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Marketing Chapter 8

Global Marketing

TermDefinition
Trends Decline in protectionism, economic integration, global competition, networked global marketplace
Cross-cultural analysis The study of the similarities and differences among customers
Values Preferable modes of conduct--how you SHOULD do things
Customs The normal/expected way of doing things
Cultural symbols Represent cultural ideas/concepts
Customer ethnocentrism Thinking it's wrong to buy foreign products
Hofstede's cultural dimensions model Power distance, uncertainty avoidance, individualism, masculinity, time orientation, indulgence
Elements of the political-regulatory climate to consider Stability (you want slow, small changes, if any), trade regulations, views on your home country, diplomatic regulations and government behavior
Exporting Producing goods in one country and selling them in another--limited risk but also limited return
Franchising Letting someone (the franchisee) operate a branch of your business (e.g. Yoplait)
Joint venture Pooling your resources with a local firm --ownership and profits are shared
Strategic alliance Collaborative relationships between independent firms
Direct investment When a firm maintains 100% ownership over its plants, etc. in a foreign country, usually through wholly-owned subsidiaries
Product entry strategies Product extension (sell the exact same product), product adaptation (similar product but slight modifications--e.g. different levels of salsa spiciness), product invention (create entirely new product)
Reverse innovation Initially developing a product for a nice or underdeveloped market, then selling it to a wider audience
Pricing strategies Dumping (selling below domestic price or actual cost), grey market (importing from low-cost countries and selling in high-cost countries)
Local consumer culture positioning (LCCP) Using places/people/symbols/etc. that seem very local--e.g. truck ads
Foreign consumer culture positioning (FCCP) Using foreign imagery, languages, etc.--e.g. fancy cheeses
Global consumer culture positioning (GCCP) Using imagery that transcends national/cultural/etc. boundaries--e.g. airlines, luggage, tech companies
Created by: ejrasmus
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