New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here

MKTG 341 Chapter 6 Notes

by: Angela Potter

MKTG 341 Chapter 6 Notes MKTG 341

Marketplace > Towson University > Marketing > MKTG 341 > MKTG 341 Chapter 6 Notes
Angela Potter
GPA 3.69

Preview These Notes for FREE

Get a free preview of these Notes, just enter your email below.

Unlock Preview
Unlock Preview

Preview these materials now for free

Why put in your email? Get access to more of this material and other relevant free materials for your school

View Preview

About this Document

These notes cover the material in Chapter 6
Principles of Marketing
Erin Steffes
Class Notes
25 ?




Popular in Principles of Marketing

Popular in Marketing

This 3 page Class Notes was uploaded by Angela Potter on Thursday January 28, 2016. The Class Notes belongs to MKTG 341 at Towson University taught by Erin Steffes in Spring 2016. Since its upload, it has received 24 views. For similar materials see Principles of Marketing in Marketing at Towson University.


Reviews for MKTG 341 Chapter 6 Notes


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 01/28/16
Chapter 6 Key Terms Protectionism: The practice of shielding one or more industries within a country’s economy  from foreign competition through the use of tariffs or quotas  Tariff: a government tax on goods or services entering a country, primarily serving to raise  prices on imports Quota: A restriction placed on the amount of a product allowed to enter or leave a country World Trade Organization: Institution that sets rules governing trade between its members  through  panel of trade experts  Global Competition: Exists when firms originate, produce, and market their products and  services worldwide Multi­domestic Marketing Strategy: a multinational firms strategy of offering as many different product variations, brand names, and advertising programs as countries in which it does  business  Global Marketing Strategy: The practice of standardizing marketing activities when there are  cultural similarities and adapting them when cultures differ Global Brand: A brand marketed under the same name in multiple counties with similar and  centrally coordinated marketing programs  Global Consumers: Consumer groups living around the world who have similar needs or seek  similar benefits from products or services  Cross­cultural Analysis: The study of similarities and differences among consumers in two or  more nations or societies Values: A societies personally or socially preferable modes of conduct or states of existence  that tend to persist over time Customs: Norms and expectations about the way people do things in a specific country  Foreign Corrupt Practices Act (1977): A law that makes it a crime for U.S. corporations to  bribe an official of a foreign government or political party to obtain or retain business  Cultural Symbols: Things that represent ideas or concepts in a specific culture Back Translation: Retranslating a word or phrase back into the original language using a  different interpreter to catch errors. Microfinance: The practice of offering small, collateral­free loans to individuals who otherwise  would not have access to the capital necessary to begin small businesses or other income­ generating activities Currency Exchange Rate: The price of one country’s currency expressed in terms of another  country’s currency. Exporting: producing goods in one county and selling them in another country Joint Venture: when a foreign company and a local firm invest together to create a local  business, sharing ownership, control, and the profits of the new company Four trends have significantly affected world trade and global marketing Decline of economic protectionism by individual countries ­ ­ Rise of economic integration and free trade among nations ­ Global competition among global companies for global consumers ­ Emergence of a networked global market space  Decline of Economic Protectionism  ­ Economic argue for protectionism is that it preserves jobs, protects a nations political  security, discourages economic dependency on other countries, and encourages the  development of domestic industries ­ Tariffs give price advantages to domestic products  ­ Quotas help domestic industries retain a certain percentage of the domestic market  ­ North American Free Trade Agreement (NAFTA) lifted many trade barriers between Mexico,  Canada and the U.S. Three types of companies populate and compete in the global marketplace: ­ International firms ­ Engages in trade and marketing in different countries as an extension of the marketing  strategy in its home county  ­ Multinational firms Views the world as consisting of unique parts and markets to each part differently  ­ ­ Multi­domestic marketing strategy  ­ Transnational firms  Views the world as one market and emphasizes cultural similarities across countries or  ­ universal consumer needs and wants more than differences. ­ Global marketing strategy A Global Environmental Scan  ­ Three types of uncontrollable environmental variables Cultural ­ ­ Values ­ Customs ­ Cultural Symbols ­ Language ­ Economic   ­ Assessment of the economic infrastructure  ­ A country ’s communications, transportation, financial, and distribution systems Measurement of consumer income ­ ­ Per Capital or household income ­ Recognition of a country currency exchange rates ­ Exchange rates fluctuate ­ Political­regulatory Political Stability ­ ­ Trade Regulations   Comparing Global Market­Entry Strategies Four general options exist: ­Exporting   ­ Allows a company to make the least number of changes in terms of its product,  organization, corporate goals ­ Indirect exporting: when a firm sells its domestically produced goods in a foreign country  through and intermediary  ­ Direct exporting: when a firm sells its domestically produced goods in a foreign country  without intermediaries. ­Licensing   ­ A company offers the right to a trademark, patent, trade secret, or other similarly valued  item of intellectual property in return for a royalty or a fee. ­ Joint Venture  ­ Share ownership, control, and profits of the new company ­ Direct Investment  ­ a domestic firm actually investing in and owning a foreign subsidiary or division Crafting A Worldwide Marketing Program A product may be sold globally in one of three ways: ­ Product Extension  ­ Selling virtually the same product in other countries ­ Product Adaptation ­ Changing a product in some way to make it more appropriate for a country ’s climate or  consumer preference  Product Invention ­ ­ Invent totally new products designed to satisfy common needs across countries  Distribution Strategy ­ the seller ­ headquarters is the starting point and is responsible for the successful distribution to the  ultimate consumer  ­ Channel between two nations  ­ moving the product form one country to another  Pricing Strategy ­ Pricing too low or too high can have dire consequences ­ Dumping: when a firm sells a product in a foreign country below its domestic price or its  actual cost ­ Gray Market (parallel importing): situation where products are sold through unauthorized  channels of distribution


Buy Material

Are you sure you want to buy this material for

25 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Jim McGreen Ohio University

"Knowing I can count on the Elite Notetaker in my class allows me to focus on what the professor is saying instead of just scribbling notes the whole time and falling behind."

Jennifer McGill UCSF Med School

"Selling my MCAT study guides and notes has been a great source of side revenue while I'm in school. Some months I'm making over $500! Plus, it makes me happy knowing that I'm helping future med students with their MCAT."

Jim McGreen Ohio University

"Knowing I can count on the Elite Notetaker in my class allows me to focus on what the professor is saying instead of just scribbling notes the whole time and falling behind."


"Their 'Elite Notetakers' are making over $1,200/month in sales by creating high quality content that helps their classmates in a time of need."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.