MKT 401 E at Universität Mannheim

Flashcards and summaries for MKT 401 E at the Universität Mannheim

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Study with flashcards and summaries for the course MKT 401 E at the Universität Mannheim

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D1 Saturation of mature markets: Increasing importance of emerging markets

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D1 Challenge companies in international marketing

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D1 Blunders in international marketing

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D1 Degree of adjustment and coordination to different markets

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D1 Glocal

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D1 History internationalization

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D1 Levitt posits that customer needs are converging internationally

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D1 Drivers of globalization

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D1 Local marketing environments

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D1 Characteristics of emerging markets

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D1 International Marketing Definition

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D1 Four-tiered structure of emerging markets

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Exemplary flashcards for MKT 401 E at the Universität Mannheim on StudySmarter:

MKT 401 E

D1 Saturation of mature markets: Increasing importance of emerging markets
Def: Emerging markets experience rapid growth because of increasing industrialization Global GDP developments: -Advanced economies achieve an average GDP growth of 1.6% in 2016 - Emerging markets grow by 4.2% in 2016 and their share of global Gap increases from 36% (1980) to 58% (2016)

MKT 401 E

D1 Challenge companies in international marketing
Operating in a multi-country context implies.. .. Differences in environments such as social/cultural, economic, competitive,technological, regulatory/political/legal environments .. differences in customer behavior/market segments .. differentes in marketing infrastructure: media, distribution, logistics In response, companies need to - adjust to these differences - coordinate operations across national borders

MKT 401 E

D1 Blunders in international marketing
Philips: Began to earn a profit in Japan only after it had reduced the size of its coffeemakers and shavers Pepsi: In Taiwan the translation of the Pepsi slogan "Come alive with the Pepsi Generation" turned into "Pepsi will bring your ancestors back from the dead"

MKT 401 E

D1 Degree of adjustment and coordination to different markets
The Need for global rationalizing -> Economies of scale and scope on a global basis The need for local responsiveness -> Adaption to local markets, cultures, governments

MKT 401 E

D1 Glocal
Approach: "Think globally act locally" Globalization (Standardization) Global low-cost production and selling Global roll-outs of concepts/high speed Low complexity GLOCAL Localization (Differentiation) Culturally close to customers Flexible Response to local customers needs Regional and local market penetration

MKT 401 E

D1 History internationalization
mid 1950-1970s: Multinational phase - Foreign market could be penetrated easily - Since production was often localized, products could be adapted to local markets starting 1970s: Global phase - Standardization of products and integration of activities across countries - Appearance of strong foreign competitors in the western industrialized countries was a major force behind the emergence of the global perspective end of last millennium: Anti-globalization phase - mix of economic, political, social issues - One main complaint: globalization has failed to lift the standard of living of many third-world countries while multinational companies have profited significantly

MKT 401 E

D1 Levitt posits that customer needs are converging internationally
Socio-demographic development: trend small families, older people Education Early confrontation with foreign cultures Transport Technology High distances can be overcome accompanied by decreasing costs Communication technology Better information sources for customers -> 1) Convergence of customer needs 2) Standardization of products & services 3) Centralization of decisions 4) Low costs and therefore low prices

MKT 401 E

D1 Drivers of globalization
Market drivers: Customer needs, emergence of global customers and channels Competitive drivers Competitors who go global provide reasons for firms to follow Cost drivers Economices of scale/scope, sourcing advantages Technology drivers - Technological advancement and innovation - e.g. Internet, convergence of technologies Government drivers - Political systems (authoritarian vs. democratic) - Free trade zones - Global standards

MKT 401 E

D1 Local marketing environments
a) Emerging markets Characterized by low levels of product penetration, weakly established marketing infrastructure, relatively unsophisticated customers with weak purchasing power, weak domestic competitors b) New growth markets in newly industrializing economies Show greater purchasing power and more demanding customers than emerging markets Possess a rapidly developing marketing infrastructure c) Mature markets Show slow growth apart from some high-technology markets The customers in these mature markets are papered by strong domestic and global companies who compete intensely for customer satisfaction

MKT 401 E

D1 Characteristics of emerging markets
1) Market structure: Affordability and accessibility more important than premium products and services 2) Competitive environment: Need for market creation, market development, strong brands, longer product-lifecycles 3) Socio/Political environment: Necessity to reevaluate competitive advantage and to integrate ventures into local contexts 4) Resource supply: Particularly effective resource management and innovation of affordable, versatile and often disruptive products/services 5) Infrastructure: Adaption of marketing mix and usage of available and creative marketing tools

MKT 401 E

D1 International Marketing Definition
- Refers to the marketing activities of a company that serves different markets in various countries - Aims at setting the stage within the company for an effective implementation of market-related activities and customer relationship management across countries Growing importance of international marketing: - Worldwide growth in international business operations - continued increase of international exports - ever-increased economic interdependencies between major economic regions of the world

MKT 401 E

D1 Four-tiered structure of emerging markets
Global Consumers who want offering to have the same attributes and quality that products in developed countries have and are willing to pay global prices for them Glocal Consumers who demand customized products of near-global standard and are willing pay a shade less than global consumers do Local Consumers are happy with products of local quality and at local prices Bottom People who can afford only the least expensive products

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