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GMS522 Test | Verified Q&A’s| LatestTed Levitt argued.. - ✔✔markets are more homogenous through technology
and communication
Globalization - ✔✔trend towards greater independence among national
institutions and economies
Globalization of Markets - ✔✔convergence of buyer preferences around the world
Globalization of production - ✔✔dispersal of production activities to locations
around the world that are low cost or high quality
Drivers of Globalization (4 types of factors) - ✔✔market, environmental,
cost, competitive
Dreher's KOF index measures globalization on 3 dimensions: EPS -
✔✔Economic, Political, Social
Culture - ✔✔Integrated system of learned behaviour patterns that are
distinguishing characteristics
Encultured - ✔✔learning how to be engaged in your particular culture
, Ethnocentricity - ✔✔belief that one's group or culture is superior
Elements of culture - ✔✔language, religion, values & attitudes, manners &
customs, material elements, aesthetics, education & social institutions
Language - ✔✔messages conveyed by the words spoken and the way in which
they are spoken
Religion - ✔✔defines the ideals for life, higher power
Values - ✔✔shared beliefs which have been internalized
Attitudes - ✔✔evaluation of alternatives based on internalized values
Material Culture - ✔✔value placed on material possessions by sociiety
forewarning - ✔✔warning before replacing local with global brand
stage gate process - ✔✔series of steps in global product development
stages in global product development - ✔✔idea generation, screening,
concept testing, sales forecasting, test marketing, launch
counterfeit problematic because: - ✔✔lost sales, lost goodwill, increase in
costs, lowers incentives for innovation
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