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