Global Marketing Concepts

A collection of vocabulary flashcards that cover essential terms and concepts related to global marketing.

Global (Multinational) Companies

Companies that operate within and across multiple countries and may gain marketing, production, and financial advantages not available to purely domestic competitors.

P E S T L E Framework

A tool for analyzing the marketing context in any country, representing Political, Economic, Sociocultural, Technological, Legal/Institutional, and Environmental/Ecological factors.

Political Context

The climate and systems that affect how receptive countries are to foreign businesses, including stability and regulations.

Economic Context

Factors influencing a nation's economic health, including industrial development levels and income distribution patterns.

Sociocultural Context

Culture-specific practices, norms, and taboos that affect consumer behavior and company marketing strategies.

Technological Context

The advancements in technology that facilitate global marketing, such as electronic networks and digital commerce.

Legal and Institutional Context

The rules and regulations affecting global trade, including tariffs, duties, and trade quotas.

World Trade Organization (W T O)

An organization established to promote world trade by reducing barriers and negotiating rules for international trade.

Regional Free Trade Zones

Economic communities that facilitate trade between member nations, such as the European Union and USMCA.

Nontariff Trade Barriers

Restrictions that don't involve tariffs but may limit trade, including excessive regulations and biased bidding processes.

Cultural Adaptation in Marketing

The adjustments companies make in branding and communication strategies to align with local cultural values and norms.

Five Global Product and Communications Strategies

Strategies including straight product extension, product adaptation, product invention, communication adaptation, and dual adaptation for entering global markets.