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Week 2 of Notes

by: Keith Cubert

Week 2 of Notes 333

Keith Cubert
GPA 3.4
Global and Cultural Issues in Marketing
Margaret T Myers

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About this Document

This goes over Chapter 5
Global and Cultural Issues in Marketing
Margaret T Myers
Class Notes
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This 4 page Class Notes was uploaded by Keith Cubert on Sunday September 6, 2015. The Class Notes belongs to 333 at Northern Kentucky University taught by Margaret T Myers in Fall 2015. Since its upload, it has received 52 views. For similar materials see Global and Cultural Issues in Marketing in Marketing at Northern Kentucky University.


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Date Created: 09/06/15
Chapter 5 MKT 333 Currency Exchange Value of one currency against another Currency Value Basic demand and supply Reflects strength of economy Complex Interaction A country s price inflation interest rates market psychology Foreign exchange market Global network of banks brokers and foreign exchange dealers connected by electronic communications systems Types of Currencies o Freely convertible Both residents and non residents can purchase unlimited amounts of currency 0 Externally convertible Only non residents can convert their holdings of domestic currency into a foreign currency 0 Nonconvertible Both residents and non residents are prohibited from converting from domestic to foreign Political environment is the set of governmental institutions political parties and organizations 0 Varies from country to country Risk assessment is crucial corporate welfare and export and import bank Supreme and independent nation state 0 Final political and legal authority in its own territory Recognized by other nations and global institutions Eroded by globalization and regional integration 0 Transnational corporations and terrorism Types of government 0 Democratic Chosen by people Direct Switzerland VS Representative USA One party VS Twoparty VS Multiparty Parliamentary UK VS Presidential USA 0 Levels Local state national forms of federation Chapter 5 MKT 333 Authoritarian o Autocratic one ruler I Dynastic most monarchies I Theocratic Iran 0 Militarydictatorships 0 Thailand military coup in May 2014 o Communist dictatorships o Castro in Cuba 0 Autocratic by party China Legal Environment 0 Laws courts attorneys legal customs and practices 0 Types of legal systems I Commonlaw I Codelaw I Theocratic Common Law 0 Based on tradition precedent and custom I quotCommon law marriage I Trademarks established by custom by use 0 Found in Britain and its former colonies o Judges may interpret law to apply to particular circumstances of a case 0 Interpretation then adds to case law 0 More adversarial than civil or code law Legal systems Civil Code law Chapter 5 MKT 333 0 Based on a very detailed set of laws organized into codes and rules of behavior 0 European origins in Roman empire 0 Found in over 80 countries including Germany France Japan and Russia 0 Less adversarial than common law 0 Judges often find quotfact finders o Judges may not interpret law Legal Systems Theocratic law 0 Based on religious teachings 0 Islamic law is the most widely practiced I The pathway for all life I Based on the Qur an the hadith and Sunnah I Interpreted by Islamic judges and religious leaders I Afghanistan Iran Saudi Arabia Somalia Sudan Pakistan Seizure of action Expropriation 0 Government takes over a company with compensation Nationalization 0 Government takes over an industry With compensation Confiscation o nationalization without compensation Creeping expropriation 0 severe limitations on economic activities limitations on repatriation of profits content requirements quotas for hiring locals price controls Domestic Ownership Government Of MNC s 0 Required domestic ownership India s 1973 Foreign Exchange Regulation Act 0 Limited foreign equity to 40 0 Joint ventures IBM Cummins Engines Unilever 0 Coca Col left India in 1977 Returned in 1993 with liberalization of Indian economy Tariffs sales taxes and VATs 0 Illegal cross border trade I EU imposes 96 customs duty on foreign garlic I China produces about 80 of world s garlic Chapter 5 MKT 333


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