Marketing Ch 19
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Created by:
mlp3691 Plus on April 29, 2012
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Principles of Marketing. Kotler, Armstrong. 13E
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28 terms
Terms | Definitions |
|---|---|
 Global firm | A firm that, by operating in more than one country, gains R&D, production, marketing, and financial advantages in its costs and reputation that are not available to purely domestic competitors. |
| Economic community | A group of nations organized to work toward common goals in the regulation of international trade. |
| Countertrade | International trade involving the direct or indirect exchange of goods for other goods instead of cash. |
| Exporting | Entering a foreign market by selling goods produced in the company's home country, often with little modification. |
| Joint venturing | Entering foreign markets by joining with foreign companies to produce or market a product or service. |
| Licensing | A method of entering a foreign market in which the company enters into an agreement with a licensee in the foreign market, offering the right to use a manufacturing process, trademark, patent, trade secret, or other item of value for a fee or royalty. |
| Contract manufacturing | A joint venture in which a company contracts with manufacturers in a foreign market to produce the product or provide its service. |
| Management contracting | A joint venture in which the domestic firm supplies the management knowhow to a foreign company that supplies the capital; the domestic firm exports management services rather than products. |
| Joint ownership | A joint venture in which a company joins investors in a foreign market to create a local business in which the company shares joint ownership and control. |
| Direct investment | Entering a foreign market by developing foreign-based assembly or manufacturing facilities. |
| Standardized global marketing | An international marketing strategy for using basically the same marketing strategy and mix in all the company's international markets. |
| Adapted global marketing | An international marketing strategy for adjusting the marketing strategy and mix elements to each international target market, bearing more costs but hoping for a larger market share and return. |
| Straight product extension | Marketing a product in a foreign market without any change. |
| Product adaptation | Adapting a product to meet local conditions or wants in foreign markets. |
| Product invention | Creating new product or services for foreign markets. |
| Communication adaptation | A global communication strategy of fully adapting advertising messages to local markets. |
| Whole-channel view | Designing international channels that take into account the entire global supply chain and marketing channel, forging and effective global value delivery network. |
| trade restrictions / protectionism | tariff; nontariff barriers; foster trade |
| nontariff barriers | quota / subsidies; embargo |
| foster trade | GATT created WTO (general agreement on tariffs and trade); Economic communities (EU and NAFTA) |
| Global Internet | opens small business to global markets; increased competition, increases quality, choice, decreases price |
| Environment | Economic environment (how much discretionary income); Political/legal environment; Cultural environment (adapt to locality) |
| International operations alternatives | Exporting; Joint venturing; Direct investment |
| Exporting | easiest, but least profitable; least risky |
| Joint venturing | Licensing (franchise); Contract manufacturing; Management contracting; Joint ownership (split risk & return) |
| Direct investment | buy/lease local resources; most risky, most reward possibility |
| Standardized versus adapted | standardized = 4Ps the same, levi ads, no words; adapted: locality, Yoplait; Mix: McDonalds (some items standard, others are local) |
| Marketing Mix (the target market and the 4 P's) | Product; Promotion; Price; Place (Distribution); Environment: demographics, psychographics (hard to get), target market (may be different), product (type & name), Promotion (rules different), Price (transportation raises costs), Place (large markets, Carrfour) |
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