LEARNING OBJECTIVES (LO)
AFTER READING CHAPTER 7, YOU SHOULD BE ABLE TO:
Describe the nature and scope of world trade from a global perspective and identify the major trends that have influenced world trade and global marketing.
Identify the environmental forces that shape global marketing efforts.
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Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.LO 7-2LEARNING OBJECTIVES (LO)AFTER READING CHAPTER 7, YOU SHOULD BE ABLE TO:LO 7-1Describe the nature and scope of world trade from a global perspective and identify the major trends that have influenced world trade and global marketing.Identify the environmental forces that shape global marketing efforts.7-*LO 7-4LEARNING OBJECTIVES (LO)AFTER READING CHAPTER 7, YOU SHOULD BE ABLE TO:LO 7-3Name and describe the alternative approaches companies use to enter global markets.Explain the distinction between standardization and customization when companies craft worldwide marketing programs.7-*BUILDING A BILLION DOLLAR BUSINESSIN INDIA THE DELL INC. WAY7-*DYNAMICS OF WORLD TRADEWORLD TRADE FLOWSLO 7-1Global PerspectiveUnited States PerspectiveCountertradeTrade Feedback EffectGross Domestic Product (GDP)Balance of Trade7-*FIGURE 7-1 Leading countries in global merchandise trade in terms of imports (U.S.) and exports (China)7-*DYNAMICS OF WORLD TRADECOMPETITIVE ADVANTAGE OF NATIONSLO 7-1Porter’s “Diamond”Factor ConditionsDemand ConditionsCompany Strategy, Structure, and RivalryRelated and Supporting IndustriesEconomic Espionage Act (1996)7-*FIGURE 7-2 Porter’s diamond of national competitive advantage has four key elements on why some industries and firms in different countries become world leaders7-*Sony Bravia 3D HDTV and Bruno Magli ShoesWhat element of Porter’s Diamond ofNational Competitive Strategy?LO 7-17-*MARKETING IN A BORDERLESSECONOMIC WORLDTREND 1—DECLINE OF ECONOMIC PROTECTIONISMLO 7-1ProtectionismTariffsQuotaWorld Trade Organization (WTO)General Agreement onTariffs and Trade (GATT)7-*MAKING RESPONSIBLE DECISIONSGLOBAL ETHICS AND GLOBAL ECONOMICS—THE CASE OF PROTECTIONISMLO 7-17-*FIGURE 7-3 Protectionism hinders world trade when countries raise prices and limit supply through tariff and quota policies7-*MARKETING IN A BORDERLESSECONOMIC WORLDTREND 2—RISE OF ECONOMIC INTEGRATIONLO 7-1European UnionEuroNorth American Free Trade Agreement (NAFTA)Asian Free Trade Agreements7-*FIGURE 7-4 The European Union in late-2013 consists of 28 countries with more than 500 million consumers7-*MARKETING IN A BORDERLESSECONOMIC WORLDTREND 3A—GLOBAL COMPETITIONLO 7-1Global CompetitionStrategic Alliances7-*FIGURE 7-A Global companies and marketing strategy7-*MARKETING IN A BORDERLESSECONOMIC WORLDTREND 3B—GLOBAL COMPANIESLO 7-1International FirmsTransnational FirmsMultinational FirmsMultidomestic Marketing StrategyGlobal Marketing StrategyGlobal Brand7-*MARKETING IN A BORDERLESSECONOMIC WORLDTREND 3C—GLOBAL CONSUMERSLO 7-1Global Consumers7-*MARKETING MATTERSThe Global Teenager—A Market of2 Billion Voracious ConsumersLO 7-17-*MARKETING IN A BORDERLESSECONOMIC WORLDTREND 4—A NETWORKED GLOBAL MARKETPLACELO 7-17-*A GLOBAL ENVIRONMENTAL SCANCULTURAL DIVERSITYLO 7-2Foreign CorruptPractices Act (1977)Cross-Cultural AnalysisValuesCustoms7-*FIGURE 7-B Cultural appreciation7-*A GLOBAL ENVIRONMENTAL SCANCULTURAL DIVERSITYLO 7-2Cultural Symbols#13Semiotics7-*A GLOBAL ENVIRONMENTAL SCANCULTURAL DIVERSITYLO 7-2LanguageUnintended MeaningsBack TranslationCultural EthnocentricityConsumer EthnocentrismNestléAd7-*A GLOBAL ENVIRONMENTAL SCANECONOMIC CONSIDERATIONSLO 7-2Stage of Economic DevelopmentDeveloped Countries: JapanDeveloping Countries Made the Move: Brazil Remain Locked: TanzaniaBottom of the Pyramid7-*A GLOBAL ENVIRONMENTAL SCANECONOMIC CONSIDERATIONSLO 7-2Economic InfrastructureCommunicationsFinancialTransportationDistribution Systems7-*A GLOBAL ENVIRONMENTAL SCANECONOMIC CONSIDERATIONSLO 7-2Consumer Income and Purchasing PowerMicrofinance: IndiaCurrency Exchange Rate7-*A GLOBAL ENVIRONMENTAL SCANPOLITICAL-REGULATORY CLIMATELO 7-2Political StabilityTrade Regulations7-*MARKETING INSITEChecking a Country’s Political Risk RatingLO 7-27-*FIGURE 7-5 Alternative global market-entry strategies7-*GLOBAL MARKET-ENTRY STRATEGIESEXPORTINGLO 7-3ExportingIndirect ExportingDirect Exporting7-*MARKETING MATTERSCreative Cosmetics andCreative Export Marketing in JapanLO 7-37-*GLOBAL MARKET-ENTRY STRATEGIESLICENSINGLO 7-3AdvantagesDisadvantagesFranchisingContract ManufacturingContractAssembly7-*GLOBAL MARKET-ENTRY STRATEGIESJOINT VENTURELO 7-3Joint VentureAdvantagesDisadvantages7-*GLOBAL MARKET-ENTRY STRATEGIESJOINT VENTURELO 7-3Direct InvestmentAdvantagesDisadvantages7-*FIGURE 7-6 Five product and promotion strategies for global marketing7-*CRAFTING A WORLDWIDEMARKETING PROGRAMPRODUCT STRATEGIESLO 7-4Product ExtensionProduct AdaptationProduct Invention7-*CRAFTING A WORLDWIDEMARKETING PROGRAMPROMOTION STRATEGIESLO 7-4Communication AdaptationDual AdaptationIdenticalMessageNescaféChinaVideo7-*CRAFTING A WORLDWIDEMARKETING PROGRAMDISTRIBUTION AND PRICING STRATEGIESLO 7-4Countries Impose Pricing ConstraintsChannels Can Be Long or ShortPrices May Be Too High or Too Low DumpingGray MarketChannels and Economic Development7-*FIGURE 7-7 Channels of distribution in global marketing7-*MARY KAY, INC.: BUILDINGA BRAND IN INDIAVIDEO CASE 77-*FIGURE 1 Social and economic statistics for India in 2007 and China in 1995 7-*