GMS 522 Chapter 1 Questions and Answers 100% Pass

GMS 522 Chapter 1 Questions and Answers 100% Pass International marketing - Answer- the process of planning and conducting transactions across national borders to create exchanges that satisfy the objectives of individuals and organizations. Liability of foreignness - Answer- The inherent disadvantage that multinational firms experience when operating in a new host country (PESTEL, cost, consumer resistance). Multi-domestic marketing strategy - Answer- Using separate marketing strategies for each target country with no coordination from head office between country markets. Global marketing - Answer- Marketing activities coordinated and integrated across multiple country markets. Involves product standardization, identical brand names, consistent packaging, and a similar advertising message. Ted Levitt argued that... - Answer- Markets are becoming more homogeneous and therefore could be targeted with standardized products. Gave rise to the notion of "global marketing." Glocal - Answer- Attempting to balance standardization with adaptation to local customer needs. Think global, act local. E.g. McDonald's Maharaja Mac using pork patties. Examples of events exhibiting globalization (4) - Answer- 1. Oil price shock of the 70s 2. Asian financial crisis