international marketing (by Richard Collins) Part 3-1.ppt

International MarketingMKTG3060 –Semester 2 2008 Richard Collins Lecturer Learning Objectives The changing face of U.S. business The scope of the international marketing task The importance of the self-reference criterion (SRC) in international marketing The progression of becoming a global marketer The increasing importance of global awareness Global Perspective: Global Commerce Causes Peace Global commerce during peace time Commercial aircraft and space vehicle industries Mobile phone industry Individuals and small companies International markets are ultimately unpredictable Flexibility means survival Events and Trends Affecting Global Business The rapid growth of the World Trade Organization and regional free trade areas The trend toward the acceptance of the free market system among developing countries in Latin America, Asia, and eastern Europe Events and Trends Affecting Global Business (continued) The burgeoning impact of the Internet, mobile phones, and other global media on the dissolution of national borders The mandate to properly manage the resources and global environment for the generations to come The Internationalization of U.S. Business Increasing globalization of markets Increasing number of U.S. companies are foreign controlled $9.6 trillion in foreign investment in the U.S. – $2.6 trillion more than American overseas investment Increasing number of foreign companies building and buying manufacturing plants in the U.S. Increasing difficulty for domestic markets to sustain customary rates of growth Foreign Acquisitions of U.S. Companies Selected U.S. Companies and Their International Sales International Marketing Defined The International Marketing Task Insert Exhibit 1.3 Environmental Adaptation Needed Be able to interpret effectively the influence and impact of the culture in which you hope to do business Cultural adjustments Establish a frame of reference Avoid measuring and assessing markets against the fixed values and assumptions