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53 Cards in this Set

  • Front
  • Back
internal reasons to internattionalize
excess capacity, unique products or services, gain economies of scale, grow, management attitude to risk, structural changes as the firm grows
external reasons to internationalize
product life cycle, competition, environmental change, unsolicited orders, economic factors
the decision to enter markets outside the home country is based on:
resources, competetitive advantage, managerial mindset, nature of the opportunity or threat, the industry conditions, specially knowing of thoughts and consumers
pull strategy
manufacturer bypasses distributors and retailers and advertised to final consumers; indirect channel
push strategy
manufacturer advertises to middle men who then create interest in consumers; indirect channel
ethnocentric
focus on home market; foreign markets are viewed as a disposal area for surplus domestic products
polycentric
each country is unique, focus on differences; best method is in combination with ethnocentric theory
regiocentric
management views, focus on similarities and differented in a region
geocentric
management views focus on similarities and differences in the world
marketing environment
consists of the acotrs and forces outside marketing that affect marketing management's ability to develop and maintainsuccessful relationships with its target customers
microenvironment
customers, suppliers, marketing intermediaries, competitors, shareholders
macroenvironment
demographics, social change, economic conditions, political and legal factors, technology
positive global drivers
technology, open markets, economic integration; peace, corporate strategy, global focus
negative global drivers
culture, market barriers, national barriers, war, corporate strategy, local focus
social risk
populations view investments and products from foreigners
economic environment
money supply, budget deficit, trade deficit, interest rates, inflation, consumer income/buying, dollar value, employment levels, energy costs, gnp
product life cycle
introduction, growth, maturity, decline
big emerging markets
china, hong kong, taiwan, india, south korea, mexico, brazil, argentina, poland etc
source of competitivness
skills of human resources, labor costs, age of pop., infrastructure etc..
globalization
process of increasing interconnectivity and interdependence over vast distance, where ideas, capital, goods, markets, services, and people are transfered across invisible country borders
tariff
a tax on imports of products from foreign countries; the oldest form of trade policy
quota
a government imposed limitation on production or trade of a product
embargo
prohibition of trade with another country
exchange control
various forms of controls imposed by a government on the purchase/sale of foreign currencies by residents or on the purchase/sale of local currency by nonresidents
non-tariff barriers
barriers that inhibit the sale/production of products for export (non monetary)
WTO & GATT
treaty designed to promote world trade by reducing tariffs and trade barriers
globalization and trade liberalization
financial system and factors afftecting the world economic situation
dumping
price discrimination in international trade; abuse of market power
culture
knowledge, beliefs, art, morals, laws, customs, acquired by individuals as members of a society
values
abstact ideas about what a group believes to be good, right and desireable
norms
social rules and guidelines that prescribe appropraite behavior in situations
high context language
words convey parket of the meaning, get to know each other, have a personal relationship
low context language
personal relationships unneccessary, words have meaning, contracts to not focus on character, more paperwork and legal contacts
sequantial time
linear, inflexbile, efficient, "time is money
synchronic time
serveral activities at same time, flexible, easy to adapt, focus on final goal not how to get there
hofstede 5 dimenstions
power distance, individualism/collectivism, masculine/feminine, uncertainty avoidance: strong/weak, long term orientation
power distance
level on inequality among society levels
individualism vs collectivism
doing everything for self vs doing everything for the group
masculinity vs feminity
a society in which mean are dominante vs a socity where men and women roles overlap
uncertainty avoidance
members of a socity that are uncomfortable with unclear situations
political environment
environmental laws, employment laws, incentives, government policy, ethics and social responsiblility, foreign trade attitudes, goverment stability etc
political-legal environment
attitudes toward international buying, government bureaucracy, political stability, monetary regulations
levels of economic intergration
free trade area, customs union, common market, economic union, political union
free trade area
no tariffs; most basic level; nafta
customs union
no tariff; common agreement for trading with other countries
common market
free trade area + customs union + common commerical policy
economic union
all states keep inflation low and common prices
political union
includes common army and regulations and laws
trade diversion
internal price is kept above world market price by common tariff
trade creation
previously protected member economies are opened up to cheaper suppliers in memeber countries
international marketing research
more complex than domestic; greater time to complete projects, greater cost to collect data, greater coordination, greater difficulty in predicting competitor reaciton
primary data
high cost; not generally available without research, more precise and detailed
secondary data
info available; research done by others; general info