welcome to created for marketing, 10th ed., by lamb, hair, and mcdaniel south-western/cengage...

Welcome to

Created for Marketing, 10th Ed.,by Lamb, Hair, and McDaniel

South-Western/Cengage Learning

Chapter 5 - Developing a Global Vision

Created by John T. Drea, Western Illinois University

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BasicBasicTermsTerms

Odds &Odds &EndsEnds

Going Going GlobalGlobal

Political& Legal

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Two “R’s” ofInternational

Trade

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Go toFinal Challenge!

Who Wants to Be a Marketer? Round 1


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Basic Terms - 100 points

• Answer: Companies that have this can “see” opportunities. They can recognize and react to international marketing opportunities, be aware of threats from foreign competitors, and effectively use international distribution networks

• Question: What is a global vision?

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• Answer: This term describes domestically produced products sold to buyers in another country. It is the least complicated and least risky alternative for entering a global market.

• Question: What is exporting?



• Answer: It is the common set of values shared by the members of a society that determine what is socially acceptable, and it distinguishes many societies from each other.

• Question: What is culture?



• Answer: It is the sale of an exported product at a price lower than that charged for the same product in the exporter’s home market.

• Question: What is dumping?



• Answer: It is when all or part of the payment for goods or services is in the form of other goods and services. This specialized form of barter accounts for 30% of all international trade.

• Question: What is countertrade?


Going Global - 100 points• Answer: An example of this global

marketing strategy is Nabisco’s decision to not sell Oreo cookies in Japan because Japanese children thought the cookies were too sweet. It involves creating a new product.

• Question: What is a product invention strategy?


Going Global - 200 points

• Answer: This global marketing strategy is to maintain the same product in each market, but to alter the promotional strategy as necessary to fit each market.

• Question: What is a message adaption strategy?



• Answer: “One product, one message” is the essence of this strategy, which involves using the same product and same marketing strategy in each market.

• Question: What is a global marketing standardization strategy?


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Question!

Going Global - Open Challenge

• Answer: The strategy used when Starbucks’ menu in British markets is modified to offer varieties such as cheese and marmite sandwiches.

• Question: What is a product adaption strategy?



• Answer: One of the five ways of entering a global market, it occurs when a domestic company joins with a foreign company to create a new entity. An example is Frito-Lay’s partnership with Savoy Brands International in Central and South America.

• Question: What is a joint venture?


Political and Legal - 100 points

• Answer: They are the three nations covered by NAFTA.

• Question: Who are Canada, the United States, and

Mexico?



• Answer: A prescribed limit on how much of a particular type of product can enter a country.

• Question: What is a quota?



• Answer: The exclusion of all products from certain countries or companies.

• Question: What is a boycott?



• Answer: A tax levied on goods entering a country.

• Question: What is a tariff?



• Answer: Named after the Dutch community in which it was developed, this 1993 treaty outlines plans for tightening bonds between member European nations and creating a single market.

• Question: What is the Maastricht Treaty?


Two “R’s” of International Trade - 100 points(answers/questions concerning risk and reward)

• Answer: Of the following, it is the one with the highest potential return.– Licensing– Exporting– Joint venture

• Question: What is a joint venture?



• Answer: Of the following, it is the one with the lowest potential risk.– Licensing– Exporting– Contract manufacturing




• Answer: Of the following, it is the one with the highest potential risk.– Licensing– Exporting– Contract Manufacturing

• Question: What is contract manufacturing?



• Answer: Of the five methods of entering the global marketplace, it is the one with the lowest potential risk and the lowest potential reward.




• Answer: Of the five methods of entering the global marketplace, it is the one with the highest potential risk and the highest potential reward.

• Question: What is direct investment? (wholly owned

subsidiary)


Odds & Ends - 100 points• Answer: Among other things, this

international trade organization resolves disputes concerning the practice of “dumping.”

• Question: What is the World Trade Organization (WTO)?


Odds & Ends - 200 points

• Answer: The single country that accounts for the largest portion of the income earned worldwide.

• Question: What is the United States?



• Answer: An example of this type of marketing intermediary is a foreign sales agent who represents a manufacturer in a foreign market (just like a domestic manufacturer’s agent does for domestic sales.)

• Question: What is an export broker?



• Answer: An example of this would be if Bass contracted with a shoe manufacturer in another country to produce a certain volume of shoes to Bass’s specification and with Bass’s brand name.




• Answer: An intermediary who purchases products from a domestic manufacturer, assumes all risk, and then sells the products internationally.

• Question: What is a buyer for export?


Purse Purse PowerPower

PotpourriPotpourriEnteringEnteringMarketsMarkets

Of the Of the Following...Following...

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Who Wants to Be a Marketer? Round 2


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InternationalInternationalAgreementsAgreements

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Purse Power - 100 points (questions related to global pricing.)

• Answer: The result of comparing the relative cost of a standard set of goods and services in different geographic locations..

• Question: What is a purchasing power?


Purse Power- 200 points (questions related to global pricing)

• Answer: The United States imposed hefty duties on shrimp coming from eight foreign companies in order to prevent this form of price discrimination.

• Question: What is dumping?


Purse Power - 300 points(questions related to global pricing)

• Answer: When the Japanese yen appreciates against the U.S. dollar, the cost of a Toyota to an American consumer will do this.

• Question: What is increase?



• Answer: Because currency markets operate under this system, prices of different currencies move up and down - based on supply and demand for each.

• Question: What are floating exchange rates?



• Answer: All or part of the payment for goods or services in the form of other goods and services.

• Question: What is countertrade?


International Agreements - 100 points

• Answer: The number of countries in the European Union.

• Question: What is twenty-five?


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Question!

International Agreements - Open Challenge

• Answer: This organization would include all countries in Central America and the U.S.

• Question: What is CAFTA? (Central America Free Trade

Agreement)



• Answer: International financial organization that fosters global trade through low-interest loans to developing nations.

• Question: What is the World Bank?



• Answer: All members of this must fully comply with all trade agreements under the Uruguay Round.

• Question: What is the World Trade Organization (WTO)?



• Answer: This trade agreements was adopted in 1994 and with 148 signed nations is the most ambitious global trade agreement ever negotiated, its principle goal being to reduce tariffs by one-third worldwide.

• Question: What is the UruguayRound?


Entering Markets - 100 points

• Answer: This means of entering a foreign market simply involves selling domestically produced products to a foreign buyer.




• Answer: This is a method of entering a foreign market through the use of a private-label foreign manufacturer. The foreign manufacturer produces the product with the domestic company’s brand name on it, and the domestic company then handles the marketing.




• Answer: This means of entering a foreign market involves one company allowing another company to use its manufacturing process, patent, or other proprietary knowledge in return for a royalty or fee.

• Question: What is licensing?



• Answer: This risky strategy for entering global markets involves active ownership of a foreign company, manufacturing, or marketing facilities.

• Question: What is direct foreign investment? (wholly

owned subsidiary)



• Answer: This country is the world’s largest exporter.

• Question: What is the United States?


Of the following… - 100 points

• Answer: Of the following, it is NOT a member of the European Union.– Ireland– Germany– Russia

• Question: What is Russia?



• Of the following, it is NOT a factor in the external environment affecting the decision of whether to enter a global market.– Natural resources– Political and legal environment– Available capital

• Question: What is available capital?



• Answer: Of the following, it is one of the changes in world trading practices resulting from the Uruguay Round of trade negotiations– Gradual lowering of many farm subsidies

– Increased use of quotas in textiles and apparel

– New rules to allow greater protection of patents and copyrights.

• Question: What is increased use of quotas in textiles and apparel?



• Answer: Of the following, it is the one that assumes the greatest risk in international trade.– Buyer for export– Export broker– Export agent

• Question: What is a buyer for export?



• Answer: Of the following, Mercosur is a– Market grouping– Trade agreement– Exchange control

• Question: What is trade agreement?


Potpourri - 100 points

• Answer: It is a name give to a company that is heavily engaged in international trade. These companies move resources across national boundaries without regard to the country in which the headquarters is located. General Motors and ExxonMobil are examples.

• Question: What is a multinational corporation?



• Answer: One of the five ways of entering a global market, it is a process whereby one company allows another company to use its manufacturing process, trademarks, etc. in return for a royalty or fee.

• Question: What is licensing?



• Answer: This type of global marketing strategy would be appropriate for marketing cookware in Europe, where consumer in each nation have different needs (ex: large burners in Belgium, oval burners in Germany, small burners in France.)

• Question: What is a product invention strategy?


Potpourri - 400 points• Answer: An example of this form of

entering a global market was Federal Express’ investment of $1.2 billion to build its own hub in Europe. Fed Ex had active ownership of the facility.

• Question: What is direct foreign investment? (wholly

owned subsidiary)



• Answer: This term, coined by Theodore Leavitt, describes the global marketing strategies of companies like Coca-Cola, Colgate-Palmolive, and McDonald’s.

• Question: What is global marketing standardization?


And now, it’s time for

Directions:•Get two pieces of paper.•On one piece, write your team’s wager.•Use the other piece of paper to write the “question” for the final challenge “answer.”

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Final Challenge!

• Answer: Critics claim that multinational corporations transfer this kind of technology to developing nations, which does not substantial increase employment.

• Question: What is a capital-intensive?

welcome to created for marketing, 10th ed., by lamb, hair, and mcdaniel south-western/cengage...

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