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International Marketing

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International Marketing ­ MKT630
VU
Lesson # 1
OVERVIEW OF INTERNATIONAL MARKETING
Defining International Marketing:
· "Marketing is defined as a process by which individuals and groups obtain what they need & want by
creating and exchanging products and value with others.
· The term "International Marketing" refers to exchanges across national boundaries for the
satisfaction of human needs and wants.
· The extent of a firm's involvement abroad is a function of its commitment to the pursuit of foreign
markets.
· Global industries are defined as those where a firm's competitive position in one country is affected
by its position in other countries, and vice versa.
Evolution of Global Marketing:
Firms, depending on their level involvement in foreign markets, pass through following five
evolutionary phases.
1. Domestic marketing
Domestic marketers tend to be ethnocentric (focus is solely on domestic market) & pay little
­
attention to changes taking place in the global market place.
­ Such firms produce and sell products and services only in their home country.
­ Firms that keep focus only on their domestic markets may be vulnerable to the sudden changes
forced on them from foreign competition, when foreign firms enter the markets or even when
foreign firms develop better or cheaper products.
2. Export marketing
Exporting firms fulfill unsolicited / solicited orders from foreign countries.
­
For growth in export marketing, however, a company requires physical, financial and managerial
­
resources.
­ When a firm attempts to export it faces many issues that include difficulties in import/export
restrictions, cost and availability of shipping, exchange rate fluctuations, collection of money,
development of distribution channels etc.
­ Export marketers still tend to take ethnocentric approach, since they mostly make products in
their home countries and have no direct involvement in the foreign markets.
3. International marketing
An international marketing firm has polycentric orientation with emphasis on product and
­
promotional adaptation in foreign markets whenever necessary.
­ They make strategic decisions that are tailored to suit the cultures of the foreign countries.
­ The company may establish an independent foreign subsidiary in each and every foreign market
it services ­ such efforts are also called multi-domestic marketing.
4. Multinational marketing
Multinational firms are those that sell products or services in many countries.
­
Economies of scale in product development, manufacturing, and marketing are achieved by
­
multinational firms by consolidation of some of their activities on regional basis.
1
Table of Contents:
  1. OVERVIEW OF INTERNATIONAL MARKETING:Domestic marketing, Multinational marketing, Globalization of markets
  2. INETRNATIONAL MARKETING PROCESS:Situation Analysis, Implementation and Control, Relationship
  3. INETRNATIONAL MARKETING PROCESS:The Product Concept, The Societal Marketing Concept
  4. INETRNATIONAL MARKETING PROCESS
  5. ENGAGING IN INETRNATIONAL MARKETS:Expansion of technology, Merchandize export and import
  6. INTERNATIONAL TRADE & INVESTMENT THEORIES:Theory of Comparative Advantage, Country Similarity Theory
  7. INTERNATIONAL TRADE & INVESTMENT THEORIES:Global Strategic Rivalry Theory,
  8. INTERNATIONAL MARKETING INFORMATION REQUIREMENTS:Foreign exchange info
  9. INTERNATIONAL MARKETING INFORMATION REQUIREMENTS:The Product
  10. FOREIGN NATIONAL ENVIRONMENTS:Political systems in the world, Political risks in international markets
  11. FOREIGN NATIONAL ENVIRONMENTS:Types of legal systems,
  12. FOREIGN NATIONAL ENVIRONMENTS:Conciliation, Mediation, Global relevance
  13. ROLE OF GOVERNMENTS IN INTERNATIONAL MARKETS:Industry-level needs, Promotion of exports by governments
  14. INTERNATIONAL CULTURAL AND SOCIAL ENVIRONMENTS:The concept of culture, Attitudes & beliefs,
  15. INTERNATIONAL CULTURAL AND SOCIAL ENVIRONMENTS:Culture is a human medium
  16. DETERMINING EXPORT POTENTIAL IN INTERNATIONAL MARKETS:Political Environment
  17. DETERMINING EXPORT POTENTIAL IN INTERNATIONAL MARKETS:Product Potential
  18. INTERNATIONAL MARKETING RESEARCH PROCESS:market structure, Implementing the research plan
  19. INTERNATIONAL MARKETING RESEARCH PROCESS:Identify alternative information sources
  20. INTERNATIONAL MARKETING RESEARCH PROCESS:Issues with primary global research:
  21. INTERNATIONAL MARKETING RESEARCH PROCESS:Problems with data, Comparative Analysis
  22. MODES OF ENTRY INTO INTERNATIONAL MARKETS:Export intermediaries, Export and import management
  23. MODES OF ENTRY INTO INTERNATIONAL MARKETS:Licensing contract, Licensing risks
  24. MODES OF ENTRY INTO INTERNATIONAL MARKETS:The franchiser’s balance,
  25. MODES OF ENTRY INTO INTERNATIONAL MARKETS:Forms of countertrade, Specialized entry modes
  26. MODES OF ENTRY INTO INTERNATIONAL MARKETS:Demand factors, Political factors
  27. MODES OF ENTRY INTO INTERNATIONAL MARKETS:Drivers behind successful joint ventures
  28. MODES OF ENTRY INTO INTERNATIONAL MARKETS:Distribution agreements, Critical mass & optimism traps
  29. INTERNATIONAL STRATEGIC ALLIANCES:Impetus for international alliances, Management of strategic alliances
  30. INTERNATIONAL CONSUMER MARKETS:Model of Consumer BehaviorThe Buyer Decision Process
  31. INTERNATIONAL BUSINESS MARKETS:Nature of buying unit, Major influences on international business buyers
  32. INTERNATIONAL TARGET MARKETING:Market segmentation, Market positioning
  33. INTERNATIONAL MARKET SEGMENTATION:Geographic, Behavioral, Situational factors
  34. INTERNATIONAL MARKET SEGMENTATION:Basis for country segmentation, Stages of economics development
  35. INTERNATIONAL MARKET SEGMENTATION:Cultural Variables,
  36. INTERNATIONAL MARKET SEGMENTATION:Market coverage strategy, Socio-economic variables
  37. INTERNATIONAL MARKETING MIX - PRODUCT POLICY:Individual product decisions, Branding
  38. INTERNATIONAL MARKETING MIX – PRODUCT POLICY:
  39. INTERNATIONAL MARKETING MIX - PRODUCT POLICY:Modular Approach
  40. INTERNATIONAL MARKETING MIX – PRODUCT POLICY:Issues in labeling, Pricing, Distribution
  41. INTRODUCING NEW PRODUCTS IN INTERNATIONAL MARKETS:The new product development process
  42. PRICING IN INTERNATIONAL MARKETS:Factors influencing international pricing,
  43. ITERNATIONAL MARKETING CHANNELS:Channel membership, Vertical marketing, Control over distribution
  44. PROMOTING IN INTERNATIONAL MARKETS:Advertising, Direct marketing, Public Relationing
  45. REVISION