Marketing chapter 15 & 16

Global Firm
a firm that, by operating in more than one country, gains R&D, production, marketing, and financial advantages in its costs and reputation that are not available to purely domestic competitors
economic communities
“free trade zones” groups of nations organized to work toward common goals in the regulation of international trade.
subsistence economies
majority engages in simple agriculture, consume most of their output and barter the rest, offer few market opportunities
raw material exporting economies
rich in one or more natural resources but poor in other ways, export their resources, good markets for large equipment tools etc. and luxury goods if they are wealthy
emerging economies (industrializing economies)
fast growth in manufacturing leads to rapid overall economic growth. market opportunities of new goods to new higher class people
industrial economies
major exporters of manufactured goods, services, and investment funds. rich market for all sorts of goods
exporting
entering foreign markets by selling goods produced in the company’s home country, often with little modification
joint venturing
entering foreign markets by joining with foreign companies to produce or market a product or service
licensing
entering foreign markets through developing an agreement with a licensee in the foreign market
contract manufacturing
a joint venture in which a company contracts with manufacturers in a foreign market to produce the product or provide its service
management contracting
a joint venture in which the domestic firm supplies the management know-how to a foreign company that supplies the capital; the domestic firm exports management services rather than products
joint ownership
a cooperative venture in which a company creates a local business with investors in a foreign market, who share ownership and control
direct investment
entering a foreign market by developing foreign-based assembly or manufacturing facilities
standardized global marketing
an international marketing strategy that basically uses the same marketing strategy and mix in all of the company’s international markets
adapted global marketing
an international marketing approach that adjusts the marketing strategy and mix elements to each international target market, which creates more costs but hopefully produces a larger market share and return.
straight product extension
marketing a product in a foreign market without making any changes to the product
product adaptation
adapting a product to meet local conditions or wants in foreign markets
product invention
creating new products or services for foreign markets
communication adaptation
a global communication strategy of fully adapting advertising messages to local markets
whole channel view
designing international channels that take into account the entire global supply chain and marketing channel, forging an effective global value delivery network
sustainable marketing
socially and environmentally responsible marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs
Consumerism
an organized movement of citizens and government agencies designed to improve the rights and power of buyers in relation to sellers
environmentalism
an organized movement of concerned citizens and government agencies designed to protect and improve people’s current and future living environment
Environmental sustainability
a management approach that involves developing strategies that both sustain the environment and produce profits for the company
consumer-oriented marketing
a principle of sustainable marketing that holds a company should view and organize its marketing activities from the consumer’s point of view
customer-value marketing
a principle of sustainable marketing that holds a company should put most of its resources into customer-value-building marketing investments
Innovative marketing
a principle of sustainable marketing that requires a company to seek real product and marketing improvements
sense-of-mission marketing
a principle of sustainable marketing that holds a company should define its mission in broad social terms rather than narrow product terms
societal marketing
a principle of sustainable marketing that holds a company should make marketing decisions by considering consumers’ wants, the company’s requirements, consumers’ long-run interests, and society’s long-run interests
deficient products
products that have neither immediate appeal nor long-run benefits
pleasing products
products that give high immediate satisfaction but may hurt consumers in the long run
salutary products
Products that have low immediate appeal but may benefit consumers in the long run
desirable products
products that give both high immediate satisfaction and high long-run benefits