UGA MARK 4700 - Final Exam Study Guide (30 pages)

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Final Exam Study Guide

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Final Exam Study Guide


Study Guide
University of Georgia
Mark 4700 - Int Marketing
Int Marketing Documents
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MARK 4700 Exam 3 Study Guide Chapter 1 The Global Marketing Manager International Marketing Marketing o The collection of activities undertaken by a firm in order to asses and satisfy customer needs wants and desires Marketing Management o The planning and coordinating of these activities to achieve a successfully integrated and marketing program International Marketing o Marketing across national borders but addressing similar issues as in domestic marketing including customer identification product development product distribution promotion and pricing o Includes the task of marketing between countries as well as within each country o The international marketer moves products across national boundaries in addition to moving products within each market the company serves Objectives o Identifying and understanding global consumer needs Research helps a firm understand consumer needs in different markets and determine whether those needs are different from those of the customers it currently serves Companies also need to analyze market segments across countries to be able to position their products appropriately for entry into international markets o Satisfying customer needs Well developed distribution is needed to make sufficient quantities of goods and services available at the point of sale If needs differ across countries and regions a company must consider how to adapt its products and the various elements of the marketing mix to best satisfy customers o Being better than the competition Firms must contend with competitors in their home markets and competitors in the foreign markets in which they operate Multinational companies have a more extensive set of experiences to draw upon and generally have access to additional resources o Coordinating marketing activities International marketing creates a new level of complexity because firms must coordinate their marketing activities across countries o Recognizing the constraints of the global environment Complexity increases as the number of markets served increases Differences exist in culture and economic conditions marketing infrastructure government policy and financial issues International Marketing Management Global Competition o Competitors come from all over the world o Global competition requires greater flexibility within a firm to be successful o Competitors have different strengths and weaknesses o Global competition presents a need for an infinitely more complex marketing strategy than is needed for dealing with domestic markets The Global Environment o In the global environment international marketing managers must be sensitive to different forms of government cultures and income levels o Levels Outer Cultural Environment Economic Environment Technological Environment Competitive Environment Political Legal Environment Middle Product Place Price Promotion Inner Target Markets o Overall global managers must deal with all uncontrollable and controllable factors as well as the differences between these factors from country to country o Controllable elements include the 4 P s of marketing although some elements are not totally under the marketer s influence o Uncontrollable elements include things such as the legal environment and the different kinds of risk associated with international marketing political legal economic and financial Marketers can exert pressure on and effect change in these uncontrollable elements Dual Responsibility of the Manager o The principle rationale of MNC s is that synergy is created within international operations through implementation of a division of labor and a transfer of knowledge o Dual Responsibilities Foreign Marketing Marketing within foreign companies Global Marketing Coordinating marketing in multiple markets in the face of global competition o The dual responsibility creates concern over issues in both domestic and international markets The Global Marketplace o Where the Buyers Are o Sometimes foreign markets may be the only markets in which a company s products can be sold o Where the Ideas Are o Sometimes the best ideas and innovations occurs in foreign markets as opposed to only the domestic market o Success may stem from combining an overseas product with local technology to develop an entirely new line of products o Risks and Differences of Foreign Markets o Ben and Jerry s and Mary Kay examples show challenges with logistics partner selection consumer preferences and pricing when doing business in Russia Motives to Expand Internationally o Taking advantage of the potential of world markets o Diversifying geographically o Using experience curve economies and economies of scale o Extending the life cycle of a product o Overseas markets are a source of new products and ideas o Foreign companies may provide capital and or market access Trends in International Marketing o The role of emerging and emerged economies as both consumer and competitor has increased o Provides enormous opportunities to companies seeking to expand o Also generates new global competitors o The growing middle classes in China and India have increased the number of consumers for international firms and their domestic o Continued growth and strength of service sector o The service sector is the fastest growing segment of internationalization representing about 20 of world trade o The US has a trade surplus in services but a trade deficit in products o This is especially true for services like transportation and healthcare o Franchising offers growth opportunities o Many countries such as Brazil are opening up their markets to foreign franchises and evidence suggests that foreign franchises have tremendous growth opportunities o Ongoing change and increasing risk are the new normal o o o o o o o The global business environment continues to change as communication becomes cheaper product development cycles shorten and competitors become more numerous o These changes result in a greater need for resources speed and flexibility o This changing environment puts even greater pressure on the international marketing manager to understand these changes Increasing economic integration and cooperation between countries includes opportunity and risk o It means lower trade barriers and lower costs of doing business in many cases o It can also mean new competitors o It also means increase in economic agreements like NAFTA ASEAN and MERCOSUR o Marketing managers must look to current events for news like what is

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