S1: International marketing Flashcards
What’s the current offering and new offering in a new market? (Ansoff matrix)
Market development and Diversification
What are the 4 management orientations?
Ethnocentric, polycentric, regiocentric and geocentric orientations
Why is it hard for retailers to internationalize and succeed?
Cultural differences, market saturation and competition, regulatory and legal barriers, logistics and supply chain issues, currency fluctuations and financial risks, brand adaptation and localization, technology and innovation challenges, human resources and talent management, and political instability and geopolitical risks.
What corresponds to the “high” and “low” determinants of industry pressure for global integration?
high = standardization and central control are imperative across international operations
low= standardization and central control are useful but not necessary across international operations
What corresponds to the “high” and “low” determinants of industry pressure for local responsiveness?
high= adaptation and decentralization are unnecessary to sell generic products to similar markets
low= adaptation and decentralization are needed to sell customized products to differing markets
What are the external and internal triggers in choosing to internationalize?
external triggers: management, specific events, network effects
internal triggers: market demand, partners, competition, network effects
Describe the ethnocentric orientation in global marketing.
It considers the home country superior, assumes success at home translates globally, sees only similarities in other countries, and often leads to a standardized or extension approach.
What characterizes the polycentric orientation in global marketing?
Each country is seen as unique, subsidiaries develop unique business and marketing strategies, often referred to as multinational, and it leads to a localized or adaptation approach.
Provide an example of a regiocentric orientation.
The relevant geographic unit is a region, such as the NAFTA or European Union market, and some companies serve markets on a regional basis.
What defines the geocentric orientation in global marketing?
It sees the entire world as a potential market, strives for integrated global strategies, is also known as a global or transnational company, and leads to a combination of extension and adaptation elements.
How do cultural differences impact the internationalization of retailers?
Cultural differences pose challenges in understanding and adapting to local consumer preferences, behaviors, and cultural nuances.
What is the primary goal of global marketing?
To satisfy global customer needs better than the competition.
