Global Marketing and the Internet The internet has allowed marketers to benefit from reduced geographic and time constraints, and reach consumers in various new ways. LEARNING OBJECTIVES Translate the use of the Internet to marketing on a global level KEY TAKEAWAYS Key Points One of the great benefits of global marketing via the Internet is the elimination of geographic and time constraints. The Internet provides scope and immediacy for marketers… Read More »Global Marketing and the Internet

Changes in Pricing Price in global marketing strategies can be influenced by distribution channels, promotional tactics, and the quality of the product. LEARNING OBJECTIVES Summarize how proper pricing from a global marketing perspective impacts a company KEY TAKEAWAYS Key Points In the global marketing mix, pricing factors are manufacturing cost, market place, competition, market condition, and quality of product. As one of the four “Ps” in the marketing mix, pricing… Read More »Marketing mix : Changes in Pricing

Changes in Placement Successfully positioning products on a global scale requires marketers to determine the target market’s preferred combination of attributes. LEARNING OBJECTIVES Examine the rationale behind product placement from a global marketing perspective KEY TAKEAWAYS Key Points Placement in global marketing involves conducting extensive research to accurately define the market, as well as the attributes that define the product ‘s potential environment. Regardless of its size or visibility, a… Read More »Marketing mix : Changes in Placement

Changes in Promotion Local languages, colors, and religious beliefs all impact how global marketers promote their products and services in different countries. LEARNING OBJECTIVES Analyze the rationale used to promote products within a global marketing mix KEY TAKEAWAYS Key Points To successfully implement global marketing strategies, brands must ensure their promotional campaigns take into account how consumer behavior is shaped by internal conditions and external influences. Global companies must be… Read More »Promotional Mix : Changes in Promotion

Global Marketing Mix The Relationship Between Product and Promotion Product and promotion in global marketing can work together effectively with proper market research and communication techniques. LEARNING OBJECTIVES Illustrate the relationship between product and promotion from a global marketing perspective KEY TAKEAWAYS Key Points The “Four P’s” of marketing — product, price, placement, and promotion —are all affected as a company moves through the different phases to become and maintain… Read More »Global Marketing Mix : Relationship Between Product and Promotion

Importing Imports are the inflow of goods and services into a country’s market for consumption. LEARNING OBJECTIVES Explain the methodology behind the selection of products to import KEY TAKEAWAYS Key Points A country specializes in the export of goods for which it has a comparative advantage and imports those for which it has a comparative disadvantage. By doing so, the country can increase its welfare. Comparative advantage describes the ability… Read More »Importing

Contract Manufacturing In contract manufacturing, a hiring firm makes an agreement with the contract manufacturer to produce and ship the hiring firm’s goods. LEARNING OBJECTIVES Compare the benefits and risks of employing a contract manufacturer (CM) KEY TAKEAWAYS Key Points A hiring firm may enter a contract with a contract manufacturer (CM) to produce components or final products on behalf of the hiring firm for some agreed-upon price. There are… Read More »Contract Manufacturing

Outsourcing Outsourcing business functions to developing foreign countries has become a popular way for companies to reduce cost. LEARNING OBJECTIVES Explain why companies outsource KEY TAKEAWAYS Key Points Outsourcing is the contracting of business processes to external firms, usually in developing countries where labor costs are cheaper. This practice has increased in prevalence due to better technology and improvements in the educational standards of the countries to which jobs are… Read More »Outsourcing business functions

Multinational Firms With the advent of improved communication and technology, corporations have been able to expand into multiple countries. LEARNING OBJECTIVES Explain how a multinational corporation (MNC) operates KEY TAKEAWAYS Key Points Multinational corporations operate in multiple countries. MNCs have considerable bargaining power and may negotiate business or trade policies with success. A corporation may choose to locate in a special economic zone, a geographical region that has economic and… Read More »Multinational Firms: improved communication and technology

What is Franchising? In franchising, an organization (the franchiser) has the option to grant an entrepreneur or local company (the franchisee) access to its brand, trademarks, and products. In this arrangement, the franchisee will take the majority of the risk in opening a new location (e.g. capital investments ) while gaining the advantage of an already established brand name and operational process. In exchange, the franchisee will pay a certain… Read More »What is Franchising?