Marketing Chapter 19 Vocab

Global firm
operates in more than one country, o Gains marketing, production, R&D, and financial advantages not available to purely domestic competitors
Industrializing economies
manufacturing accounts for 10 to 20 percent of the country’s economy
Industrial economies
major exporters of manufactured goods, services, and investment funds
Contract manufacturing
when a firm contracts with manufacturers in the foreign market to produce its product or provide its service
Direct investment
development of foreign-based assembly or manufacturing facilities and offers a number of advantages
Standardized global marketing
international marketing strategy for usig basically the same marketing strategy and mix in all of the company’s international markets
Adapted global marketing
involves adjusting the marketing strategy and mix elements to each international target market, bearing more costs but hoping for a later market share and return
Straight product extension
means marketing a product in a foreign market without any change
Product adaptation
involves adapting the product to meet local conditions or wants in foreign markets
Product invention
consists of creating something new for a specific foreign market
Communication adaptation
global communication strategy of fully adapting advertising messages to local markets
Dual adaptation
involves adapting both the product and the advertising messages to the target foreign market
Uniform pricing
Is the same price in all markets but does not consider income or wealth where the price may be too high in some or not high enough in other markets
Market-based pricing
price the market can pay but does not consider actual costs
Standard markup pricing
price based on a percentage of cost but can cause problems in countries with high costs
Whole-channel view
involves designing international channels that take into account the entire global supply chain and marketing channel
Channels between nations
move company products from points of production to the borders of countries within which they are sold
Channels within nations
move the products from their market entry points to the final consumers