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The Scope and Challenge of International Marketing
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Increasing number of foreign companies building and buying manufacturing plants in the U.S. Increasing difficulty for domestic markets to sustain customary rates of growth
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International marketing is the performance of business activities designed to plan, price, promote, and direct the flow of a companys goods and services to consumers or users in more than one nation for a profit.
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Establish a frame of reference Avoid measuring and assessing markets against the fixed values and assumptions of your own culture
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Ethnocentrism and the SRC can influence an evaluation of the appropriateness of a domestically designed marketing mix for a foreign market. The most effective way to control the influence of ethnocentrism and the SRC is to recognize their effects on our behavior.
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Knowledge of cultures, history, world market potential, and global economic, social, and political trends Approaches to global awareness:
- Select individual managers specifically for their demonstrated global awareness - Develop personal relationships in other countries - Have a culturally diverse senior executive staff or board of directors
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Strategic Orientation
Domestic market extension orientation Multidomestic market orientation Global market orientation
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Summary
The internationalization of American business is proceeding with increasing pace. The globalization of markets and competition necessitates all managers to pay attention to the global environment. International marketing is defined as the performance of business activities across national borders. Environmental differences such as laws, customs, and cultures must be taken into account if firms are to market products and services at a profit in other countries.
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Summary (continued)
Self-reference criteria and ethnocentrism limit the international marketers abilities to understand and adapt to differences prevalent in foreign markets. Solutions:
- Global awareness - Sensitivity
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