International Marketing Review

This set of flashcards reviews key concepts from the International Marketing lecture, including the marketing mix, standardization vs. customization, product policy, pricing issues, promotion decisions, and distribution strategies.

Marketing Mix

Deals with how to develop the firm’s product(s), how to price those products, how to sell those products, and how to distribute those products to the firm’s customers.

Product (Marketing Mix)

Developing the tangible and intangible features that meet customer needs in diverse markets

Pricing (Marketing Mix)

Developing policies that bring in revenue and strategically shape the competitive environment

Promotion (Marketing Mix)

Devising ways to enhance the desirability of the product or service to potential buyers

Place (Marketing Mix)

Getting products and services into customers' hands via transportation and merchandising

Standardized International Marketing

Applying the same marketing mix in every market, aiming for cost savings and efficiency.

Customized International Marketing

Adjusting the marketing mix to suit the specific needs and preferences of local markets.

Legal Forces in Product Policy

Labeling Requirements, Health Standards, Product Design, and Technical Standards

Cultural Influences in Product Policy

Language, Packaging, Food Ingredients, Quality Consciousness, Environmental Consciousness, and Local Morals and Sensibilities

Economic Factors in Product Policy

Level of Economic Development and Quality of Infrastructure

Pricing Policies

Standard Price Policy, Two-tiered Pricing, and Market Pricing

Market Pricing

Setting prices based on demand and/or cost conditions, but it can lead to arbitrage, damage brand names, gray market development and consumer resentment

Promotion Mix

Advertising, Personal Selling, Sales Promotion, and Public Relations

Distribution Issues

Addresses physical transportation and the selection of means to merchandise goods.

Modes of Transportation for Exports

Train, Airplane, Truck, and Ship