Marketing Chapter 15: The Global Marketplace – Flashcards
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Global Firm
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A firm that, by operating in more than one country, gains R&D, production, marketing and financial advantages in its cost and reputation that are not available to purely domestic competitors.
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Economic Community
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A group of nations organized to work toward a common goals in the regulation of international trade,
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Exporting
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Entering foreign markets by selling goods produced inthe company's home country, often with little modifications.
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Joint venturing
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Entering foreign markets by joining with foreign comapnies to produce or market a product or service.
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Licensing
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Entering foreign market though developing an agreement wiht a licensice in the foreign market.
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Contract manuacturing
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A joint venture in which a company contracts with manufacturers in a foreign market to produce its product or ptovide its service.
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Management contracting
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A joint venture in which the domestic firm supplies the management knowhow to a foreign company that supplies the capital; the domestic firm exports mangement services rather than produts.
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Joint ownership
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A cooperative venture in which a company creates a local business with investors in a foreign market, who share ownership and control.
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Direct investemt
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Entering a foreign market by developig foreign-based assembly or manufaturing facilities.
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Standarized global marketing
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An international marketing strategy that basically uses the same marketing strategy and mix in all of the company's international markets.
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Adapted global marketing
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An international marketing approach that adjusts the marketing strategy and mix elements to each international target market, which creates more costs but hopefully produce a larger market share and return.
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Straight product extension
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Marketing a product in a foreign market without marketing any changes to the product.
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Product adaptation
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Adaptign a product to meet local conditions or wants in foreign markets
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Product invention
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Creating new products or services for foreign markets
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Communication adaptation
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A global communication strategy of fully adapting advertising messages to local markets.
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Whole- channel view
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Designing internationa channels that take into account the entire global supply chain and marketing channel, forging an effective global value delivery network.
