Mkt 3010 1st Edition Lecture 20Outline of Last Lecture Ch 18 contSteps in planning an Ad Campaign (7. Assess Impact)Regulatory and Ethical issues in advertisingElements of an integrates marketing communication strategyCh 19: personal selling and sales managementThe scope and nature of personal sellingPersonal selling as a careerThe value added by personal sellingThe personal selling process 1. Generate and qualify leads2. Preapproach3. Sales presentation and overcoming reservations4. Closing the sale5. Follow-upManaging the sales force Ethical and legal issues in personal sellingThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.Outline of Current LectureCh. 8Global FirmGlobal environmentEconomic AnalysisChoosing a Global Entry StrategyChoosing a global marketing strategyTarget marketMarketing mixPricingDistributionCommunicationCurrent LectureApril 14Chapter 8: Global Marketing “Think globally, act locally.”**focusing on standardization but also looking where we need to adaptGlobal Firm- Operates in 1+ countries- Financial advantages- World market as one- segment accordingly- Transnational brandsGlobal environment- Intense competition- Aggressive expansion- Riskso Ignore growing markets (want to focus on domestic)o Enter new marketsThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.Economic Analysis- General economic environment- Market size and population growth rate- Evaluating real income (GDP, GNI, etc)Choosing a Global Entry Strategy (start with least risky and then work up when market share begins to grow)- Exporting- Franchising- Strategic Alliance- firms independent but become almost partners. They try to create a supply chain or services model where they are all together- Joint Venture-two or more firms putting resources together as one firm and share ownership, control and profits of the new global firm- Direct Investment- firms owns 100% of the new global firmChoosing a Global Marketing Strategy- Target Market: Global STPo More complicated than local STP Cultural nuances Subcultures Definition of consumers different- The Global Marketing Mixo Global Product/Service Strategies Straight product extension- same product brought somewhere else (globalization) Product adaptation- need to change product to fit the culture of new market  Product invention- create new product for new global marketo Global Pricing strategies Tariffs (makes imported goods more expensive) Quotas- maximum quantity of product that can be brought into a country at a specific time Economic conditions- how will the firm price the product according to conditionsof market Competitive factors- how many competitors effect pricingo Global distribution strategies Whole channel view- Seller’s HQ- how many do we need- Channels between nations- what is mode of transportation between borders- Channels within nations- what is transportation within country- Intermediaries- numbers and types- Retail units abroad- size and characteristicso Global Communication Strategies Literacy Language Culture and religionKey words:Global firmStrategic allianceJoint ventureDirect investmentSubculturesStraight product extensionProduct adaptationProduct inventionTariffsQuotasWhole channel