Marketing - Is the set of activities which are undertaken by the companies to provide satisfaction to the customers through value addition and making good relations with them, to increase their brand value., International marketing - Can be defined as exchange of goods and services between different national markets involving buyers and sellers., Domestic marketing - Is concerned with marketing practices within the marketers home country., Foreign marketing - Is reference to domestic marketing within the foreign country., Comparative marketing - Is when two or more Marketing Systems are studied., International trade - Is concerned with flow of goods and services between the countries., Licensing - Are franchise or technical contracts., Direct investment - Refers to wholly-owned facilities in the host country., The marketing mix - Product, Price, Promotion and Place., Global Marketing - Is to learn to recognize the extent to which marketing plans and programs can be extended worldwide and the extent to which they must be adopted. It´s expensive, extensive and complex., Sales promotions - Are activities that are usually short term designed to quickly stimulate Demand by encouraging customers to purchase our products or services., Ethnocentrism - Is the tendency to perceive one's own cultural practices as normal or superior., Uncertainty - Is created by the uncontrollable elements of all business environments., The domestic environment - Includes home-country elements that are outside the control of the manager and that can have a direct effect on the success of a foreign venture: political forces, legal structure and economic climate., Adaptation - Is a conscious effort on the part of the international marketer to anticipate the influences of both the foreign and domestic uncontrollable environments on a marketing mix, and then to adjust the marketing mix to minimise the effects., Branding - Decides the price, the image and the basic kind of trust and faith in the minds of the costumers, Indirect exporting - Happens through domestic market to international market., Direct exporting - Happens through in-house office to foreign market., Self-reference criterion (SRC) - Is an unconscious reference to one’s own cultural values, experiences, and knowledge as a basis for decisions. The SRC impedes the ability to assess a foreign market in its true light., EPRG schema - Classifies the firms as having an Ethnocentric, Polycentric, Regiocentric or Geocentric orientation (EPRG) depending on the international commitment of the firm., The Domestic Market Extension Orientation - The firm’s orientation is to market to foreign customers in the same manner the company markets to domestic customers., Multidomestic Market Orientation - A company guided by this concept has a strong sense that country markets are vastly different, and that market success requires an almost independent program for each country., Tolerance - Is understanding cultural differences and accepting and working with others whose behavior may be different from yours.,

BASIC CONCEPTS OF INTERNATIONAL MARKETING

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