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IM2INTRODUCTIONInternationalMarketing:NOTESHAUFall2011PROFESSORANDREIRIBALKINBasedonCGBOutline•CourseCharacteristics•FundamentalsofMarketing•FundamentalsofInternationalBusiness•IMDefinition•MarketingTasksforInternationalEnvironment•MajorObstacles•GlobalAwareness•StrategicOrientationCourseCharacteristics•Intermediate•BasedonMarketingandInternationalBusinessconcepts•MorecomplexthandomesticmarketingFundamentalsofMarketing•Definition•Process:StrategicandTacticalMarketingFundamentalsofInternationalBusiness•Tradetheories•Countryfactors•Regionalintegration•ForeignexchangemarketIMDefinition•InternationalMarketingistheperformanceofbusinessactivitiesdesignedtoplan,price,promoteanddistributecompany’sproductstocustomersinmorethanonecountryforprofit.(adaptedfromCGB)TasksIsmorecomplicatedfortheinternationalenvironmentbecausetherearemoreuncontrollablefactorsMajorObstacles•Theself-referencecriterion(SRC)=unconsciousreferencetoone’sownculturalvalues,experiencesandknowledgeasabasisfordecisions.•Ethnocentrism=thenotionthatone’scultureorcompanyknowsbetterhowtodothings.•SRCandEthnocentrismarecloselyconnected•Toavoiderrorsconductacross-culturalanalysisthatisolatesSRCandethnocentrismGlobalAwarenessMeans•Toleranceofculturaldifferencesand•Knowledgeofcultures,history,worldmarketsandglobaleconomic,socialandpoliticaltrendsThreeApproachesinStrategicOrientation•Domesticmarketextensionconcept•Multidomesticmarketconcept•GlobalmarketingconceptTodayIHaveLearned1..2..3..4..5..IM3InternationalEnvironmentInternationalMarketing:NOTESHAUFall2011ProfessorAndreiRibalkinBasedonCGBOutline•Globalperspective•Theoreticalbasis:–Internationaltradetheories–Balanceofpayments•Protectionismandtradebarriers•InternationalinstitutionsGlobalPerspective•Globalizationofmarketsandproductionisdeveloping•Internationalcooperationisincreasing•Economicgrowthisslowing•Developingeconomiesarecatchingup•CompetitionisintensifyingGlobalizationTheshifttowardsamoreintegratedandinterdependentworldeconomyTwocomponents:•Theglobalizationofmarkets=Themergingofdistinctlyseparatenationalmarketsintoaglobalmarketplace•TheglobalizationofproductionreferstosourcingofgoodsandservicesfromlocationsaroundtheworldtotakeadvantageofdifferencesincostorqualityofthefactorsofproductionInternationalTradeTheories•Provideanswerstoaquestionwhycountriestradeandcompaniesfocusonspecificsectorsandproducts•Areimportantformarketerstodevelopmarketingstrategies•Lookatdifferentlevels:countrylevelorcompanylevelorstrategicbusinessunit(SBU)level4-17TradeTheories.Overview•Economicassumption:freetradeproducesgainsforallparticipatingcountries•ThePatternofInternationalTradedisplayspatternsthatareeasytounderstand(SaudiArabia/oilorChina/crawfish)and•Othersarenotsoeasytounderstand(Japanandcars)MajorTheories•Mercantilism•Absoluteadvantage•Comparativeadvantage•Hecksher-Olin•Life-Cycle•Newtrade•Nationalcompetitiveadvantage(Porter’sdiamond)Mercantilism:mid-16thcentury•Anation’swealthdependsonaccumulatedtreasure–Goldandsilverarethecurrencyoftrade•Theorysaysyoushouldhaveatradesurplus.–Maximizeexportthroughsubsidies.–Minimizeimportsthroughtariffsandquotas•Flaw:“zero-sumgame”4-194-20Mercantilism-zero-sumgame•DavidHumein1752pointedoutthat:–Increasedexportsleadstoinflationandhigherprices–Increasedimportsleadtolowerprices•Result:CountryAsellslessbecauseofhighpricesandCountryBsellsmorebecauseoflowerprices•Inthelongrun,noonecankeepatradesurplusTheoryofabsoluteadvantage•AdamSmith:WealthofNations(1776)argued:–Capabilityofonecountrytoproducemoreofaproductwiththesameamountofinputthananothercountrycanvary–Acountryshouldproduceonlygoodswhereitismostefficient,andtradeforthosegoodswhereitisnotefficient•Tradebetweencountriesis,therefore,beneficial•Assumesthereisanabsolutebalanceamongnations4-214-22Theoryofcomparativeadvantage•DavidRicardo:PrinciplesofPoliticalEconomy(1817).–Extendsfreetradeargument–Efficiencyofresourceutilizationleadstomoreproductivity.–Shouldimportevenifcountryismoreefficientintheproduct’sproductionthancountryfromwhichitisbuying.–Looktoseehowmuchmoreefficient.Ifonlycomparativelyefficient,thanimport.•Makesbetteruseofresources•Tradeisapositive-sumgame4-23Heckscher(1919)-Olin(1933)Theory•Exportgoodsthatintensivelyusefactorendowmentswhicharelocallyabundant–Corollary:importgoodsmadefromlocallyscarcefactors•Note:Factorendowmentscanbeimpactedbygovernmentpolicy-minimumwage•Patternsoftradearedeterminedbydifferencesinfactorendowments-notproductivity•Remember,focusonrelativeadvantage,notabsoluteadvantage4-24Productlife-cycleTheory-R.Vernon,(1966)•Asproductsmature,bothlocationofsalesandoptimalproductionchanges•Affectsthedirectionandflowofimportsandexports•Globalizationandintegrationoftheeconomymakesthistheorylessvalid4-25NewtradetheoryInindustrieswithhighfixedcosts:•Specializationincreasesoutput,andtheabilitytoenhanceeconomiesofscaleincreases•learningeffectsarehigh.Thesearecostsavingsthatcomefrom“learningbydoing”4-26Theoryofnationalcompetitiveadvantage•Thetheoryattemptstoanalyzethereasonsforanationssuccessinaparticularindustry•Porterstudi