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The Scope & Challenge of Int. MRKT - Coggle Diagram
The Scope & Challenge of Int. MRKT
The Internationalization of U.S. Business
Increasing globalization of markets
Many familiar U.S. companies are now foreign controlled or headed in that direction.
Requirement is generally the same: a thorough and complete commitment to foreign markets and, new ways of operating
Int. Marketing Defined
The performance of business activities designed to plan, price, promote, and direct
Goal is to make a profit by promoting, pricing, and distributing products
The Int. Marketing Task
Marketing Decision Factors:
constructs a marketing program designed for optimal adjustment to the uncertainty
Aspects of the Domestic Env.:
home-country elements that can have a direct effect on the success of a foreign venture: political and legal forces, economic climate, and competition.
Aspects of the Foreign Env:
Operating In foreign countries might find polar extremes in political stability, class structure, and economic climate
Deal with two levels of uncertainty
Environ. Adaptation Needed
Interpret effectively the influence and impact of each of the uncontrollable environ. elements
The uncontrollable elements: Culture
The Self-Reference Criterion and Ethnocentrism
Key to successful international marketing is adaptation to environmental differences
Obstacles:
The SRC is an unconscious reference to one’s own cultural values, experiences, and knowledge as a basis for decisions
Self-reference criterion can prevents from being aware of cultural differences.
Developing Global Awareness
To be globally aware is to have:
(1) tolerance of cultural differences
(2) knowledge of cultures, history, world market potential, and global economic, social, and political trends.
Global awareness also involves knowledge of world market potentials and global economic, social, and political trends.
Stages of Int. MRKT Invol.
Considerable study and analysis of market potential and company capabilities
A firm may begin its international involvement at any one stage or be in more than one stage simultaneously
No Direct Foreign Marketing
Infrequent Foreign Marketing
Regular Foreign Marketing
International Marketing
Global Marketing