopters ("2nd Innovators, 13.5%) 3. Early Majoirty(First major push into the market, money start, 34%) 4. Late Majority(After the fact, 35%) 5. Laggards( Buys after new product comes out, product dies, 15%)
70
# growth Strategies Existing Market and Product/service
Market Penetration(short term)
71
# Growth strategies Existing Market, New product/service
New product development
72
# Growth Strategies New Market, Existing product/service
Market Development ## Footnote Global market start, new market segement
73
# Growth Strategies New Market, New Product/Service
Diversification ## Footnote Most difficult, however you can just buy another existing company in that market.
74
High profit, high ease of access
Priority
75
High profit, Low ease of access
Joint venture with existing company, or buy a company that's in the country
76
Low profit, high ease of access
Put products into someone's company, Indirect export
77
Low profit, Low ease of access
Avoid the company, or walk away

International Marketing (2 decks)

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