International Marketing Concepts Quiz

A market located outside a company's home country where they sell their products or services. It's a market in a different country or region.

Applying marketing principles to a global customer base, considering cultural, political, and economic differences. It involves adapting strategies for different markets.

The core elements of marketing: Price, Promotion, Product, and Place.

International marketing faces more complexities, such as language barriers, cultural differences, and varying customer behaviors, compared to domestic marketing.

Companies expand internationally to increase profits, reach larger audiences, gain market insights, enhance customer living standards, foster international cooperation, build global reputation, and promote cultural exchange.

Adjusting messages, product features, distribution, and pricing to adapt to local practices and preferences in international markets.

Localizing products to align with specific markets (e.g., pastel de nata in Portugal, macarons in Paris, croquet burger in Holland).

Using the same advertisement with slight cultural adjustments to adapt to local audiences (e.g., changing character appearance).

The unconscious tendency to rely on your own cultural values and experiences when making decisions in a foreign market. It can lead to misinterpretations and failure to recognize cultural differences.

The belief that your own culture or methods are superior to others. This leads to overconfidence in domestic approaches and inappropriate actions in foreign markets.

They hinder marketers from recognizing cultural differences and acting appropriately. This can lead to misunderstandings, missed opportunities, and even offensive actions.

A systematic process of understanding differences in cultural values, behaviors, and practices to ensure marketing strategies are effective in a foreign market.

1. Define the problem from a domestic perspective, 2. Reframe the problem with foreign cultural norms (local input), 3. Isolate SRC's influence, 4. Redefine the problem without SRC bias.

Adjusting products, marketing strategies, and communication to meet local needs and preferences in a foreign market.

Examples of adaptation include: 1. Changing product names based on local meanings (Vicks to Wicks), 2. Tailoring marketing messages to local values (using humor that aligns with local culture).

The international marketing environment presents a complex set of challenges compared to domestic marketing. Elements such as politics, economics, culture, and technology must be navigated.

A management contract lets a company enter a new market without spending a lot of money on things like factories or equipment.

Using a management contract helps reduce the risk of problems with the local government or political changes in the new market.

Two companies joining forces to create a business together, sharing costs and responsibilities.

Joint ventures can help meet different needs in a community, like creating jobs, improving the economy, and addressing political concerns.

Joining forces can make it easier to operate in places with strict laws or high risks for solo investors.

Bringing raw materials to a new country, making products there, and then exporting them to different markets.

Putting together parts made in different countries to benefit from each country's strengths.

A business deal where the seller provides a fully operational facility, including training for the buyer's staff.

A company buying or taking control of another company, allowing fast market entry with maximum control and benefits like diversification and acquiring expertise.

Adapting products or marketing strategies to align with local customs, tastes, and preferences.

A physical product that can be touched and measured, such as a smartphone.

A product that cannot be physically touched or measured, such as financial services or insurance.

The complete package of a product, including both tangible and intangible aspects and additional benefits.

A product with additional features or benefits included in the purchase price.

A product with some features or benefits removed for lower pricing.

A process with six steps to create a new product, starting with idea generation and ending with product launch.

Personal selling is a two-way communication with immediate feedback, while advertising is one-way and has more 'noise' (distractions).

An employee sent from the home country to work in a foreign market. They already know the company's products and policies.

A local employee who knows the culture, language, and business practices of their country.

An employee from one country, working for a company based in another, in a third country.

An event where businesses showcase products or services to potential customers, suppliers, and the media.

Using the same ad materials across multiple markets to reduce costs and increase profits.

Adapting ad materials to fit local language and culture.

Finding the right mix of standardized and localized elements in international advertising.

In traditional marketing, the seller sends a message through media to reach the target audience. However, if the buyer and seller already have a relationship, the buyer might take the lead in communication. This can happen when the buyer has had a positive experience with a product, potentially making inquiries or directly placing orders themselves.

Reverse marketing occurs when the buyer initiates communication and influences the seller's actions. This happens when the customer has a positive experience with a product, leading them to make inquiries, place orders, or express their satisfaction.

Intermediation refers to the presence of middlemen or intermediaries in the market. These intermediaries connect buyers and sellers, providing services such as product distribution, logistics, and financial transactions.

Disintermediation happens when traditional intermediaries are bypassed or eliminated in the market. This can occur due to changes in technology or consumer behavior, allowing buyers and sellers to interact directly.

Reintermediation refers to the emergence of new types of intermediaries in response to technological advancements and shifting market dynamics. These new intermediaries often utilize digital platforms and online services to facilitate transactions.

The internet has redefined power dynamics between consumers, retailers, distributors, and manufacturers. Some players benefit, gaining more power and profits (intermediation), while others lose out as they are bypassed (disintermediation). This cycle of intermediation, disintermediation, and reintermediation is driven by technological advancements that change relationships between buyers, suppliers, and middlemen.

Effective marketing communication relies on understanding the sender, message, communication channel, and receiver (audience). The sender needs to fully understand the message, the audience, and how they will interpret it to effectively connect with them.

Effective marketing communication involves four crucial components: a sender, a message, a communication channel, and a receiver (audience). Each element needs to be carefully considered to ensure successful communication.