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International Marketing > Exam 1 International > Flashcards

Exam 1 International Flashcards

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
Q

Restricting forces

Company Culture

A

Doesn’t want to go global, was a domestic company, always a domestic company

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26
Q

Restriciting Forces

Political/Nationalism

A

Government prevent competition with domestic company

Force company to buy within the country, Confisate/nationalise companies

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27
Q

Restriction Forces

Expropriate

A

Government/state buy the company for whatever they want

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28
Q

Restircting forces

Non-tariff barries

A

Restrict trade other than tarrifs

Quotas, embargoes, sanctions,

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29
Q

Restricting forces

Global social opposition

A

Society pressure

People talk abut why going global is bad

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30
Q

Restricting forces

International conflict

War

A

Containers are not in ensure if there’s an act of war

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31
Q

Restricting Forces

Ignorance

A

Not enough experiences

32
Q

Restricting Forces

Failure

A

Not enough money to retry if product fails

33
Q

Economic systems

Capitalism

A

Privately owned productions, allocated resource based on demand

Very few rules, European Union, US

34
Q

Centrally Planned Capitalism

A

States controls and own factro of production, Business are market driven

Must go trhough government, China

35
Q

Economic System

Market Socialism(NORDIC)

A

Privately owned factors of productions, Government decides allocate resources

Highest tax, Sweden

36
Q

Centrally planned socialism

A

Government own everything and decides where things go

North Koera, Cuba,

37
Q

Index of economical Freedom

A

how attractive the country is to do business

Singpore, Switzerland, Ireland, Can do business with
Russia, cuba, north korea, Don’t do business with

38
Q

Stages of Market development

Low income

(<$0125)

A

Least devloped countries

No consumer products, focus on what they need, concentrate selling to government

39
Q

Lower middle income

($1026 - $4035)

A

Developing/expanding countries

40
Q

Upper middle incomes

( $4036 - $12475)

A

Devloping/industralizing countries

41
Q

High income

($12476 >)

A

Industrialized Countries

42
Q

Market Niches

A

Specific segment who share characteristics that are likely to buy products

43
Q

Preferential Trade agreement

Free Trade agreement

A

A

Eliminates barries between countries

North America,

44
Q

Customs Union

A, B

A

Common external tarrifs

Unify Front

45
Q

Common Market

A, B, C

A

Share factors of production, eliminates duplication

Move production to less expensive countries or move tech to high tech countries

46
Q

Economical Union

A, B, C, D

A

Environmental Concerns, Shut you out of market, cuts their cost

47
Q

Escalation Cost

A

Price increases in foregin countries, domestic price are going down.

48
Q

Cultures

A

Long term(Muligenerational) learned buying behavior of a society that dicates how people think

49
Q

Attitude/Beliefs

A

Entrenched prespective on what society believes to be true

Diffcult to change

50
Q

Subcultures

A

Help identify market niche

51
Q

Religion

A

Buying behavior is influenced by religion, market product along with the religion laws

Regligious law take over the civil law int he middle east.

52
Q

Culture is reflected in

Aesthetics

A

Impact of number and color

Different culture views color and number differently

Color: White and number 4

53
Q

Culture reflected in

Music

A

jingles and background selections

Different tones/ music mean different things

54
Q

Culture is reflected in

Dietary preferences

A

Product and entertainment

Some products aren’t even shown in some countries due to the fear of social backlash

55
Q

3 types of Language and communications

A

1.Verbal
2.Non-verbal (body language)
3.Listening(Most important)

56
Q

Decision Maker

A

Respect generated by everyone( generally the oldest)

Look how the behavior to each other

57
Q

Culture is reflected in

Relationship

A

Importance of relationship with the costumer

58
Q

High Contextual countries

A

Relationship based countries, words aren’t that important. Background, assoicates, relationship are important. Trust, doesn’t need lawyer

59
Q

Low contextual countries

A

Words and definiation based countries. Everything must be written down. Responsibility passed down to the lowest person, Must need lawyer.

60
Q

Hofstede’s cultural typology( how to market, communicate, time frame)

Individualism vs Collectivism

A

Worry about self vs worry about society

61
Q

Hofstede’s cultural typology

Power distance

A

Show respect to society/family

Pecking order

Don’t challenege your senior(high)
Calling senior’s name (low)

62
Q

Hofstede’s cultural typology

Uncertanity Avoidance

A

Risk taker vs risk avoidance

63
Q

Risk tolarance

A

How willingly customers are to take the risk

64
Q

Hofstede’s cultural typology

Gender roles

A

Culture of country aggressive or nuturing

Achievement and success(Male)
Nuturing and relationship(female)

65
Q

Hofstede’s cultural typology

Long term vs short term

A

Short term - Want result now, how are we getting paid
Long term - Not worry about getting paid

66
Q

Diffusion Theory

A

How quickly products intergrates into country

67
Q

Adoption process

A
  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
Q

Characteristics of innovations

A
  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
Q

Adopter Catergories

A
  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
Q

growth Strategies

Existing Market and Product/service

A

Market Penetration(short term)

71
Q

Growth strategies

Existing Market, New product/service

A

New product development

72
Q

Growth Strategies

New Market, Existing product/service

A

Market Development

Global market start, new market segement

73
Q

Growth Strategies

New Market, New Product/Service

A

Diversification

Most difficult, however you can just buy another existing company in that market.

74
Q

High profit, high ease of access

A

Priority

75
Q

High profit, Low ease of access

A

Joint venture with existing company, or buy a company that’s in the country

76
Q

Low profit, high ease of access

A

Put products into someone’s company, Indirect export

77
Q

Low profit, Low ease of access

A

Avoid the company, or walk away

International Marketing (3 decks)

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