Global Marketing Glossary PDF

Glossary for week 1 1. Global Marketing: Definition: The process of planning and executing marketing activities on a worldwide scale, considering differences in cultures, values, and business practices. 2. Market Expansion: Definition: The strategic initiative...

Glossary for week 1 1. Global Marketing: Definition: The process of planning and executing marketing activities on a worldwide scale, considering differences in cultures, values, and business practices. 2. Market Expansion: Definition: The strategic initiative to enter new international markets to increase a company's reach and customer base. 3. Market Segmentation: Definition: Dividing a market into distinct groups based on various factors such as demographics, behavior, or geographic location. 4. Cultural Diversity: Definition: The presence of various cultural groups with distinct values, customs, and behaviors in a global market. 5. Global Consumer Behavior: Definition: Understanding how consumers in different parts of the world make purchasing decisions and respond to marketing efforts. 6. Product Standardization: Definition: The strategy of offering the same product or service in multiple markets without significant modifications. 7. Product Adaptation: Definition: Customizing a product or service to meet the specific needs and preferences of consumers in different markets. 8. Global Brand Management: Definition: The strategic management of a brand across multiple markets, ensuring consistency and relevance. 9. Cultural Intelligence (CQ): Definition: The ability to understand and navigate different cultures effectively, crucial for success in global marketing. 10. Legal and Regulatory Compliance: Definition: Adhering to laws and regulations in different countries to ensure that marketing practices are lawful and ethical. 11. Market Entry Strategy: Definition: A plan outlining how a company will introduce its products or services into a new international market. 12. Global Marketing Mix (4Ps): Definition: The combination of product, price, place, and promotion strategies tailored to suit international markets. 13. Global Supply Chain Management:  Definition: The coordination and management of the flow of goods, services, and information across international borders. 14. Country-of-Origin Effect: Definition: The influence of a product's or brand's country of origin on consumer perceptions and purchasing decisions. 15. Cross-Cultural Communication: Definition: The process of exchanging information between people from different cultural backgrounds. 16. Economic Factors: Definition: Considerations such as exchange rates, inflation, and economic stability that impact global marketing strategies. 17. Political and Regulatory Risks: Definition: Challenges arising from differences in political systems, regulations, and government policies across countries. 18. Global Marketing Research: Definition: The systematic gathering, recording, and analyzing of data to provide insights for global marketing decision-making. 19. Emerging Markets: Definition: Economies in the process of rapid industrialization and experiencing high growth rates, presenting opportunities and challenges for global marketers. 20. Technology and Digital Marketing: Definition: Leveraging technological advancements and digital platforms for global marketing efforts, including online advertising and e-commerce. 21. Global Strategic Alliances: Definition: Collaborative agreements between companies from different countries to achieve shared objectives in global markets. 22. Sustainability in Global Marketing: Definition: Incorporating environmentally and socially responsible practices into global marketing strategies to meet the demands of conscious consumers. 23. Global Competitor Analysis: Definition: The evaluation of competitors operating in international markets, considering their strengths, weaknesses, and strategies. 24. Crisis Management in Global Marketing: Definition: Strategies and plans to handle unexpected challenges, crises, or controversies that may arise in the global marketplace. 25. Global Market Trends:  Definition: Ongoing and emerging patterns, preferences, and behaviors in international markets that impact marketing strategies. This glossary covers key terms related to the scope and challenges of global marketing, providing insights into the diverse factors and considerations involved in expanding businesses across borders.