International Marketing Chapter 10: Global Economy

Study Notes

The global economy refers to the economic activities between businesses and people in different countries, which has existed for thousands of years.
The global economy allows countries to benefit from what they produce and access things they cannot produce, such as raw materials, labor, and technical expertise.
The global economy creates an interdependence of countries, which affects global politics and helps maintain global peace.

International marketing is the process of promoting and selling products or services across national borders.
International marketing involves the application of marketing principles in different countries, considering factors such as cultural differences, language barriers, and regulatory requirements.
International marketing requires a different approach to marketing to domestic audiences, considering factors such as price points, shipping costs, staff wages, tax, and other expenses.

International marketing provides the possibility of many new conditions that benefit the company, such as less competition or the product filling a void in the market.
International marketing allows businesses to diversify their customer base, providing a layer of protection against challenging times in the domestic market.
International marketing can increase profit, with strategic expansion into international markets.

International marketing requires an understanding of new target audiences, language, and culture.
International marketing involves adapting products to suit international buyers, including product features, government regulations, packaging, and labeling.
International marketing requires understanding and adapting to local market conditions, market analysis, and local legislation.

Branding for international markets requires careful consideration to avoid big branding changes that may dilute the brand's strength.
Branding for international markets involves creating a brand that crosses cultures and markets, with careful attention to wording, color, slogan, and logos.

Entrepreneurs drive global innovation, creating new and innovative products and services.
Entrepreneurs rely heavily on collaboration with supply chain members, which is key for survival and competing against larger businesses.

Advertising for a global market requires specific campaign goals, understanding the audience's behavior, culture, and expectations.
Advertising for a global market involves researching the local market, understanding the international audience, and complying with local legislation.

International sales and shipping involve selling to international audiences through various channels, such as online, in-person, or overseas.
International sales and shipping require understanding corporate responsibilities, sales processes, and shipping logistics.
International sales and shipping involve adapting to local market conditions, languages, and cultural differences.

The aging population is an important demographic that is growing rapidly.
The aging population has specific needs in terms of products and services, and requires specialized marketing approaches.
The aging population's age and ability influence how they receive marketing messages, making segmentation and tailored marketing approaches crucial.