Global Business Exam 2

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41 Terms

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Global Information System
A system that provides managers with a continuous flow of information about company operations for decision-making.
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Direct Sensory Perception
Firsthand observation using senses—seeing, tasting, smelling—to understand a market.
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Self-Reference Criterion (SRC)
Bias from personal cultural values that can distort research.
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Etic Approach
Outside perspective, enhances comparability.
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Emic Approach
Inside cultural perspective, uses local meanings.
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Existing Market
Already served and has data available.
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Latent Market
Undiscovered but present.
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Incipient Market
Will emerge if trends continue.
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STP
Segmentation, Targeting, and Positioning.
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Segmentation
Grouping customers by shared traits.
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Targeting
Selecting segments to serve.
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Positioning
Creating a distinct brand image.
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Psychographics
Grouping by attitudes, values, lifestyles.
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Benefits Sought
Segmenting based on the value a product offers.
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Behavioral Characteristics
Usage rate and user status.
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Market Potential Criteria
Segment size & growth, competition, feasibility & compatibility.
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Standardized Global Marketing
One mix for all markets.
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Concentrated Global Marketing
Focus on niche market.
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Differentiated Global Marketing
Multiple segments with tailored strategies.
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Global Consumer Culture Positioning
Brand as a global symbol (e.g., Apple).
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Foreign Consumer Culture Positioning
Brand tied to foreign origin (e.g., IKEA).
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Local Consumer Culture Positioning
Brand tied to local identity (e.g., Budweiser).
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Exporting
Lowest cost and risk, but limited control.
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Export Selling
Same product, same strategy in different place.
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Export Marketing
Tailored marketing mix for international markets.
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Cash in Advance
Most secure method of export payment.
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Letter of Credit
Bank guarantees payment to exporter upon presentation of documents.
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Documentary Collections
Payment made upon presentation of documents.
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Open Account
Payment after delivery; used in trusted relationships.
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Outsourcing
Shifting production jobs to another company to cut costs.
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Global Outsourcing
Moving work to another country.
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OEM
Original Equipment Manufacturer.
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Sourcing Factors
Management vision, costs, customer needs, logistics, infrastructure, political risk, exchange rates.
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Licensing
Contract to use assets in exchange for royalties.
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Contract Manufacturing
Outsourcing production based on technical specifications.
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Franchising
Operating a business under franchisor's model.
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Joint Venture
Shared ownership in a new entity.
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Greenfield Investment
Starting new operations from scratch.
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Wholly Owned Subsidiary
Full control and profit, high risk.
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Global Strategic Partnership (GSP)
Long-term alliances between global firms.
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