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Questions and Answers
What was a key reason for General Mills' failure in the Japanese market?
What is a significant factor that makes understanding international marketing crucial?
Which of the following is NOT one of India's top export destinations mentioned in the text?
What is the approximate value of India's foreign exchange reserve mentioned in the text?
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Which of the following macroeconomic terms is NOT mentioned as essential for international marketers?
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What is a crucial step before deciding to export products to a particular market?
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What is the professional background of the instructor for this course?
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What is the primary target audience for this course on international marketing?
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Which of the following is NOT mentioned as a prerequisite for the course on international marketing?
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What is the emphasis of the course regarding forecasting?
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Which of the following is NOT one of the key elements of basic marketing mentioned in the text?
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What is the purpose of product strategy in the context of domestic marketing?
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Study Notes
- Instructor is Biswarup Ghosh from Vinod Gupta School of Management at IIT Kharagpur, with over 30 years of industry experience and expertise in international marketing.
- Course on international marketing structured with theory sessions and real-life case studies based on the instructor's experience.
- Includes interactions with senior industry experts in international business for a comprehensive learning experience.
- Target audience for the course includes MBA students seeking to understand international marketing and practicing managers transitioning to international marketing.
- Prerequisites for the course include a strong foundation in basic and advanced marketing management, understanding of domestic marketing, forecasting techniques, market research, customer loyalty, and brand positioning.
- Emphasis on the importance of forecasting for business planning, including inventory, production, supply chain, logistics, and stakeholder communication.
- Essential to grasp concepts like consumer market, B2B market, STP analysis (segmentation, targeting, positioning), brand positioning, competitor analysis, and product strategy in the domestic market before delving into international marketing.- Product strategy involves making cosmetic changes and relaunching products, understanding pricing strategies based on market, competition, and costs, and designing distribution channels to reach end users.
- Basic marketing involves 4 key elements: product, price, promotion, and placement.
- Understanding international marketing is crucial for MBA students who have a grasp on marketing fundamentals for success in the global market.
- A case study highlights the failure of General Mills in Japan due to cultural differences, where Japanese preferences clashed with the product offered.
- International marketing is vital as it affects daily life with products sourced globally due to specialization and expertise in different regions.
- India's foreign exchange reserve is $641 billion, with exports amounting to $330 billion in 2019, exported to countries like the United States, China, and the United Arab Emirates.
- Export dynamics show Indian products being used in various countries worldwide, showcasing the impact of international trade.
- Understanding a country's export, import, and foreign exchange reserve is crucial before entering international markets to assess risk and opportunities.
- An overview of macroeconomics terms such as gross domestic product, gross national product, balance of trade, and balance of payment is essential for international marketers.
- Researching a country's core competencies in exports is crucial before deciding to export products to that market.
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Description
Explore key concepts and principles of international marketing with a course structured by Biswarup Ghosh from IIT Kharagpur, featuring theory sessions, case studies, and interactions with industry experts. Learn about forecasting, product strategy, market analysis, and the impact of cultural differences on global marketing. Ideal for MBA students and managers transitioning to international marketing.
