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Commerce (1,909)
Lecture

Marketing Chapter 6.docx

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Department
Commerce
Course
COMMERCE 2MA3
Professor
Ambika Badh
Semester
Fall

Description
Chapter 6 – Serving Global Markets Importance of Global Marketing  Exporting – marketing of domestically produced goods and services abroad  Importing – purchasing of foreign goods and services  Service exports  China is currently the top trading partner for Canada, then USA, EU, Japan and UK  Wal-mart is the largest company and employer in the world  Benefits of going global o Additional revenue o New insights into consumer behaviour o Alternative distribution strategies o Advance notice of new products o Exposure to new marketing techniques International Marketing Environment  Economic o National factors – nations size, per capita income and state of economic development o Infrastructure - nations underline foundation of modern life o Exchange rate – price one country pays in term of another’s money  Hard – high value in international market  Soft – no value in international market  Social-cultural o Before entering a market, firms need to study all aspects of a nation’s culture, including language, education, religious attitudes and social values o Language plays an important role in international marketing  Technological o Internet technologies connect large and small firms to world markets o Technology presents some challenges for global marketer  Political-legal o Laws  International laws, Canadian laws, legal requirements of host nation o Trade barriers  Tariffs – financial barrier put on trade  Revenue tariffs – raises money for government that is importing  Protective tariffs – increases total price of imported to protect  Import quota – trade restrictions that limit the number of units of certain goods that can enter a country for resale  Embargo – complete ban of the import of a product  Subsidy - government financial support of a private industry Chapter 6 – Serving Global Markets  Exchange control - method used to regulate the privilege of international trade among importing organizations by controlling access to foreign currencies o Dumping – selling a product in a foreign market at a price lower than it commands in the producer’s domestic market Multinational Economic Integration  Free trade area – participating nations agree to the free trade of goods among themselves  Customs union – free trade area plus uniform tariff for trade with non- member unions  Common market – extension of a customs union by seeking to reconcile all government regulations affecting trade  GATT and WTO o General agreement on tariffs and trade – international trade accord that has helped reduce world tariffs o World trade organization – replaced GATT, oversees GATT agreements, mediates disputes and
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