COMM 223 Lecture Notes - Lecture 13: Planned Economy, Marketing Mix, Market Economy
Document Summary
Major decisions in global marketing: decide whether to go international, decide which market to enter, decide how to enter the market, decide global marketing program and organization. ** china makes almost everything, 99% of items in wal-mart ** Exposure to new technologies or market needs: competitive positioning. Standardization (globalization: developing standardized products marketed worldwide with a standardized marketing mix, essence of mass marketing. Adaptation (global localization) hsbc: the world"s local bank: mixing standardization and customization in a way that minimizes costs while maximizing satisfaction, essence of segmentation, think globally, act locally. Should ask what are the unmet needs of consumers with existing products. Role of government in economy: market vs command economy: market economy = unplanned command economy, organized by government officials who own and direct the factors of production, taxation policy, corruption bribery, foreign investment limitation tariffs. International trade system: tariffs: taxes on imported goods, quotas: max production levels on imports or exports help balance economy, exchange controls.
