The Scope and Challenge of International Marketing

What is a benefit of globalization for international marketing?

A benefit of globalization for international marketing is economies of scale.

What is controllable in the Marketing Mix?

Because external environments are not controllable it is important to control the 4 Ps, which are our responses to these factors.

Explain domestic market extension

Domestic market extension is ethnocentric marketing. Marketing to a foreign location is done the same way as you would domestically.

How is the concept of economies of scale beneficial to international marketing?

Economies of scale is beneficial to international marketing because the expansion of markets leads to the chance to earn a larger profit resulting from a larger consumer market.

Define economies of scale

Economies of scale is the more you produce, the more the cost of manufacturing goes down, and the marketing cost goes down, as well. (Savings in cost as a result from a gain in production)

What is ethnocentric marketing

Ethnocentric marketing is nationally centered and in most cases involving international marketing it is not successful.

Explain geo/regiocentric marketing

Geo/regiocentric marketing is AKA global marketing. It is both regiocentric and geocentric.

What is geocentric marketing

Geocentric marketing is looking at the world as one market. Strategies are developed for the world as a whole and are based upon non-cultural values. Examples include oil companies, Apple, Coca Cola

Explain global marketing

Global marketing is when a company operates in most or all countries and therefore, takes part in the global market. The 4Ps are based upon the global market and are decided with the use of intermarket segmentation.

What is infrequent foreign marketing?

Infrequent foreign marketing is only occasional. An example is when a tourist comes and sells something abroad.

Define intermarket segmentation

Intermarket segmentation is when segments are identified based on generic variables, like age and income. It helps to identify the global consumer.

Define International Marketing

International Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offers that have value for customers, clients, partners, and society at large within the constraints of the global environment. It is the developing of a system to deliver a service or idea to a customer and exchanging offerings that have value for society globally.

Explain the level of international marketing

International marketing is a more serious level of marketing in terms of being international. Usually someone is hired for this job and resources are put towards this sector.

Explain multi-domestic marketing

Multi-domestic marketing is when certain changes are made to fit the market. It is polycentric marketing.

What is polycentric marketing

Polycentric marketing has many centers. Strategies are adjusted based on different environmental factors. It includes several domestic-like markets.

Apply the 4 Ps to the definition of International Marketing

Product involves the creation process, promotion deals with communication, price is the exchange of these products, and place is where these products are distributed and therefore, are involved with delivery.

What is regiocentric marketing

Regiocentric marketing is when both region and universal factors are considered. The commonalities between the two are applied to strategies.

What is regular foreign marketing?

Regular foreign marketing is when it is seen as an opportunity.

Explain self-reference criterion

Self-reference criterion is an unconscious reference to one's own cultural values, experiences, and knowledge as a basis of decision. This is dangerous to use when outside of our community because it could be disruptive or destructive. example: monkey and fish story by Adams

What are the 4 Ps?

The 4 Ps are Product, Promotion, Price, and Place.

Name the four types of marketing under the EPRG Schema

The EPRG includes the following four marketing types: 1. ethnocentric 2. polycentric 3. regiocentric 4. geocentric

What is the Marketing Mix influenced by?

The Marketing Mix, or the 4 Ps, which respond to the consumer's needs, are influenced by various external environments. These external environments include competitive, economic, political/legal, technological, and socio-cultural.

What are the steps involved with the evolution of becoming international?

The steps of becoming international include the following: 1. No foreign marketing 2. Infrequent foreign marketing 3. Regular foreign marketing 4. International marketing 5. Global marketing

Name three international marketing concepts

The three international marketing concepts are the following: 1. Domestic Market Extension 2. Multi-domestic Market 3. Global Marketings

What big factor makes international marketing important to study?

globalization

Describe the Marketing Mix

the Marketing Mix starts with the customer and their needs. The 4 Ps respond to these needs.