Introduction to Global Marketing - Key Concepts and Strategies

1. Revision Lecture 31

2. Introduction to Global Marketing

3. Chapter Outline • Introduction to Global Marketing • The Importance of Global Markets. • The Development of Global Marketing. • Why Study Global Marketing

4. Learning Objectives After studying this chapter, you should be able to • Describe the development of global marketing • Explain the importance of global marketing

5. The Global Economy

6. Chapter Outline • Internatonal trade • The basic theories of world trade • Balance of payments • Exchange rates • International agencies for promoting economic and monetory stability • Protectionism and trade restrictions • Economic integration as a means of promoting trade

7. Learning Objectives After studying this chapter, you should be able to • Distinguish among the basic theories of world trade • List and explain the principal parts of the balance-of-payments statement • Describe how and why exchange rates fluctuate • List and describe the major agencies that promote world trade • Describe common trade restrictions and their impact on international marketers • Compare the four different forms of economic integration

8. Cultural and Social Forces

9. Chapter Outline • A definition of culture • Religion • The family • Education • Attitudes toward time • The Hofstede Measures of Culture • Language and Communiation • Overcoming the Language Barrier • Adapting to Cultural Differences

10. Learning Objectives After studying this chapter, you should be able to • Define what culture is and demonstrate how various components of culture affect marketing. • Explain how different world religions affect marketing. • Describe how family structure can vary and explain its impact on marketing. • Illustrate ways in which the educational system of a country can affect marketers. • Differentiate between monochronic and plychronic cultures and explain the three temporal orientations.

11. Learning Objectives(Continued) • List and describe Hofstede’s four dimensions of culture. • Explain why language can be important in gaining true understanding of a culture. • Identify ways of adapting to cultural differneces.

12. Political and Regulatory Climate

13. Chapter Outline • Host country political climate • Host government actions • Home country political forces • International and global legal forces • Forecasting and managing regulatory change • Managing political risk • Risk reduction strategies

14. Learning Objectives After studying this chapter, you should be able to • List and explain the political motivationss behind government actions that promote or restrict international marketing. • Discuss specific government actions salient to international marketing, such as boycotts and takeovers. • Identify pressure groups that affect international marketing. • List and compare the four basic legal traditions that marketers encounter worldwide.

15. Learning Objectives • Cite examples illustrating how national laws can vary and change. • Differentiate between the steps involved in managing political risk and those involved in planning for regulatory change.

16. Global Markets

17. Chapter Outline • Understanding buyers • The consumer market • Business market • Government market

18. Learning Objectives • List the factors that influence consumers’ abilities to buy and explain how these affect various national markets. • Describe Maslow’s hierarchy-of-needs model and apply it to consumers in different cultures. • Give examples of how consumer behavior is similar across cultures and examples of how it may differ from one culture to another. • Describe segmentation options for consumer markets abroad. • Explain why business-to-business markets vary in buyer needs and behavior from one country to another.

19. Learning Objectives • List the special qualities of national and multinational global buyers. • Describe the five “screens” a foreign firm must pass through to win a government contract. • Explain the role of bribery in international contracts.

20. Global Competitors

21. Learning Objectives • Describe ways in which one global competitor can address another. • List and explain four basic strategic options that local firms can employ in the face of competition from multinational firms. Explain how attitudes toward competition have evolved differently in different cultures, and cite examples from both developed and developing countries. • Note examples of how home governments can still support the global competitiveness of their firms despite the trend toward trade liberalization. • Discuss the major competitors from developing countries— state-owned enterprises and business groups— and explain how they differ from multinational companies. • Describe how a firm’s country of origin can help or hurt it in the global marketplace.

22. Chapter Overview • The Globalization of Competition • Strategic Options for Local Firms • Cultural Attitudes toward Competition • Home Country Actions and Global Competitiveness • Competitors from Emerging Markets • The Country-of-Origin Advantage

23. Global Marketing Research

24. Learning Objectives • List and describe the four steps involved in the research process. • Differentiate between the challenges posed by secondary data collection and those posed by primary data collection. Note cultural differences in marketing research, and explain ways in which market researchers can adjust to them. Describe problems related to comparability of studies undertaken in different national markets. • Explain the value of analysis by inference to global marketers. • Note ways to monitor global competitors. • Explain the requirements for a global marketing information system.

25. Chapter Overview • Scope of global marketing research • Challenges in planning international research • Utilizing secondary data • Collecting primary data • Analysis by inference • Outsourcing research • Studying the competition • Environmental review • Developing a global information system

26. Global Market Participation

27. Learning Objectives • List and describe the five reasons why firms internationalize. • Differentiate between born-global firms and other companies. • Explain the difference between a standalone attractive market and a globally strategic one. • Cite the advantages and disadvantages of targeting developed countries, developing countries, or transitional economies. • List and describe the filters used for screening national markets. • Explain the pros and cons of choosing markets on the basis of market similarity.

28. Chapter Overview • Internationalizing marketing operations • Geographic market choices • Country selection • Selecting a global marekting strategy