International Marketing Lecture Notes

Vocabulary flashcards to help students understand key terms and concepts from international marketing lectures.

International Marketing

The process of planning and conducting transactions across national borders to create exchanges that satisfy the objectives of individuals and organizations.

Multi-domestic Marketing

A marketing strategy that develops separate marketing strategies for each country due to recognized country differences without head office coordination.

Global Marketing

Marketing activities that are coordinated and integrated across multiple country markets, emphasizing product standardization and consistent branding.

Levitt’s Homogeneous Markets

Ted Levitt's theory that markets are becoming more homogeneous, allowing for standardized products worldwide due to advancements in technology and communication.

Glocal Marketing

A strategy that attempts to balance standardization with adaptation to local customer needs, exemplified by companies like McDonald's adjusting menus to local cultures.

Economic Integration

The trend towards greater interdependence among national economies, facilitating trade and investment flows.

Dreher’s KOF Index

Measures globalization based on economic, political, and social integration dimensions.

De-globalization

A process that reflects decreasing integration and interdependence among economies and national institutions.

Cultural Adaptation

The process by which individuals adjust to a different culture after being encultured into their own.

Cultural Literacy

Detailed knowledge about a culture that allows managers to function effectively within it.

Ethnocentricity

The belief that one's own culture is superior to others, often leading to biased views of different cultures.

Consumer Ethnocentricity Scale (CETSCALE)

A scale measuring the belief that purchasing foreign products is morally wrong.

Nationalism

A readiness to support one's country's economic policies, often leading to protectionist sentiments.

Cultural Dimensions

Concepts used to understand and compare cultures, including individualism vs. collectivism and power distance.

Gray Trade

The sale of authentic products by unauthorized intermediaries in different markets, challenging brand integrity.

Transfer Pricing

The pricing of sales between corporate affiliates, influenced by tax burdens and competitive positioning.

Cultural Distance

The extent to which cultures differ, impacting marketing strategies in global markets.

Countertrade

A form of trade where part or all of the payment is made in goods rather than cash.

Price Escalation

The increase in price consumers face as products move through multiple layers in the distribution channel.

Market Skimming

Setting a high price initially and gradually lowering it to attract more price-sensitive customers.

Market Penetration Pricing

Entering the market at a low price to capture market share quickly.

Polycentric Pricing Strategy

Setting different prices in different countries based on local conditions and competition.