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IM Final Notes

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University of Ottawa

International MarketingChapter 1 The Scope and Challenge of Intl MarketingFive Stages of Intl Market InvolvementStage 1 No Direct Foreign Marketing Company does not actively cultivate customers outside national boundaries products may reach foreign markets through trading companies domestic wholesalersdistributors intl web surfers etc Stage 2 Infrequent Foreign MarketingCaused by temporary surpluses caused by variations in production levelsdemandssales to foreign markets are made as goods are available with little or no intention of maintaining continuous market representation domestic demand growsforeign sale activity may be withdrawn Stage 3 Regular Foreign Marketingpermanent productive capacity devoted to the production to be marketed in foreign marketsmay have foreign or domestic overseas intermediaries or its own sales force domestic market is primary focus but as overseas demand grows consequently production is allocated for foreign markets Stage 4 International Marketingfully committedinvolved in intl marketing activitiesplanned production Stage 5 Global Marketingcompanies treat the world including their home country as one marketmarket segmentations decisions are no longer focused only on national bordersin fact may ignore them if they are not germane to the marketing taskIntl operations of businesses in global marketing reflect the heightened competitiveness brought about by the globalization of markets the interdependence of the worlds economies and the growing number of competing firms from developeddeveloping countries vying for the worlds markets Strategic Orientations EPRG FrameworkDomestic market extension orientation ethnocentric o Seeks a sale extension of its domestic products into foreign markets o Intl orientation is second toan extension of its domestic operations o Seek markets where demand is similar to home market o Rarely works in the longrunMultidomestic market orientation polycentrico Has a strong sense that country markets are vastly different and market success requires an almost independent program for each country countrybycountry basis with separate marketing strategies o Products are adapted for each market with little coordination with other country markets advertising campaigns pricingdistribution decisions are localizedRegional market orientation regiocentric o Company operates in many countries within and uses standardized strategies throughout a regions o Ex CocaColaFord o Strive for where it is costculturally effective ex intl marketing plan has a standard product but countryspecific advertising o Marketing planningmarketing mix are approached from a regional perspectivewhere feasible in the mix efficiencies of standardization are soughtGlobal market orientation geocentric o Company operates in many countries within and uses standardized strategies throughout the world o Ex Bombardier o Strive for where it is costculturally effective ex intl marketing plan has a standard product but countryspecific advertising o Marketing planningmarketing mix are approached from a global perspectivewhere feasible in the mix efficiencies of standardization are soughtTrue Global Orientation operating as if all the country markets in a companys scope of operations including the domestic market were approachable as a single global marketstandardizing the marketing mix where culturally feasiblecost effective Chapter 2 the Dynamic Environment of Intl MarketingFree Trade the conditions of market participation equal access to country markets nondiscrimination in procurement govt and private respect for property rights transparency in legal systems and the elimination of trade barriersThe Marshall Plan created by the US was launched to assist in rebuilding Europejapan Through the Agency for International Development and other support groups additional monies were amassed for investment in underdeveloped countries to foster economic growthhelp create a stronger world economy For everyinvested in the economic developmentrebuilding of other countries after WW2 hundreds ofmore returned to capitalsupplying nations in the form of purchases of agricultural products manufactured goods and servicesGATT General Agreement on TariffsTrade created by world leaders who were determined not to repeat the economic disaster after WW1 was a forum for member countries to negotiate ta reduction of tariffs and other barriers of tradeChapter 7 Developing a Global Visual Through Marketing ResearchA marketer must find the most accuratereliable data possible within the limits imposed by time cost and the present state of the artMarket Research the systematic gathering recordinganalyzing of data to provide info useful in marketing decision makingIntl marketing research Involves 2 additional complications1 info must be communicated across cultural boundaries translated2 the environments within which the research tools are applied are often different in foreign markets The basic difference between domesticintl marketing research is the broader scope needed for intl necessitated by higher levels of uncertaintyResearch can be divided into 4 types based on info needs 1 General info about the country areamarket 2 Infonecessary to forecast future marketing requirements by anticipating social economic technological politicallegal and consumerindustry trends within specific markets or countries 3 Specific market info used to make product promotion distributionprice decisions and to develop marketing plans 4 Specific info about the companys capabilities to undertake the intl venture Collectinganalyzing info about a foreign market opportunity is of limited utility if in the final stage the organization is unable to implement a successful entry effortThe planning steps of Unisys Corp call for collectingassessing the following types of info which show how a firm adapts the STEP logic to its particular needs 1 Economicdemographic general data on growth in the economy inflation business cycle trends etc profitability analysis for the divisions products specific industry economic studies analysis of overseas economies and key economic indicators for the USmajor foreign countries as well as population trends migration immigrationaging 2 Cultural sociologicalpolitical climate a general noneconomical review of conditions affecting the divisions business It also covers ecology safetyleisure time and their potential impacts 3 Overview of market conditions a detailed analysis of market conditions that the division faces by market segment including international 4 Summary of the technological environment a summary of the stateoftheart technology as it relates to the divisions business carefully broken down by product segments 5 Competitive situation a review of competitors sales revenues methods of market segmentation productsapparent strategies on an international scopePossessing solid technical skills without sufficient awareness of important cultural features could result in questionable research findingsinappropriate marketing actionsResearch Process
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