Principles of Marketing -Chapter 19

Global firm (Ch 19)
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 community (Ch 19)
A group of nations organized to work toward common goals in the regulation of international trade
Exporting (Ch 19)
Entering a foreign market by selling goods produced in the company’s home country, often with little modification
Joint Venture (Ch 19)
Entering foreign markets by joining with foreign companies to produce or market a product or service
Licensing (Ch 19)
A method of entering a foreign market in which the company enters into an agreement with a licensee in the foreign market
Contract manufacturing (Ch 19)
A joint venture in which a company contracts with manufacturers in a foreign market to produce the product or provide its service
Management contracting (Ch 19)
A joint venture in which the domestic firm supplies the management know-ho to a foreign company that supplies the capital: the domestic firm exports management services rather than products
Joint Ownership (Ch 19)
A joint venture in which a company joins investors in a foreign market to create a local business in which the company sahres joint ownership and control
Direct Investment (Ch 19)
Entering a foreign market by developing foreign-based assembly or manufacturing facilities
Standardized global marketing (Ch 19)
An international marketing strategy that basically uses the same marketing strategy and mix in all of the company’s international markets
Adapted global marketing (Ch 19)
An international marketing strategy that adjusts the marketing strategy/mix elements to each international target market, bearing more costs but hoping for a larger market share and return
Straight product extension (Ch 19)
Marketing a product in a foreign market without any change
Product adaption (Ch 19)
Adapting a product to meet local conditions or wants in foreign markets
Product invention (Ch 19)
Creating new products or services for foreign markets
Communication adaption (Ch 19)
A global communication strategy of fully adapting advertising messages to local markets
Whole-channel view (Ch 19)
Designing international channels that take into account the entire global supply chain and marketing channel, forging an effective global delivery network