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Ch21 Tapping Into the Global Markets
Top Ten Concepts:
1. A company decides to conquer international markets due to better business opportunities, response to customer needs and expectations and response to business challenges.
2. A company must define its objectives and policies and decide which markets to enter (developed or developing markets) using the typical entry strategies: waterfall approach or the sprinkler approach.
3. In deciding which countries to enter, countries should be rated on three criteria: market attractiveness, risk and competitive advantage.
4. It should determine the best mode of entry – choices include indirect exporting, direct exporting, licensing, joint ventures, and direct investment.
5. The marketing program at product level should consider the following strategies: straight extension, product adaptation and product invention.
6. For marketing communication programs, firms may choose from communication adaptation or dual adaptation.
7. At the price level, companies must deal with price escalation, transfer prices, dumping charges, and gray markets.
8. In deciding all elements of the marketing communication program, a firm should consider the cultural, social, political, technological, environmental, and legal limitations they may encounter in other countries.
9. Country-of-origin perceptions should be managed in a most advantageous way as it affects consumers and businesses.
10. The international marketing activities can be managed in three ways depending on the level of international involvement: through export departments, international divisions, or a global organization.
1. A company decides to conquer international markets due to better business opportunities, response to customer needs and expectations and response to business challenges.
2. A company must define its objectives and policies and decide which markets to enter (developed or developing markets) using the typical entry strategies: waterfall approach or the sprinkler approach.
3. In deciding which countries to enter, countries should be rated on three criteria: market attractiveness, risk and competitive advantage.
4. It should determine the best mode of entry – choices include indirect exporting, direct exporting, licensing, joint ventures, and direct investment.
5. The marketing program at product level should consider the following strategies: straight extension, product adaptation and product invention.
6. For marketing communication programs, firms may choose from communication adaptation or dual adaptation.
7. At the price level, companies must deal with price escalation, transfer prices, dumping charges, and gray markets.
8. In deciding all elements of the marketing communication program, a firm should consider the cultural, social, political, technological, environmental, and legal limitations they may encounter in other countries.
9. Country-of-origin perceptions should be managed in a most advantageous way as it affects consumers and businesses.
10. The international marketing activities can be managed in three ways depending on the level of international involvement: through export departments, international divisions, or a global organization.
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