What you should learn from chapter 1: The benefits of international markets, the changing face of . business, the scope of the international marketing task, the importance of the self-reference criterion (SRC) in international marketing, the increasing importance of global awareness, the progression of becoming a global marketer. | The Scope and Challenge of International Marketing Chapter 1 Learning Objectives LO1 The benefits of international markets LO2 The changing face of . business LO3 The scope of the international marketing task LO4 The importance of the self-reference criterion (SRC) in international marketing LO5 The increasing importance of global awareness LO6 The progression of becoming a global marketer Global Commerce Causes Peace Global commerce thrives during peacetime Economic boom in North America in the late 1990s largely due to the end of the cold war 3 The Internationalization of . Businesses 1-4 4 1-5 The International Marketing Task One Two Three Four 1-6 6 Exhibit Selected . Companies and Their International Sales Source: Compiled from annual reports of listed firms, 2012 1-7 7 1-8 Self-Reference Criterion & Ethnocentrism Self-Reference Criterion (SRC) is an unconscious reference to one’s own cultural values, experiences, and knowledge as a basis for decisions. Ethnocentrism is the notion that people in one’s own company, culture, or country know best how to do things. Both the SRC and ethnocentrism impede the ability to assess a foreign market in its true light. 9 Developing Global Awareness To be globally aware is to have: tolerance of cultural differences and knowledge of cultures, history, world market potential, and global economic, social, and political trends 10 Stages of International Marketing Involvement No Direct Foreign Marketing Infrequent Foreign Marketing Regular Foreign Marketing International Marketing Global Marketing 11 Factors Favoring Faster Internationalization Companies with either high technology and/or marketing-based resources are better equipped to internationalize than more traditional manufacturing companies (Tseng et. al., 2007) Smaller home markets and larger production capacities favor internationalization (Fan & Phan, 2007) and Firms with key managers well networked internationally are able to accelerate the . | The Scope and Challenge of International Marketing Chapter 1 Learning Objectives LO1 The benefits of international markets LO2 The changing face of . business LO3 The scope of the international marketing task LO4 The importance of the self-reference criterion (SRC) in international marketing LO5 The increasing importance of global awareness LO6 The progression of becoming a global marketer Global Commerce Causes Peace Global commerce thrives during peacetime Economic boom in North America in the late 1990s largely due to the end of the cold war 3 The Internationalization of . Businesses 1-4 4 1-5 The International Marketing Task One Two Three Four 1-6 6 Exhibit Selected . Companies and Their International Sales Source: Compiled from annual reports of listed firms, 2012 1-7 7 1-8 Self-Reference Criterion & Ethnocentrism Self-Reference Criterion (SRC) is an unconscious reference to one’s own cultural values, experiences, and knowledge as a basis for decisions. Ethnocentrism
