International Marketing Definitions and Examples on February 3 2016
International Marketing Definitions and Examples on February 3 2016 MKT 4420
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This 2 page Class Notes was uploaded by ChoYeeWinAung on Sunday February 7, 2016. The Class Notes belongs to MKT 4420 at a university taught by Anthony Pantaleon in Fall 2016. Since its upload, it has received 90 views.
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Date Created: 02/07/16
International Marketing MKT 4420 (Fall 2016) Professor Anthony Panteleon February 3, 2015 Lecture 1 1. What is International Marketing? International marketing is the markeing of goods and services to foreign markets. 2. What are the keys to remain sucessful in business? The keys to remain successful in business are product development and product innovation through research and development. 3. What is the most important factor that influence consumer buying decision? The most important factor that influence consumer buying decision is “Brand Names” because companies leverage “Brand Names” to introduce new products into markets. Example: Perrior is from France. Perrior is a billion dollar industry. 4. Define Marketing Concepts. Marketing Concepts identify consumer needs and wants by research and development and then produce goods and services that satisfy consumer needs and wants. Marketing concepts are consumer needs and wants, producation strategy(Product adaption or Product standardization). 5. What is culture? Culture is a way of life that manifests itself in the things we do. Example:Campbell soup Case Study In US, US consumers love cream-based soup. In Japan, Japanes consumers love miso-based or fish-based soup. In China, Chinese consumers love noodle-based soup. However, Campbell soup follows Product standization strategy to market cream-based campbell soup because it is cheaper to produce. The campaign was a failure because Campbell soup cannot provide Japanese consumer needs and wants. In some countries, another most important culture is Religion. List of cultures: 1. Appearance 2. Religion 3. Language 4. Feature 5. Race 6. Ethnivity 7. Dance 8. Drink 9. Dress 10. Food 11. Music 12. Values(Individualism in US, Education is South Korea, Family in Chili) 13. Customs 14. Art 6. What is the difference between Domestic markeitng and International marketing? Following is a list of differences: You don’t need to know all but you should know at least 5 of them. 1. Culture 2. Taxations 3. Consumer prefrences 4. Currencies 5. Transportation 6. Documents 7. Economics 8. Trade Laws 9. Media/Advertising- Content 10. Labor Laws 11. Political 12. Geography 13. Infrastructure 14. Coruption 15. Distribution(Manufature, Wholesale, Retail, Consumer) 16. Consumer Laws
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