Terms
SWOT analysis
is a decision-making technique that identifies the strengths, weaknesses, opportunities, and threats of an organization or project before deciding a marketing strategy
What does the phrase "Think global, act local" mean in the context of international marketing?
It means having local market knowledge and recognizing differences in tastes, customs, behavior, and expectations in different markets, even if they look similar from the outside.
What are the 4 Ps of Marketing?
The Four Ps are Product, Price, Place, and Promotion.
What is logistics?
Logistics is the process of planning and moving goods from one place to another.
What is brand awareness?
Brand awareness refers to how well consumers can recognize or recall a brand and its offerings.
The USP
unique selling point is the product feature which makes it different from its competitors
Why is local market knowledge important for global companies?
Because there are wide variations in consumer preferences, local brand attachments, and business practices in different markets, and understanding these helps companies succeed locally.
What are the four Cs of Marketing?
The Four Cs are Customer/Consumer, Cost, Convenience, and Communication.
Why is logistics important in the global market?
Logistics helps companies deliver products to different countries quickly and safely.
What marketing strategies of international marketing do you figure out?
"born global"
adapt to different markets
product placement
is a marketing strategy that involves mentioning a particular brand or product within another work, such as a film or TV show, for promotional purposes.
What are the five methods of entering overseas markets according to Philip Kotler?
Indirect export, direct export, licensing, joint ventures, and direct investment.
What does "Communication" mean in the Four Cs?
Communication is how the business and customer talk and share information about the product.
What is a supply chain?
A supply chain is the series of steps a product goes through before it reaches the customer.
What is market penetration in the global market context?
Market penetration refers to the process of entering and establishing a presence in international markets by selling products or services, aiming to increase market share and brand recognition compared to the total estimated market size.
brand positioning
is how a product is placed in relation to rival products
What happens in a joint venture?
Two companies, typically an overseas firm and a local one, work together to develop a particular market.
What does "Cost" mean in the Four Cs?
Cost means how much the customer spends, including price and other expenses.
How does technology help in global logistics?
Technology helps track shipments and manage inventory more efficiently.
What are common risks involved in foreign market penetration?
Risks include cultural misunderstandings, regulatory hurdles, economic instability, logistical challenges, and strong competition. Effective risk mitigation requires thorough planning, localization, compliance, and continuous monitoring.
brand extension
is using an existing brand and extending its name and image to new or modified products or different product category.
Why do companies move through different stages in the internationalisation process?
To gradually increase their commitment, investment, and understanding of foreign markets as they expand globally.
How do you use the 4 Ps of Marketing?
The model of the 4Ps can be used when you are planning a new product launch, evaluating an existing product, or trying to optimize the sales of an existing product.
A careful analysis of these four factors—product, price, place, and promotion—helps a marketing professional devise a strategy that successfully introduces or reintroduces a product to the public.
How does customs affect global logistics?
Customs control goods entering a country; they check paperwork and may charge taxes.
How can pricing be optimized for global market penetration?
Pricing can be optimized by adopting penetration pricing—setting lower prices to attract customers quickly—or adjusting prices based on local economic conditions and buying behaviors. This helps gain market share and build brand loyalty in new markets