Complete Summary of the “International Trade” course in the 2nd year of Business Management (SCM), Artevelde University
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Course
International Trade
Institution
Arteveldehogeschool (Artevelde)
Summary of the International trade lessons in the 2nd year of Business Management. The International Trade courses that I took were taught by Mr. Bolleire and Mr. Van Beveren. These lessons and the exam are taught in English, so the complete document is also summarized in English.
LESSEN MR. BOLLEIRE ................................................................................................ 8
0. CHAPTER 1: GLOBAL MARKETING ................................................................................... 8
1. International business ............................................................................................................................. 8
1.1. Views on international business............................................................................................................ 8
2. Globalization vs. localization ................................................................................................................. 10
2.1. Glocalization ........................................................................................................................................ 10
3. The global marketing concept................................................................................................................ 13
3.1. Global marketing: definition ............................................................................................................... 13
1. CHAPTER 2: INTERNATIONALIZATION IN THE FIRM ........................................................ 14
1. Should we internationalize? .................................................................................................................. 14
1.1. Should we internationalize? Depends on 2 crucial dimensions ......................................................... 14
1. SME’s vs LSE’s ........................................................................................................................................ 18
2. A model for international selection ....................................................................................................... 19
2.1. Determinants for the selection of foreign markets ............................................................................. 19
3. Socio-cultural factors ............................................................................................................................. 32
3.1. What is culture .................................................................................................................................... 32
3.2. Classification of culture ....................................................................................................................... 32
3.3. Levels of culture .................................................................................................................................. 35
3.4. Elements of culture to be researched ................................................................................................. 36
3. Investment modes ................................................................................................................................. 51
3.1. Acquisition or Greenfield?................................................................................................................... 52
6. CHAPTER 7 – ADAPTING THE MARKETING MIX ............................................................. 53
1. Place (distribution) ................................................................................................................................ 53
1.1. Determinants of channel decisions ..................................................................................................... 53
1.2. Structure of the channel ..................................................................................................................... 54
1.3. Managing distribution channels .......................................................................................................... 56
3. Price ...................................................................................................................................................... 62
3.1. International vs. domestic pricing ....................................................................................................... 62
3.2. Factors influencing pricing .................................................................................................................. 62
3.3. International pricing strategies ........................................................................................................... 64
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, 3.4. Product line pricing ............................................................................................................................. 65
4. Promotion ............................................................................................................................................. 67
4.1. standardization vs localization ............................................................................................................ 67
4.2. The product-communication mix ........................................................................................................ 68
4.3. Factors influencing communication .................................................................................................... 69
4.4. Communication tools .......................................................................................................................... 70
LESSEN MR. VAN BEVEREN ...................................................................................... 72
7. CHAPTER 1 – INTRODUCTION TO INTERNATIONAL TRADE ............................................. 72
1.1. Remark 1 ............................................................................................................................................. 72
1.2. Remark 2: can we maintain growth in a sustainable way?.................................................................. 73
1.3. Remark 3: since ca. 2016, we see a renewed increase in protectionism ............................................ 74
2. Why international trade? ...................................................................................................................... 75
2.1. Again, why international trade? .......................................................................................................... 76
3. World Trade ........................................................................................................................................... 77
4. Belgium’s status..................................................................................................................................... 79
4.1. Reasons for choosing an open economy ............................................................................................. 79
1. What is globalization? ........................................................................................................................... 81
2. Drivers of globalization .......................................................................................................................... 82
2.1. Declining Trade and Investment Barriers ............................................................................................ 82
2.2. Role of technological change .............................................................................................................. 82
3. Trade policies & agreements ................................................................................................................. 83
3.1. The 6 main instruments of trade policy .............................................................................................. 83
4. The emergence of Global Institutions .................................................................................................... 84
9. CHAPTER 3 – STRATEGY OF INTERNATIONAL BUSINESS ................................................. 86
1. Strategy and the firm ............................................................................................................................. 86
2. Cost pressures & pressures for local responsiveness.............................................................................. 87
3. Choosing a strategy ............................................................................................................................... 88
3.1. Global standardization strategy .......................................................................................................... 89
3.2. Localization strategy ............................................................................................................................ 90
3.3. Transnational strategy ......................................................................................................................... 90
3.4. International strategy .......................................................................................................................... 90
3.5. The evolution of strategy .................................................................................................................... 90
10. CHAPTER 4 – MANAGING THE SUPPLY CHAIN ............................................................ 91
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