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Questions and Answers
What does the configuration of a firm's activities worldwide refer to?
What is the main goal of coordination in international business?
According to the TCA model, what is an important consideration for a marketing manager when selecting a foreign market?
What is a potential advantage of geographically dispersed activities?
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In international marketing, what is the primary role of an intermediate in sales channel arrangements?
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What is a key challenge in cross-cultural management?
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What is the primary focus of International Marketing Management?
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What is a key driver of globalization?
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According to Philip Kotler, what are the key elements of marketing?
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What is a key characteristic of Global Marketing Management?
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What is a key driver of globalization potential?
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What is an industry cost driver of globalization?
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What is a key factor in determining the globalization potential of an industry?
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According to Yip (1991), what are the two dimensions of standardization?
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What is the term for a company's ability to coordinate its activities across different countries?
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What is the name of the concept that refers to a company's ability to use its experience and knowledge gained in one market to its advantage in another market?
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What is the term for the process of adjusting a company's marketing mix to fit the unique conditions of a foreign market?
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What is the concept that refers to the idea that companies from small and open economies need to adapt their marketing strategies to fit the unique conditions of foreign markets?
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Study Notes
Configuration of Firm's Activities
- Refers to how a firm organizes and aligns its operations across multiple global locations to maximize efficiency and effectiveness.
Goal of Coordination in International Business
- Aims to integrate and harmonize activities across different countries to optimize resource use and achieve corporate objectives.
TCA Model Consideration for Market Selection
- Emphasizes the importance of transaction costs, including potential risks and expected returns, influencing market entry decisions.
Advantage of Geographically Dispersed Activities
- Facilitates cost reduction and operational efficiencies by leveraging regional strengths and resources.
Role of an Intermediate in Sales Channels
- Acts as a bridge between the producer and the end customer, helping to facilitate sales and adapt marketing strategies to local conditions.
Challenge in Cross-Cultural Management
- Navigating diverse cultural norms and values that affect communication, leadership, and teamwork within international teams.
Focus of International Marketing Management
- Concentrates on developing and implementing marketing strategies that effectively target and engage diverse consumer markets across borders.
Key Driver of Globalization
- Advancements in technology and communication, allowing for seamless connectivity and interaction between markets worldwide.
Key Elements of Marketing According to Philip Kotler
- Product, Price, Place, Promotion, People, Process, and Physical evidence as foundational aspects of marketing strategies.
Characteristic of Global Marketing Management
- Focuses on creating a unified approach that considers local market differences while maintaining a global perspective.
Key Driver of Globalization Potential
- Market factors such as consumer demand, competition, and economic conditions that encourage firms to expand internationally.
Industry Cost Driver of Globalization
- Economies of scale which allow firms to reduce costs by increasing production or consolidating operations across multiple regions.
Factor in Determining Globalization Potential of an Industry
- The degree of market integration and openness to foreign investment, which affects a firm's ability to compete globally.
Two Dimensions of Standardization According to Yip (1991)
- Product standardization and marketing program standardization, highlighting the balance between global efficiency and local adaptation.
Company's Ability to Coordinate Activities Across Countries
- Often referred to as "global integration," representing a firm's capacity to manage operations seamlessly on an international scale.
Concept of Leveraging Experiences in Foreign Markets
- Known as "experience curve," allowing companies to apply lessons learned from previous markets to new, similar market contexts.
Process of Adjusting Marketing Mix for Foreign Markets
- Referred to as "market adaptation," vital for meeting local consumer needs and regulatory requirements.
Adaptation of Marketing Strategies for Small Economies
- Companies from small, open economies often need to tailor strategies to effectively compete and respond to local market dynamics.
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Description
Learn about the configuration and coordination of a firm's activities worldwide, including the location and geographic distribution of value chain activities.
