Core concepts for adapting marketing strategy across international markets and cultures.
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- What is glocalization in global marketing?
- Adapting global brands and products to local market preferences and cultural nuances.
- Name the four main market entry strategies for international expansion.
- Exporting, licensing, joint ventures, and foreign direct investment (subsidiaries).
- What does the CAGE framework measure?
- Cultural, Administrative, Geographic, and Economic distances between countries.
- What is standardization strategy in global marketing?
- Offering identical products and marketing approaches across all international markets.
- What is adaptation strategy in global marketing?
- Modifying products, pricing, and marketing communications to fit local market conditions.
- Name Hofstede's five cultural dimensions.
- Power distance, individualism vs. collectivism, uncertainty avoidance, masculinity vs. femininity, and long-term vs. short-term orientation.
- What is the liability of foreignness?
- The cost and disadvantage a foreign firm faces when competing with domestic firms in an unfamiliar market.
- Define market segmentation in global marketing.
- Dividing international markets into groups with similar needs, characteristics, and behaviors.
- What is a trade bloc?
- A group of countries that have reduced trade barriers and tariffs among themselves, such as the EU or USMCA.
- What is dumping in international trade?
- Selling products in a foreign market at prices lower than their production cost or domestic price.
- What role do subsidiaries play in global marketing?
- They establish a company's direct presence and control in foreign markets through foreign direct investment.
- What does FDI stand for?
- Foreign Direct Investment.
- Define cross-cultural marketing.
- Creating and delivering marketing messages that are relevant and culturally acceptable across different cultural groups.
- What is a joint venture in international business?
- A partnership between two or more companies from different countries to pursue a business opportunity.
- What is indirect exporting?
- Selling products to intermediaries in the home country who then export and sell them abroad.
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