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GMS522 CHAPTERS 1-5 Exam Questions and Answers
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GMS522 CHAPTERS 1-5 Exam Questions and Answers
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GMS522 CHAPTERS 1-5 ExamQuestions and Answers
International Marketing - Answer -The process of planning and conducting transactions
across national borders to create exchanges that satisfy the objectives of individuals
and organizations.
Important parts of International Marketing definition - Answer --Cross border
transactions
-Satisfaction of consumer needs
-Exchanges between transacting parties
multi domestic marketing strategy - Answer -a multinational firm's strategy of offering as
many different product variations, brand names, and advertising programs as countries
in which it does business
-NO HEAD OFFICE COORDINATION BETWEEN DIFFERENT COUNTRIES
Global Marketing - Answer -marketing activities coordinated and integrated across
multiple country markets
Integration in global marketing - Answer -Involves product standardization, identical
brand names, consistent packaging and a similar advertising message
Ted levitt's homogenous markets - Answer --Argued in 1983 that markets were
becoming more homogenous because of communication and technology and therefore
there was more opportunity for standardized products
-work gave way to the rise of global marketing
Why globalize marketing? - Answer --Take advantage of opp for growth
-Survival (if you do not you will lose market share to foreign rivals)
-
Global marketers are concerned with? - Answer --What countries do we sell our
products?
-Enter foreign markets through exporting, foreign direct investment or strategic alliance?
-How to price and distrubute products in foreign markets?
-What elements of marketing can we standarize
, -How to coordinate activities across markets
Similarities between GLOBAL and LOCAL marketing - Answer --Focus on exchange of
value
-Need to provide customer satisfaction
Global marketing assumes.... - Answer -That customers around the world CAN be
clumped into homogenous groups
use the terms global and international as the same while still realizing they are..... -
Answer -different
glocal marketing - Answer -Think global, act local. Standard platform adapted to local
requirements.
-by late 1980's this became trend
Globalization - Answer --trend towards greater interdependence among national
economies
Examples: 9/11, oil price shock, covid19, 2009 sub prime mortage, asian financial crisis,
etc
Two components of globalization - Answer -the globalization of markets and the
globalization of production
Drivers of Globalization: Market Factors - Answer --global consumers that need the
same product in multiple countries
-Globalization of distribution companies
-Transferability of marketing ideas to multiple countries
-Cross border retail alliances
Drivers of Globalization: Cost Factors - Answer --Avoiding cost inefficiencies and
duplicated efforts
-Economies of scale from longer production runs
-Economies of scope (spread cost over multiple product lines)
-Outsourcing
Drivers of Globalization: Environmental Factors - Answer --Reduced governmental
barriers, rapid technological evolution
-Succesive rounds of multilateral trade agreements
-Internet and other comm tech
-Changes in governmental policies
Drivers of globalization: Competitive Factors - Answer --Firms need to enter new
markets to match the moves of competitors
-Need to enter new markets to follow major customers
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