Marketing Chapter 15: The Global Marketplace

Global Firm
A firm that, by operating in more than one country, gains R&D, production, marketing and financial advantages in its cost and reputation that are not available to purely domestic competitors.
Economic Community
A group of nations organized to work toward a common goals in the regulation of international trade,
Exporting
Entering foreign markets by selling goods produced inthe company’s home country, often with little modifications.
Joint venturing
Entering foreign markets by joining with foreign comapnies to produce or market a product or service.
Licensing
Entering foreign market though developing an agreement wiht a licensice in the foreign market.
Contract manuacturing
A joint venture in which a company contracts with manufacturers in a foreign market to produce its product or ptovide its service.
Management contracting
A joint venture in which the domestic firm supplies the management knowhow to a foreign company that supplies the capital; the domestic firm exports mangement services rather than produts.
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 investemt
Entering a foreign market by developig foreign-based assembly or manufaturing facilities.
Standarized 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 produce a larger market share and return.
Straight product extension
Marketing a product in a foreign market without marketing any changes to the product.
Product adaptation
Adaptign 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 internationa channels that take into account the entire global supply chain and marketing channel, forging an effective global value delivery network.