Understanding Global Marketing: Definitions and Strategies
Posted on Mar 8, 2025 in Business Administration and Management (BAM)
Understanding International Marketing: Key Concepts
Marketing Definition (AMA)
Marketing, according to the American Marketing Association (AMA), is 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.International Marketing Definition (AMA)
International Marketing, according to the AMA, is the multinational 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.What is a Global Firm?
A global firm operates in more than one country, gaining marketing, production, R&D, and financial advantages not available to purely domestic competitors.Five Models of Entry into Foreign Markets
The five models of entry into foreign markets are:- Licensing & Franchising
- Direct Export
- Indirect Export
- Joint Venture
- Direct Investment
Major Decisions in International Marketing
Analyzing the GDP to calculate the “willing to buy” variable is not a major decision in international marketing.Differences Between International and Domestic Marketing
Culture is a significant difference between international and domestic marketing.What is a Need in Marketing?
A need in marketing refers to states of felt deprivation, including physical needs (food), social needs (belonging), and individual needs (self-expression).Value Proposition Definition
A value proposition is a set of benefits that satisfy those needs.Definition of Value
Value is a consumer’s perception of the product’s benefits.Local vs. Global Concerns
Success comes from a balance between local and regional/global concerns. (False statement corrected).Three Main Variables for a Marketing Plan
The three main variables for a marketing plan are: size, willingness to buy, and wealth.Key Customer Markets
The key customer markets are: consumer markets, business markets, and global markets.Marketing Myopia Definition
Marketing Myopia is when firms focus on the product and not on the customers.Adaptation Strategy
A third alternative is to adapt an invention strategy by which products are designed from scratch for the global marketplace.Examples of Basic Differences
Two examples of basic differences are currency variation and distance.Waterfall Model Definition
The Waterfall Model is a model for marketing planning and execution that follows more traditional lines. Linear and sequential, the process flows steadily downward, waterfall fashion, through set phases. These phases include conception, initiation, analysis, design, construction, testing, production/implementation, and maintenance.Qualities of Successful International Companies
International successful companies all share patience and quality. (True statement).Barbie Case Study
In the Barbie case study, Mattel has experienced problems in entering the Japanese market.Caveat Definition
“Caveat: the problem with data.” Caveat means a warning.Colombia’s Minimum Wage (2018)
Colombia’s minimum wage for 2018 was 781,242.Barbie Case Study: Foreign Culture Adaptation
According to the Barbie case: “Mattel has learned that, to be successful within a foreign culture, Barbie does not need a total overhaul but instead can be very profitable with minor cosmetic changes.” (True statement).Culture Definition
Culture is an integrated system of learned behavior patterns that are distinguishing characteristics of the members of any given society.Fad Definition
A fad is “unpredictable, short-lived, and without social, economic, and political significance”.Supply Chain Management (SCM) Definition
The Supply Chain Management (SCM) is the planning and management of all activities involved in sourcing and procurement, conversion, and logistics.The 4 P’s of Marketing
In Marketing, the 4 P’s are: Place, Product, Price, and Promotion.Channel Design: Length and Width
According to channel design, length is determined by the number of levels, or different types, of intermediaries. Channel width is determined by the number of institutions of each type in the channel.Characteristics of Chinese Video
Examples of characteristics about Chinese video: loan to relatives …Positioning a Product
The statement “Quienes son y qué buscan” (Who are they and what are they looking for?) is the first question we have to ask ourselves for positioning a product. (False statement).Global Firm Activities
Global firms plan, operate, and coordinate their activities on a worldwide basis.
