International Marketing Concepts

Flashcards focusing on key vocabulary and concepts from international marketing.

Globalization

The process whereby different cultures become increasingly similar through the exchange of ideas, values, and practices.

Self-Reference Criterion (SRC)

The unconscious tendency to interpret another culture’s values and behaviors through the lens of one’s own.

Ethnocentrism

The belief that one’s culture is superior to others.

Glocalization

The focus on thinking globally while adapting strategies to local cultures.

Market Potential Index

A method for measuring market potential comparing various market factors.

Multinational Firm

A company that operates in more than one country.

Developed Nations

Countries with advanced economies and high standards of living.

Developing Countries

Nations with less industrialization and lower incomes.

Emerging Markets

Economies that are progressing towards becoming developed.

Consumer Behavior

The study of individuals and groups in selecting, purchasing, using, and disposing of goods, services, and ideas.

Acculturation

The process of adjusting and adapting to a specific culture other than one’s own.

Power Distance Index (PDI)

Reflects the degree to which less powerful members of a society defer to more powerful members.

Individualism vs. Collectivism

The cultural dimension assessing the degree of independence and loyalty to the group.

Uncertainty Avoidance Index (UAI)

A measure of how much a culture tolerates ambiguity and uncertainty.

Masculinity vs. Femininity

Cultural dimension that measures the preference for achievement and assertiveness versus cooperation and care.

Long-Term Orientation (LTO)

Focus on future rewards versus short-term results.

Cultural Convergence

The process where different cultures become increasingly similar due to globalization.

Market Research

The activity of gathering information about consumers' needs and preferences.

Environmental Scanning

The process of gathering and analyzing information about the external environment affecting the organization.

Back-Translation

Translating a foreign text back to the original language by a different person to check for accuracy.

Focus Group

A small group of people discussing a topic to collect qualitative data.

Quantitative Research

Research that focuses on quantifying data and typically uses statistical analysis.

Qualitative Research

Research that seeks to understand meaning and context behind behaviors.

Sampling Bias

A situation where some members of a population are less likely to be included in the sample than others.

Data Mining

The computational process of discovering patterns in large data sets.

Social Institutions

Structures in society that influence behaviors, including family and class.

Cultural Differences

The varied beliefs, values, and practices that differ among cultures.

Market Entry Strategy

The planned method of delivering goods or services to a target market.

Marketing Mix

The set of actions or tactics a company uses to promote its brand or product.

Consumer Loyalty

The tendency of consumers to continuously purchase one brand's products over another.

Digital Analytics

The process of gathering and analyzing data from digital sources to improve marketing efforts.

Internet-Based Surveys

Surveys conducted via the internet to collect quantitative data from respondents.

Caste System

A hierarchical structure in a society that influences social classes and typically affects consumer behavior.

Cultural Assimilator

Training designed to help individuals adapt to a foreign culture.

Content Analysis

A research method used to analyze spoken or written text.

Decision-Making

The process of selecting a course of action from among several alternatives.

Foreign Direct Investment

Investment made by a company or individual in one country in business interests in another country.

Inflation

The rate at which the general level of prices for goods and services is rising.

Risk Assessment

The identification and evaluation of risks associated with market entry.

Managerial Reporting

The communication of management information about the performance of a business.

Market Growth Rate

The speed at which a market grows, indicated by the increase in revenue or sales.

Consumer Insights

An interpretation of consumer data that provides knowledge of consumer motivations.

Brand Equity

The value added to a product by having a well-known brand name.

Market Intelligence

The information relevant to a company’s markets.