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Chapter 16.docx

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Department
Commerce
Course
COMMERCE 4SA3
Professor
sfs
Semester
Summer

Description
IB Chapter 16 MarketingMarketing process of planning and executing the conception pricing promotion and distribution of ideas goods and services to create exchanges that satisfy individual and organizational objectives International Marketing extension of these activities across national boundariesFace two more challenges than domestic counterparts 1Capturing synergies among various national markets2 Coordinating marketing activities among these marketsInternational Marketing Management Encompasses firms efforts to ensure that its international marketing activities mesh with the firms corporate strategy business strategy and other functional strategiesInternational Marketing and Business Strategies Key challenge for a firms marketing managers is to adopt an international marketing strategy that supports that firms overall business strategy Differentiation can be based on perceived quality fashion reliability or other salient characteristics Assuming differentiation can be communicated effectively price can be higher Cost leadership can be achieved through reductions in production and manufacturing costs reductions in sales costs the acceptance of lower profit margins and use of less expensive materials and component means etc After having adopted an overall business strategy a firm must asses where it wants to do business International firms must carefully assess countries and rank them according to their potential for the firms products Influences of rankingCulturesLevels of competitionChannels of distributionAvailability of infrastructureThe Marketing Mix 1 How to develop the firms products 2 How to price those products 3 How to sell those products 4 How to distribute those products to the firms customers Marketing Mix product pricing promotion and place distributionStandardization versus Customization Choose from 3 basic approaches 1 Ethnocentric approach market its good internationally the same way it does domestically 2 Polycentric approach customize to meet the specific need of each foreign market it serves 3 Geocentric approach analyze needs of customers worldwide and then adopt a standardized marketing mix for all the markets it serves Ethnocentric markets same internationally as it does domesticAvoids expenses of developing new marketing techniquesWhen some first internationalize they adopt this approachEg Lands end in Germany same friendly service
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