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