CH07 rev[1]

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Slide 1: 

REACHING GLOBAL MARKETS CHAPTER

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Marketing that targets customers throughout the world. More customers=more money. Good thing, right? Global Marketing

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Protectionism Hurts or Helps Domestically?

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How protectionism affects world trade Quota Tariff World Trade Organization (WTO)- “Referee” for global trade

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Lets Make “Domestic” Bigger! Economic community An organization of nations formed to promote the free movement of resources and products among its members and to create common economic policies

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Examples of Economic Communities MERCOSUR NAFTA OPEC

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Global Companies International Firm – each market is identical Multinational Firm - each market is unique Transnational Firm –emphasizes similarities,recognize differences No Borders, New Rules

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Multi-domestic Marketing Strategy Global Brand Global Marketing Strategy Global Companies & Marketing Strategies

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Things to Consider When Going Global

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Economic Considerations Economic Infrastructure - Communications Power Distribution Monetary systems Consumer Income - Level AND buying power

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Political – Regulatory Climate Political Stability Trade Regulations-Its legal here, but is it legal there? Health Promotional Environmental

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GLOBAL MARKET-ENTRY STRATEGIES RISK Exporting Joint Venture Direct Investment Licensing & Contract Mfg

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Product and Promotion Strategies for Global Marketing

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Pricing Strategy Hurts the local businesses Gray Market or Parallel Importing – (individuals) Dumping – (companies)

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Pricing Strategy Countertrade - a form of trade in which the payment for goods and services is in the form of other goods and services Hurts the local governments

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Protectionism Protectionism is the practice of shielding one or more industries within a country’s economy from foreign competition through the use of tariffs or quotas.

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Tariff A tariff is a government tax on goods or services entering a country, primarily serving to raise prices on imports.

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Quota A quota is a restriction placed on the amount of of a product allowed to enter or leave a country.

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World Trade Organization The World Trade Organization (WTO) is a permanent institution that sets rules governing trade between its members through panels of trade experts who decide on trade disputes between members and issue binding decisions.

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Multidomestic Marketing Strategy A multidomestic marketing strategy is used by multinational firms that have as many different product variations, brand names, and advertising programs as countries in which they do business.

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Global Marketing Strategy A global marketing strategy is used by transnational firms that employ the practice of standardizing marketing activities when there are cultural similarities and adapting them when cultures differ.

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Global Brand A global brand is a brand marketed under the same name in multiple countries with similar and centrally coordinated marketing programs.

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Exporting is producing goods in one country and selling them in another country. Exporting

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A joint venture is when a foreign country and a local firm invest together to create a local business. Joint Venture

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A gray market is a situation where products are sold through unauthorized channels of distribution. Also called parallel importing. Gray Market

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Direct investment entails a domestic firm actually investing in and owning a foreign subsidiary or division. Direct Investment

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Direct investment entails a domestic firm actually investing in and owning a foreign subsidiary or division. Licensing is the legal process allowing the use of manufacturing, patents and/or knowledge. Licensing

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Dumping is when a firm sells aproduct in a foreign country belowits domestic price or below its actual cost. Dumping