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What is the process of planning and conducting transactions across national borders to create exchanges that satisfy the objectives of individuals and organizations?
International marketing
What are the 4 elements of the marketing mix (4P) in international marketing?
Product, price, place, promotion
What are the two decisions that need to be made in international marketing with regard to the marketing mix (4P)?
Adaptation and standardization
What are the two stages of involvement in international marketing, according to the Self-Reference Criterion/Marketing Relativism?
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What are examples of the same car model with different names in different international markets?
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What are some factors that play a role in the internationalization of business relations?
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What is the main difference between the global market concept and the multidomestic market concept?
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What is the role of culture in international marketing?
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Study Notes
International Marketing
- International marketing involves planning and conducting transactions across national borders to create exchanges that satisfy the objectives of individuals and organizations.
Marketing Mix (4P) in International Marketing
- The 4 elements of the marketing mix in international marketing are: • Product • Price • Place • Promotion
Marketing Mix Decisions in International Marketing
- Two key decisions need to be made in international marketing with regard to the marketing mix: • Standardization vs. Adaptation (whether to standardize or adapt the marketing mix elements across different markets) • Global vs. Local (whether to use a global or local approach to the marketing mix elements)
Stages of Involvement in International Marketing
- According to the Self-Reference Criterion/Marketing Relativism, there are two stages of involvement in international marketing: • Ethnocentricity (focusing on the home market and overlooking cultural differences) • Geocentricity (recognizing cultural differences and adapting to them)
Examples of Car Models with Different Names
- Examples of the same car model with different names in different international markets include: • Toyota Corolla (known as Toyota Sprinter in Japan) • Ford Focus (known as Ford Fusion in some markets)
Factors in Internationalization of Business Relations
- Factors that play a role in the internationalization of business relations include: • Economic factors (e.g. trade agreements, tariffs) • Political factors (e.g. government policies, regulations) • Cultural factors (e.g. language, customs) • Technological factors (e.g. transportation, communication)
Global Market Concept vs. Multidomestic Market Concept
- The main difference between the global market concept and the multidomestic market concept is: • Global market concept: viewing the world as a single market with minimal regional differences • Multidomestic market concept: viewing the world as a collection of separate markets with distinct regional differences
Role of Culture in International Marketing
- Culture plays a crucial role in international marketing, as it influences consumer behavior, preferences, and values, and affects the success of marketing strategies in different markets.
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Description
This quiz provides a general overview of international marketing, covering topics such as the interdependence of world economies, emergence of new economic players, formation of distinct trading groups, and more.
