Chapter 8 Summary PDF

1 Iyania Messinga Professor Name MK 341 A 12 October 2023 Chapter 8 Summary International markets offer lucrative opportunities for growth due to technological advances and changing political and economic conditions. Companies can benefit from developing and performing marketing activities across n...

1 Iyania Messinga Professor Name MK 341 A 12 October 2023 Chapter 8 Summary International markets offer lucrative opportunities for growth due to technological advances and changing political and economic conditions. Companies can benefit from developing and performing marketing activities across national boundaries. The Export Solutions website offers resources for businesses that want to export to other countries. Cultural differences have implications for product development, advertising, packaging, and pricing. Global marketers need to understand the international trade system, particularly the economic stability of individual nations, and trade barriers that may stifle marketing efforts. The values of the dollar, euro, and yen have a major impact on the prices of products in many countries. Even the most economically stable countries were severely disrupted by the COVID-19 pandemic. Understanding the needs and desires of international customers is crucial to global marketing success. Proper environmental analysis of international markets can generate financial rewards and increase market share. Marketing activities are influenced by beliefs and values regarding family, religion, education, health, and recreation. Local preferences, tastes, and idioms can prove complicated for international marketers. Cultural differences have implications for product development, advertising, packaging, and pricing. 2 Global marketers must understand economic factors such as stability, trade barriers, and country-specific factors. The COVID-19 pandemic has severely disrupted even the most economically stable countries. Opportunities for international trade are not limited to countries with the highest incomes. The political, legal, and regulatory forces of the environment are closely intertwined. Global markets face exchange controls, free trade zones, and nontariff barriers that make it difficult for companies to export their products. Ethical and social responsibility forces include payoffs and bribes, the Foreign Corrupt Practices Act, and differences in ethical standards. Counterfeit products and legal barriers make it challenging to track them down. Environmental forces include environmental factors such as pollution and pollution. Free trade zones eliminate tariffs and other trade barriers, and countries may establish barriers to maintain a favorable balance of trade. A government's attitude towards importers affects the economic feasibility of exporting to that country.