Global Marketing Strategies

These flashcards cover key concepts and terminologies related to global marketing strategies discussed in the lecture.

Standardization

Implementing the same marketing mix the same way across foreign markets.

Adaptation

Changing some or all parts of the marketing mix to better address local needs.

Glocalization

Taking into consideration local culture and needs, and integrating them into the brand's global strategy.

Dual extension strategy

Using the same product and the same message across foreign markets.

Product adaptation strategy

Changing some elements in the product but keeping the message similar across foreign markets.

Communication adaptation strategy

Making changes in the message while keeping the product the same across foreign markets.

Dual adaptation strategy

Making changes in both the product and the message to better target local markets.

Product invention strategy

Creating new offerings for different foreign markets.

Business norms

Culturally specific practices or expectations around business interactions.

Values

Deeply held beliefs that shape consumer behavior and perceptions in different cultures.

Religious beliefs

Core spiritual convictions that significantly influence consumers' purchasing decisions.

Customs and taboos

Culturally specific norms that guide acceptable and unacceptable behaviors or practices.

Market-based pricing

Setting the product's price based on what the consumer can afford and is willing to pay.

Cost-based pricing

Setting prices based on the cost of the product plus a standard markup.

Uniform price everywhere

Selling the product for the same price in every market regardless of local factors.