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Global marketing and its environment - Coggle Diagram
Global marketing and its environment
International Marketing
Involves planning, promoting, and selling products or services in more than one country, requiring companies to adapt strategies for different cultures, laws, economies, and political environments to achieve global growth and brand awareness
PESTEL
A strategic framework used to analyze and monitor the external macro-environmental factors: Political, Economic, Social, Technological, Environmental, and Legal. That could impact an organization.
Domestic Environment
The immediate physical and social surroundings where people live, such as homes or households.
International Environment
Differences in language, customs, norms, and consumer preferences lead to miscommunication, operational failures, or reputational damage
National culture
Shared set of norms, beliefs, values, customs, and behaviors that define a specific nation's population.
License Agreement
When a company allows another the use of its knowledge or trademark and receives a payment for it.
Controllable Factors
Internal elements, decisions, and processes that a company can directly manage, modify, or adjust to influence performance, marketing strategies, and consumer behavior.
Uncontrollable Factors
External forces, risks, and environmental variables that a company cannot influence, change, or control.
Political Risk
The potential for financial loss or operational disruption caused by instability, policy changes, or conflict in a foreign market.
Economical Risk
Potential for financial loss, reduced profitability, or instability caused by adverse changes in macroeconomic conditions.
Cultural Risk
Differences in language, customs, norms, and consumer preferences lead to miscommunication, operational failures, or reputational damage.