Chapter 5 Developing a Global Vision I Global Marketing marketing that targets markets throughout the world a Global Vision recognizing and reacting to international marketing opportunities using effective global marketing strategies and being aware of treats from foreign competitors in all markets b Multinational Corporation i Firms operate in one country and sell G S in another ii Set up foreign subsidiaries operate an entire line of business iii Some countries are blocking foreign investment c Global Marketing Standardization be sold the same way all over the world production of uniform products that can i Firms across the world are becoming more alike II External Environment a Culture b Economical Technological Development i Different PerCapita Incomes Worldwide ii Different Infrastructure access to Tech c Political Structure and Action i Tariffs ii Quotas iii Boycott iv Exchange Control 1 limit on how much can be exchanged v Market Group Trade Alliance European Union vi Trade Agreement NAFTA Uruguay round d World Bank an international bank that offers low interest rate loans advice and info to developing nations International Monetary Fund also works to promote trade through financial cooperation lender of last resort to troubled nations and e f demographic makeup g Natural Resources III Global Marketing a Exporting b Licensing Franchising c Contract Manufacturing d Joint Venture e Direct Investment IV Global Marketing Mix a Product i Companies sometimes use unified marketing approach ii Product Invention 1 tailoring products to markets iii Product Adaptation 1 Altering a base product to meet specific needs of new market b Promotion i Have to change marketing approach to appeal to new markets c Place i ii Lack of communication and logistics make slow supply chains Infrastructure can lack in many countries d Pricing i Keep in mind PerCapital Income 1 but also focus on people not in this sector ii Exchange Rates iii Countertrade 1 a form of bartering iv
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