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McGraw-Hill/Irwin Copyright © 2009 by The McGraw-Hill Companies, Inc. All Rights Reserved. LO1 DYNAMICS OF WORLD TRADE WORLD TRADE FLOWS Global Perspective • Countertrade • Trade Feedback Effect United States Perspective • Gross Domestic Product (GDP) • Balance of Trade 7-2 DYNAMICS OF WORLD TRADE LO1 COMPETITIVE ADVANTAGE OF NATIONS Porter’s “Diamond” • Factor Conditions • Demand Conditions • Related and Supporting Industries • Company Strategy, Structure, and Rivalry Economic Espionage Act (1996) 7-3 FIGURE 7-2 Porter’s diamond of national competitive advantage: 4 key elements on why some countries become world leaders 7-4 LO3 MARKETING IN A BORDERLESS ECONOMIC WORLD TREND 1—DECLINE OF ECONOMIC PROTECTIONISM Protectionism Tariffs Quota General Agreement on Tariffs and Trade (GATT) World Trade Organization (WTO) 7-5 FIGURE 7-3 Protectionism hinders world trade through tariffs and quotas policies of countries, raising prices and limiting supply 7-6 LO3 MARKETING IN A BORDERLESS ECONOMIC WORLD TREND 2—RISE OF ECONOMIC INTEGRATION European Union • Euro North American Free Trade Agreement (NAFTA) Asian Free Trade Agreements 7-7 LO3 MARKETING IN A BORDERLESS ECONOMIC WORLD TREND 3—GLOBAL COMPETITION Global Competition Strategic Alliances 7-8 FIGURE 7-A Global companies and marketing strategy 7-9 LO3 MARKETING IN A BORDERLESS ECONOMIC WORLD TREND 3—GLOBAL COMPANIES International Firms Multinational Firms • Multidomestic Marketing Strategy Transnational Firms • Global Marketing Strategy 7-10 A GLOBAL ENVIRONMENTAL SCAN LO3 CULTURAL DIVERSITY Cross-Cultural Analysis Values Customs 7-11 FIGURE 7-B Cultural appreciation 7-12 LO3 A GLOBAL ENVIRONMENTAL SCAN CULTURAL DIVERSITY Cultural Symbols • Semiotics #13 7-13 LO3 A GLOBAL ENVIRONMENTAL SCAN CULTURAL DIVERSITY Language • Unintended Meanings • Back Translation Consumer Ethnocentrism 7-14 LO3 A GLOBAL ENVIRONMENTAL SCAN ECONOMIC CONSIDERATIONS Stage of Economic Development • Developed Countries: Japan • Developing Countries Made the Move: Remain Locked: Brazil Tanzania • Bottom of the Pyramid 7-15 LO3 A GLOBAL ENVIRONMENTAL SCAN ECONOMIC CONSIDERATIONS Economic Infrastructure Consumer Income and Purchasing Power • Microfinance: India Currency Exchange Rate 7-16 FIGURE 7-5 A comparison of the purchasing power differences around the world 7-17 LO3 A GLOBAL ENVIRONMENTAL SCAN POLITICAL-REGULATORY CLIMATE Political Stability Trade Regulations 7-18 FIGURE 7-6 Alternative global market-entry strategies 7-19 LO4 COMPARING GLOBAL MARKET-ENTRY STRATEGIES EXPORTING Exporting • Indirect Exporting • Direct Exporting 7-20 LO4 COMPARING GLOBAL MARKET-ENTRY STRATEGIES LICENSING Contract Manufacturing Contract Assembly Franchising 7-21 LO4 COMPARING GLOBAL MARKET-ENTRY STRATEGIES JOINT VENTURE AND DIRECT INVESTMENT Joint Venture Direct Investment 7-22 LO5 CRAFTING A WORLDWIDE MARKETING PROGRAM PRODUCT STRATEGIES Product Extension Product Adaptation Product Invention 7-23 FIGURE 7-7 Five product and promotion strategies for global marketing 7-24 CRAFTING A WORLDWIDE MARKETING PROGRAM LO5 PROMOTION STRATEGIES Identical Message Communication Adaptation Dual Adaptation 7-25 CRAFTING A WORLDWIDE MARKETING PROGRAM LO5 DISTRIBUTION AND PRICING STRATEGIES Channels Usually Long and Complex Countries Impose Pricing Constraints Prices May Be Too High or Too Low • Dumping • Gray Market 7-26 FIGURE 7-8 Channels of distribution in global marketing 7-27
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