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Chapter 16

MKTG 341 Chapter 16: The Global Marketplace
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Department
Marketing
Course
MKTG 341
Professor
Xianfang Zeng
Semester
Spring

Description
Chapter 16: The global marketplace Global Marketing Today The number of multinational companies has more than doubled since 1990 Companies that go international face highly unstable governments currencies, restrictive government policies regulations, high trade barriers o Corruption is also a larger problem, companies going to highest not best bidder Global Firm = a firm that, by operating in more than one country, grains RD, production, marketing, financial advantages in its costs reputation that are not available to purely domestic competitors Looking at The Global Marketing Environment The International Trade System Selling to another country, may face restrictions (tariffsduties, taxes on certain products to raise revenue or protect domestic firms) o Tariffsduties to force favourable trade behaviours from other nations Countries may set quotas to limit foreign imports in certain categories Nontariff trade barriers (biases against bids, restrictive product standards, or excessive hot country regulationsenforcements The World Trade Organization General Agreement on Tariffs Trade (GATT) est. 1947, modified 1994, designed to promote world trade by reducing tariffs other international trade barriers World Trade Organization (WTO) replaced GATT 1995 Regional Free Trade Zones Some countries have formed free trade zones or economic communities EU est. 1957, created single European market, euro as common currency North American Free Trade Agreement (NAFTA) est. 1994, free trade among Canada, US, Mexico, no trade barriers investment restrictions 2012 Canada joined Trans Pacific Partnership (including US, Australia, Brunei, Chile, Japan, Malaysia, New Zealand, Peru, Singapore, Vietnam Mexico Canada has business access with EU (CETA) Economic Community = a group of nations organized to work toward common goals in the regulation to international trade Economic Environment 2 economic factors reflect countrys attractiveness as a marketer: 1. Its industrial structure 2. Its income distribution 4 types of industrial structures (shape productservice needs, income levels employment levels) 1. Subsistence Economics majority of people do simple agriculture, consumer what need, barter rest 2. Raw Material Exporting Economics rich in raw materials, good markets for tools, trucks, etc. if foreign residents wealthy upper class, good market for luxury goods 3. Emerging Economies (Industrializing Economies) fast growth in manufacturing, creates new rich class, growing middle class, demanding imports of raw m aterials, less imports if finished goods 4. Industrial Economies major exporters of manufactured goods, services investment funds Industrialized nations have low, medium, high income households, subsistence economies consist mostly of very low income fa milies PoliticalLegal Environment
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