Podcast
Questions and Answers
What economic event in North America in the late 1990s is largely attributed to the end of the Cold War?
What economic event in North America in the late 1990s is largely attributed to the end of the Cold War?
- Natural disasters
- Economic boom (correct)
- Advancement in information technology
- Increased competition
Which industry is Frigidaire mentioned in as a foreign-owned brand?
Which industry is Frigidaire mentioned in as a foreign-owned brand?
- Appliances (correct)
- Automobiles
- Hotels
- News and entertainment
In the context of international marketing, what does 'SRC' stand for?
In the context of international marketing, what does 'SRC' stand for?
- Strategic Resource Consulting
- Statistical Research Center
- Self-Reference Criterion (correct)
- Self-Reflection Criterion
What type of companies have to deal with foreign customers, competitors, and suppliers?
What type of companies have to deal with foreign customers, competitors, and suppliers?
Which aspect of global commerce thrives during peacetime?
Which aspect of global commerce thrives during peacetime?
Which of the following events can impact global business according to the text?
Which of the following events can impact global business according to the text?
What is the total amount of foreign direct investment in the United States?
What is the total amount of foreign direct investment in the United States?
What was Apple's total revenue in 2013?
What was Apple's total revenue in 2013?
What is the term for the performance of business activities designed to plan, price, promote, and direct the flow of a company's goods and services to consumers or users in more than one nation for a profit?
What is the term for the performance of business activities designed to plan, price, promote, and direct the flow of a company's goods and services to consumers or users in more than one nation for a profit?
According to Exhibit 1.3, what represents the uncontrollable elements of the foreign environment for each foreign market?
According to Exhibit 1.3, what represents the uncontrollable elements of the foreign environment for each foreign market?
What is the goal of an international marketing program?
What is the goal of an international marketing program?
What are the controllable elements in the marketplace, according to Exhibit 1.3?
What are the controllable elements in the marketplace, according to Exhibit 1.3?
What is the most challenging aspect of confronting international markets according to the text?
What is the most challenging aspect of confronting international markets according to the text?
What do the outer circles in Exhibit 1.3 represent?
What do the outer circles in Exhibit 1.3 represent?
What factor does the text emphasize the importance of guarding against when studying the market systems of different cultures?
What factor does the text emphasize the importance of guarding against when studying the market systems of different cultures?
What role do political and legal forces play in determining or modifying a marketer's reaction to situations, according to the text?
What role do political and legal forces play in determining or modifying a marketer's reaction to situations, according to the text?
What must international marketers be aware of in order to effectively adapt to different cultures?
What must international marketers be aware of in order to effectively adapt to different cultures?
What is the primary purpose of evaluating and adjusting marketing efforts to different cultures, according to the text?
What is the primary purpose of evaluating and adjusting marketing efforts to different cultures, according to the text?
What is the likely consequence of deteriorating internal economic conditions on a country's foreign investment?
What is the likely consequence of deteriorating internal economic conditions on a country's foreign investment?
What is the primary obstacle to assessing a foreign market in its true light?
What is the primary obstacle to assessing a foreign market in its true light?
Which of the following is an uncontrollable factor in the foreign environment?
Which of the following is an uncontrollable factor in the foreign environment?
What is the notion that people in one's own company, culture, or country know best how to do things?
What is the notion that people in one's own company, culture, or country know best how to do things?
What is the term for the unconscious reference to one's own cultural values, experiences, and knowledge as a basis for decisions?
What is the term for the unconscious reference to one's own cultural values, experiences, and knowledge as a basis for decisions?
What happens when internal economic conditions deteriorate, according to the passage?
What happens when internal economic conditions deteriorate, according to the passage?
What type of companies are better equipped to internationalize?
What type of companies are better equipped to internationalize?
What happens when we fail to recognize cultural differences in international marketing involvement?
What happens when we fail to recognize cultural differences in international marketing involvement?
What is the first step in isolating SRC influences and being vigilant of ethnocentrism?
What is the first step in isolating SRC influences and being vigilant of ethnocentrism?
What is the benefit of having key managers who are well networked internationally?
What is the benefit of having key managers who are well networked internationally?
What is a characteristic of companies that are more likely to internationalize?
What is a characteristic of companies that are more likely to internationalize?
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Study Notes
International Marketing
- International marketing involves activities designed to plan, price, promote, and direct the flow of a company's goods and services to consumers or users in more than one nation for a profit.
- The international marketing task involves molding the controllable elements of the marketplace (product, price, promotion, distribution, and research) within the framework of the uncontrollable elements (competition, politics, laws, consumer behavior, level of technology, and so forth) in such a way that marketing objectives are achieved.
The Self-Reference Criterion and Ethnocentrism
- The Self-Reference Criterion (SRC) is an unconscious reference to one's own cultural values, experiences, and knowledge as a basis for decisions.
- Ethnocentrism is the notion that people in one's own company, culture, or country know best how to do things.
- Both the SRC and ethnocentrism impede the ability to assess a foreign market in its true light.
Factors Favoring Faster Internationalization
- Companies with high technology and/or marketing-based resources are better equipped to internationalize than traditional manufacturing companies.
- Smaller home markets and larger production capacities favor internationalization.
- Firms with key managers well networked internationally are able to accelerate the internationalization process.
The Importance of Cultural Awareness
- International marketers must be aware of cultural differences and adapt to cultures they are not attuned to.
- They must be vigilant of SRC influences and ethnocentrism to avoid being unaware of the importance of cultural differences.
Global Commerce and Peace
- Global commerce thrives during peacetime, and economic booms are often linked to peaceful periods.
The Internationalization of U.S. Business
- Foreign direct investment in the United States is over $3 trillion.
- Many companies are seeking foreign markets, and existing foreign operations must be more competitive to succeed against multinationals.
International Sales and Revenue
- Revenues generated on investments abroad are crucial to U.S. companies.
- In many cases, foreign sales overtake those in the U.S.
The Total Environment of an International Marketer
- The total environment of an international marketer involves controllable elements, uncontrollable domestic elements, and uncontrollable elements of the foreign environment.
- Each foreign market presents different problems involving some or all of the uncontrollable elements.
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