MKTG 376 Chapter Notes - Chapter 1: Global Marketing, Worldscale, Cultural Universal
Document Summary
We live in a world in which markets are local. (cid:862)glo(cid:271)al (cid:373)arketpla(cid:272)e (cid:448)ersus lo(cid:272)al (cid:373)arkets(cid:863) parado(cid:454). Marketing: the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners and society at large. Satisfy customer wants and needs with products and services that offer competitive value. Global marketing: conducts important business activities outside the home-country market. Market development strategy: seeking new customers by introducing existing products or services to a new market segment or to a new geographical market. Diversification strategy: a company creates a new product or service offerings targeting a new market segment, country, or region. Market penetration strategy: building on existing market with an existing product. Product development strategy: introducing a new product into an existing market. A successful global marketer understands specific concepts and has a broad and deep u(cid:374)dersta(cid:374)di(cid:374)g of the (cid:449)orld"s (cid:272)arried (cid:271)usi(cid:374)ess e(cid:374)(cid:448)iro(cid:374)(cid:373)e(cid:374)ts (k(cid:374)o(cid:272)koffs, (cid:271)ri(cid:271)er(cid:455), (cid:272)orruptio(cid:374), country specific things).
