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Revised by: Darrel Millard April 2003 1.0 Course Title: International Marketing 2.0 Catalog Number: MR108T 3.0 Semester Hour Credit: 3.1 Lecture Hours 3.2 Lab Hours 4.0 Course Description: Covers the theoretical and practical concepts of international marketing. A clear delineation of marketing functions in domestic and international business will be stressed. Other topics covered include the cultural dynamics of the global markets, political and legal environment, and multinational markets. 5.0 Prerequisites: None 6.0 General Course Goals: 1. To distinguish between international and multinational marketing. 2. To explain why countries and individual firms engage in international marketing: comparative advantage, economic and demographic trends, competition at home, the stage in the product life cycle and tax structures. 3. To explore the scope of international marketing. 4. To examine the involvement of the U.S. in international marketing. 5. To determine the reasons behind the large U.S. trade deficit. 6. To describe the cultural, economic, political and legal, and technological environments of international marketing. 7. To provide examples of successful and unsuccessful international marketing. 8. To differentiate among industrialized, developing and less-developed countries. 9. To consider the impact of nationalism. 10. To study GATT and the most-favored national principle. 11. To examine the components of international marketing strategy: Company organization, level of standardization, and product, distribution, promotion and price planning. 7.0 Major Units of Instruction: I. An overview of International Marketing II. The Cultural Environment of Global Marketing III. International Marketing Management IV. Corporate Context of Marketing 8.0 Unit Objectives I. An Overview 1. The Scope and Challenge of International Marketing The Internalization of U.S. Business International Marketing Defined. The International Marketing Task: Marketing Controllables. Domestic Uncontrollables. Foreign Uncontrollables. Environmental Adjustment 3 3 0 Revised by: Darrel Millard April 2003 Needed. Self-Reliance Criterion: An Obstacle. Becoming International: Phases of International Marketing Involvement. Changes in Marketing Orientation. Global Marketing. Orientation of International Marketing. 2. International Trade: Concepts and Theory Twentieth-Century Environment: World War I and Interwar Period. Post-World War II Period. World Trade and U.S. Multinationals. International Trade and Economic Well-Being. Balance of Payments. Theory of Relative Advantage: Absolute Cost Advantage. Comparative Cost Advantage. The Mechanics of Protectionism: Protection Logic and Illogic. Trade Barriers. Market Barriers. Easing Trade Restrictions: General Agreement on Tariffs and Trade (GATT). International Monetary Fund. Summary. 3. Strategic Planning and Organizing for International Marketing Strategic Planning: Company Objectives and Resources. International Commitment. Alternative Market-Entry Strategies: Exporting. Licensing. Franchising. Joint Ventures. Consortia. Manufacturing. Management Contract. The Planning Process. Organizational Strategy: Structural Basis. Locus of Decision. Maintaining Flexibility. Centralized versus Decentralized Organizations. Summary. II. The Cultural Environment of Global Marketing 1. Cultural Dynamics in Assessing Global Markets Cultural Knowledge. Culture and Its Elements: Elements of Culture. Analysis of Elements. Cultural Change: Cultural Borrowing. Similarities: An Illusion. Resistance to Change. Planned Cultural Change. Consequences of an Innovation. Summary. 2. Business Customs and Practices in Global Marketing Required Adaptation: Degree of Adaptation. Imperatives, Adiaphora, and Exclusives. Relationships between Culture and Business Customs. Modes of Doing Business: Sources and Level of Authority. Management Objectives and Aspirations. Formality and Tempo. Communications Emphasis. Negotiation Emphasis. Business Ethics: Bribery—Variations on a Theme. Foreign Corrupt Practices Act (FCPA). Summary. 3. Political Environment—A Special Problem Government and Political Party Systems: Types of Governments. Political Parties. Knowledge of Party Philosophy. The Permanency of Government Policy. Nationalism. Assessing Political Vulnerability: Politically Sensitive Products. Forecasting Political Risk. Confiscation, Expropriation, Domestication, and Other Risks: Confiscation and Expropriation. Domestication. Effects of Revised by: Darrel Millard April 2003 Government-Initiated Domestication. Economic Risks. Political Sanctions. Encouraging Foreign Investment: Foreign Governments. U.S. Government. Reducing Political Vulnerability: Strategies to Lessen Political Risk. Planned Domestication: An Alternative: Political Payoffs. Managing External Affairs. Summary. 4. The International Legal Environment Bases for Legal Systems. Jurisdiction in International Legal Disputes. Legal Recourse in Resolving International Disputes: Problems with Litigation. Arbitration. Enforcement of Arbitration Clauses. Protection of Industrial Property Rights—A Special Problem: Inadequate Protection. Prior Use versus Registration. International Conventions. Commercial Law within Countries: Antitrust—An Evolving Issue. U.S. Laws Apply in Host Countries. National Security Laws. U.S. Antitrust Laws. Extraterritoriality of U.S. Laws. Summary. 5. Geography Climate and Topography. Resources. World Population Trends: Population Distribution. Rural/Urban Shifts. Increasing Unemployment. World Food Production. Controlling Population Growth. Developed World Population Is Declining. Opportunities in Developing Countries. World Trade: Differences in People. Differences in Economies. Differences in Natural Resources. World Trade Routes. Summary. 6. Multinational Markets La Raison D’Etre: Economic Factors. Political Factors. Geographic Proximity. Social Factors. Patterns of Multinational Cooperation: Regional Cooperation Groups. Free-Trade Area. Full Customs Union. Common Market. Political Union. Multinational Markets Today: Europe. Africa. The Americas. Middle East. Asia. Strategic Implications for Marketing: Opportunities. Competition. Market Complexity. Market Barriers. Regulation. Profit. Summary. 7. Developing Markets and Market Behavior Marketing and Economic Development: Stages of Economic Development. Infrastructure and Development. Objectives of Developing Countries. Marketing’s Contribution Neglected. Marketing in a Developing Country: Level of Marketing Development. Influence of Import Orientation. Demand in a LessDeveloped Country. Less-Developed Countries and Long-Range Potential. Socialist Countries—A Special Case: Estimating Demand. Communications Process. Negotiating a Trade. China—An Emerging Market. Changing Market Behavior and Potential. Summary. Revised by: Darrel Millard April 2003 III. International Marketing Management 1. Researching Global Markets Breadth and Scope of International Marketing Research. The Research Process: Defining the Problem and Establishing Research Objectives. Problems of the Availability and Use of Secondary Data: Sources of Secondary Data. Problems of Gathering Primary Data: Unwillingness to Respond. Sampling in Field Surveys. Language and Comprehension. Problems in Analyzing and Interpreting Research Information. Estimating Market Demand. Responsibility for Conducting Marketing Research. Multinational Marketing Information Systems. References: Abstracts, Bibliographies, and Indexes. Sources of Marketing Statistics. Summary. 2. Developing Consumer Products for Global Markets Product Alternatives: Global versus Adapted Products. Products and Culture. Innovative Products and Adaption: Degree of Newness. Physical or Mandatory Requirements and Adaption. Product Life-Cycle and Adaption. Screening Products for Adaption: Analysis of Characteristics of Innovations. Analysis of Product Components. Summary. 3. Marketing Industrial Products and Business Services The Industrial Product: Stage of Economic Development. Political and National Implications. Product Design. Service, Replacement Parts, and Standards. Universal Standards. Channel Strategy. Promoting Industrial Products: Industrial Trade Fairs and Trade Centers. Promoting to Socialist Countries. Establishing Contact in China. Pricing and Competition: Price-Quality Relationship. Countertrading—A Pricing Tool. Business Services as a Product: Growth of U.S. Business Service. U.S. Multinational Services Expand. Market Environment for Business Services. Summary. 4. The International Advertising and Promotion Effort Trends in Advertising, Patter Advertising. Creative Challenges: Legal and Tax Considerations. Language Limitations. Cultural Diversity. Media Limitations. Production and Cost Limitations. Media Planning and Analysis: Tactical Considerations. Media Patterns. Specific Media Information. Sales Promotion. International Advertising and the Communications Process: The Advertising Agency. International Control of Advertising. Summary. 5. Personal Selling and Personnel Management Sources of Marketing and Sales Personnel. Expatriates. Foreign Nationals. Cosmopolitan Personnel. Host-Country Restrictions. Revised by: Darrel Millard April 2003 Managing International Personnel: Differences in Cultural Values Affect Management Practices. Recruiting and Selecting International Personnel. Training and Motivating International Personnel. Preparing U.S. Personnel for Foreign Assignments: Overcoming Reluctance to Accept a Foreign Assignment. Reducing the Rate of Early Returns. Successful Expatriate Repatriation. Developing Cultural Awareness. International Sales Requires Cultural Adjustment. Compensating. Summary. 6. Pricing for International Markets Pricing Policy: Pricing Objectives. Approaches to International Pricing. Leasing in International Markets. Cost Factors: Taxes and Tariffs. Inflation. Exchange-Rate Fluctuations. Middleman and Transportation Costs. Price Escalation: Sample Effects of Price Escalation. Strategic Approaches to Lessening Price Escalation. Using Foreign- Trade Zones to Lessen Price Escalation. Dumping. Administered Pricing: Price Setting by Industry Groups. Government-Influenced Pricing. International Agreements. Countertrade. Problems of Countertrading. Intracompany Pricing Strategy. Price Quotations. Summary. 7. The International Distribution System Factors Affecting Choice of Channels: Cost. Capital Requirement. Control. Coverage. Character. Continuity. Distribution Patterns: General Patterns. Retail Patterns. Government Affiliated Middlemen. Alternative Middleman Choices: Home Country Middlemen. Foreign Country Middlemen. Company Distribution Abroad. Locating, Selecting, and Motivating Channel Members: Locating Middlemen. Selecting Middlemen. Motivating Middlemen. Terminating Middlemen. Controlling Middlemen. Summary. 8. Export Trade Mechanics and Logistics Regulations and Restrictions of Exporting: U.S. Export Restrictions. Import Restrictions. Customs-Privileged Facilities. Foreign Trade Zones. Off-Shore Assembly (Maquiladoras). Export Documents. Terms of Sale. Packing and Marking. Export Shipping. Logistics: Interdependence of Physical Distribution Activities. Effect of Environment on Physical Distribution Costs. Benefits of Physical Distribution Systems. The Foreign-Freight Forwarder. Summary. IV. Corporate Context of Marketing 1. Financial Requirement for International Marketing Capital Needs for International Marketing: Working Capital Requirements. Market Penetration Costs. Capital Investment. Sources of Government Funds for International Marketing Operations. Foreign Commercial Payments: Letters of Credit. Bills of Exchange. Cash in advance. Open Accounts. Financial Risk and Risk Management: Revised by: Darrel Millard April 2003 Commercial Risk. Political Risk. Foreign Exchange Risk. Managing Financial Risks: Hedging. Foreign Exchange Options. European Currency Units. Unblocking Profits. Summary. 2. Coordinating and Controlling Global Marketing Operations Control as a Management Tool. Developing an International Control System: Unique Factors in International Control. Areas of Control: Volume Control. Price Control. Product Control. Promotion Control. Channel Control. Marketing Personnel Control. Profit Control. HomeOffice Responsibility. Summary. 9.0 Course Bibliography: International Marketing, Cateora, Graham, 11th edition, McGraw Hill.