Introduction to Global Marketing

These flashcards cover key concepts related to global marketing, including definitions, frameworks, and strategies essential for understanding the subject.

Global Marketing

The practice of promoting a company's products or services across international markets, adapting strategies to reach a worldwide audience.

Product/Market Growth Matrix

A tool used to explain various ways a company can expand globally through different strategies: market penetration, market development, product development, and diversification.

Competitive Advantage

When a company creates more value for customers than its competitors, allowing it to outperform them in the market.

Global Industries

Industries where a company’s position in one country is interdependent with its position in another country, as indicated by cross-border investments and trade.

Globalization of Pro Sports

The expansion of major league sports, like the NBA and NFL, to find new fans internationally.

Brand Localization

The adaptation of a global brand's marketing strategies to fit local cultures and market preferences.

EPRG Framework

A model that defines four management orientations in international marketing: Ethnocentric, Polycentric, Regiocentric, and Geocentric.

Ethnocentric Orientation

The belief that the home country is superior and assumes that products that succeed domestically will succeed globally.

Polycentric Orientation

The approach where each country is seen as unique and each subsidiary develops its own marketing strategies.

Regiocentric Orientation

Viewing a region as the relevant geographic unit and tailoring strategies to regional markets.

Geocentric Orientation

A global approach that integrates strategies across different countries while recognizing local differences.

Value Chain

The series of steps in a company from marketing through to logistics that create value for customers.

Management Myopia

Nearsightedness in decision-making that can restrain global integration and marketing efforts.

Pros and Cons of Globalization

Globalization has lifted many from poverty, but gains are not evenly distributed, often leading to protectionism and backlash.

Global Localization

The strategy of 'thinking globally, acting locally,' where a balance of standard and localized approaches is employed.

BRICS and MINTs

Economically significant countries identified for growth potential; BRICS includes Brazil, Russia, India, China, and South Africa; MINTs include Mexico, Indonesia, Nigeria, and Turkey.