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14 Cards in this Set
- Front
- Back
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4 steps in the Decision Process for Entering Global Markets
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1) Whether to go global
2) Which market(s) to enter 3) Level of commitment 4) How to adapt marketing mix strategies * Localize * Standardize |
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GDP
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Gross Domestic Product- the total dollar value of goods and services produced by a nation within its borders in a year
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level of economic development
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the broader economic picture of a country
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standard of living
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an indicator of the average quality and quantity of goods and servies consumed in a country
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LDC
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Least Developed Country- a country at the lowest stage of economic development
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developing countries
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countries in which the economy is shifting its emphasis from agriculture to industry
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BRIC countries
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Brazil
Russia India China The largest and fastest growing of the developing countries with over 40% of the world's population. |
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Group of 8 (G8)
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an informal forum of the eight most economically developed countries that meets annually to discuss major economic and political issues facing the international community
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business cycle
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the overall patterns of change in the economy- including periods of prosperity, recession, depression, and recovery- that affect consumer and business purchasing power
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The next step after exportation in the Market Entry Strategy
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Contractual agreement with country to conduct some or all of its business there
-licensing agreement: a firm(the licensor) gives another firm (the licensee) the right to product and market its product in a specific country or region in return for royalties on goods sold. -franchising agreement: form of licensing that gives the franchisee the right to adopt an entire way of doing business in the host country. |
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Decide wether or not to go global
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Is i in our best interest to focus exclusively on our home market or should we cast our net elsewhere as well?
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What Market to go into
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If the decisioin is "go", which global markets are most attractive? Which country or countries will offer the greatest opportunity for us?
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What level of commitment is needed?
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What market-entry strategy and thus what level of commitment is best? It's a pretty low risk to simply export products to overseas markets, while the commitment and the risk is substantial if the firm decides to build and run manufacturing facilities in other countries (though the pay off may be worth it).
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How to adapt marketing strategies
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localize, standardize?
how to develop for foreign market or develop a unique localized strategy? |
