Selecting a Global Market to Enter

These flashcards cover key concepts and terms related to selecting a global market for entry, including internal and external factors that businesses consider.

Global Marketing Targeting

Choosing which markets to enter across the globe.

Internal Factors

Factors concerning the company itself that affect its ability to enter a new market, including consumer needs and company capabilities.

Cultural Distance

The gap or extent of differences in values and communication styles between cultures.

Hofstede's Six Cultural Dimensions

A framework for understanding cultural differences across countries, including power distance, uncertainty avoidance, individualism versus collectivism, long-term versus short-term orientation, masculinity versus femininity, and indulgence versus restraint.

Economic Distance

The level of similarity of the economic systems and metrics between the home country and the foreign target market.

Subsistence Economies

Nonmonetary economies that rely mostly on the exchange of goods and simple agriculture.

Raw Material Exporting Economies

Economies that are rich in minerals and raw materials but lack production capabilities.

Industrializing Economies

Countries experiencing rapid growth through industrialization, often characterized by a well-educated labor force.

Industrial Economies

The most advanced economies with a focus on production of sophisticated products and a large service sector.

Competitive Advantage

The ability of a company to outperform its competitors in a specific market.