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MKTG

MKTG. Lamb, Hair, McDaniel 2008-2009. 4. CHAPTER. Developing a Global Vision. Designed by Amy McGuire, B-books, Ltd. Prepared by Deborah Baker, Texas Christian University. Learning Outcomes.

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MKTG

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  1. MKTG Lamb, Hair, McDaniel 2008-2009 4 CHAPTER Developing a Global Vision Designed by Amy McGuire, B-books, Ltd. Prepared by Deborah Baker, Texas Christian University

  2. Learning Outcomes Discuss the importance of global marketingDiscuss the impact of multinational firms on the world economy Describe the external environment facing global marketers LO1 LO2 LO3

  3. Learning Outcomes Identify the various ways of entering the global marketplace List the basic elements involved in developing a global marketing mix Discover how the Internet is affecting global marketing LO4 LO5 LO6

  4. Marketing that targets markets throughout the world. Rewards of Global Marketing Global Marketing LO1

  5. Recognizing and reacting to international marketing opportunities Using effective global marketing strategies Being aware of threats from foreign competitors Rewards of Global Marketing Having a global vision means… LO1

  6. U.S. exports a fifth of industrial production. One of every 10 jobs in U.S. is supported by exports. U.S. businesses export over $800 billion in goods. Exports account for 25 percent of U.S. economic growth. U.S. is world’s leading exporter of farm products. Importance of Global Marketing to the U. S. LO1

  7. Millions of Americans have lost jobs Millions fear losing jobs Threat of outsourcing if workers do not accept pay cuts Vulnerability to operations moving offshore The Fear of Trade and Globalization LO1

  8. Expands economic freedom Spurs competition Raises productivity and living standards Offers access to foreign capital, global export markets, and advanced technology Promotes higher labor and environmental standards Acts as a check on government power Benefits of Globalization LO1

  9. Know global marketing is important because of economic interdependencies Fears Benefits REVIEW LEARNING OUTCOME LO1 The Importance of Global Marketing Identifyglobal marketing opportunities Compete againstforeign competitionin domestic markets Globally-minded marketing managers: Understandglobal distributionnetworks

  10. 1 Companies operate in one country and sell into others 2 Set up foreign subsidiaries to handle sales 3 Operate an entire line of business in another country 4 Virtual operation Stages of Global Business Development LO2

  11. Production of uniform products that can be sold the same way all over the world. Global Marketing Standardization Global MarketingStandardization LO2

  12. Growth Revenue Profits • Human Resources • Physical Resources • FinancialResources Global Marketing MNC REVIEW LEARNING OUTCOME LO2 Impact of Multinational Firms

  13. External Environment Facing Global Marketers LO3 Culture Economic and Technological Development Political Structure Demographic Makeup Natural Resources

  14. Culture Culture The common set of values shared by its citizens that determine what is socially acceptable. LO3

  15. Economic and Technological Development Developed Country Complex, sophisticated industries Basic industries Less DevelopedCountry LO3

  16. Political Structure and Actions No private ownershipMinimal individual freedom Little central government Maximum personal freedom LO3

  17. Legal Considerations Tariff A tax levied on goods entering a country Quota Limit on the amount of a product entering a country Boycott Exclusion of products from a country Exchange Control Foreign exchange must be sold to a control agency Market Grouping Common trade alliance Trade Agreement An agreement to stimulateinternational trade LO3

  18. Political and Legal Considerations The Uruguay Round made changes in world trading practices Entertainment, pharmaceuticals, integrated circuits, and software Financial, legal, and accounting services Agriculture Textiles and apparel And created a new trade organization: The World Trade Organization LO3

  19. Political and Legal Considerations Agreementsand Organizations CAFTA NAFTA European Union http://www.wto.org Online LO3

  20. Demographic Makeup LO3 Marketing Considerations: • Population density • Urban or rural • Personal income • Age

  21. Shortages in Natural Resources LO3 Create… • International dependencies • Shifts of wealth • Inflation and recession • Export opportunities if resources are abundant • Stimulus for military intervention

  22. Natural Resources LO3 • Petroleum • Foodstuffs • Precious metal • Timber • Water

  23. REVIEW LEARNING OUTCOME LO3 External Environment Facing Global Marketers

  24. What are our options in selling abroad? How difficult is global marketing? What are the potential risks and returns? http://www.cat.com Online Global Marketing Questions LO4

  25. Earn additional profits Leverage a unique product or technological advantage Possess exclusive market information Saturated domestic markets Excess capacity Utilize “economies of scale” Why “Go Global”? LO4

  26. High risk/ high return Risk Direct Invest- ment Joint Venture Contract Manu- facturing Licensing Export Low risk/low return Return Risk Levels for Global Entry LO4

  27. Export Sell domestically produced products to buyers in other countries Licensing Legal process allowing use of manufacturing/patents/knowledge ContractManufacturing Private-label manufacturing by a foreign country Joint Venture Domestic firm buys/joins a foreign company to create new entity Direct Investment Active ownership of a foreign company/manufacturing facility Entering the Global Marketplace LO4

  28. Buyer for Export Assumes all ownership risks and sells globally for its own account. Plays the traditional broker’s role by bringing buyer and seller together. Export Broker Export Agent Acts like a manufacturer’s agent for the exporter in the foreign market. Export Intermediaries LO4

  29. REVIEW LEARNING OUTCOME LO4 Entering the Global Marketplace

  30. Same Product Change Product One Product One Message Product Adaptation Same Message Message Adaptation Product Invention Change Message http://www.disney.go.com Online Product and Promotion LO5

  31. Place (Distribution) • Adequate distribution is necessary for success in global markets • Some countries have complicated systems • Lack of distribution infrastructure and cultural differences create problems • Innovative distribution systems can create competitive advantage LO5

  32. Pricing • Must consider transportation and insurance costs, taxes and tariffs • Determine what customers will spend • Ensure that foreign buyers will pay price • May need to simplify a product to lower price • Don’t assume that low-income countries are willing to accept lower quality LO5

  33. The price of one’s currency in terms of another country’s currency. Exchange Rates Exchange Rates LO5

  34. Dumping • Trying to increase an overseas market share • Temporarily distributing products to overseas markets to offset slack demand at home • Lowering unit costs by exploiting large-scale production • Attempting to maintain stable prices during periods of exchange rate fluctuations LO5

  35. A form of trade in which all or part of the payment for goods or services is in the form of other goods or services. Countertrade Countertrade LO5

  36. PROMOTION One Product, One Message Product Invention Product Adaptation Message Adaptation REVIEW LEARNING OUTCOME LO5 Developing a Global Marketing Mix PRICE • Dumping • Countertrade • Exchange Rates • Purchasing Power PLACE • Channel Choice • Channel Structure • Country Infrastructure

  37. REVIEW LEARNING OUTCOME LO6 The Impact of the Internet

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