MT219 marketing

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regulation. India, infamous for infrastructure troubles and avoiding international

investment, recently made some regulation changes that should help global companies

enter the huge Indian market. The major change offers companies such as Walmart more

options for establishing business. Before, the company could only wholesale joint ventures.

Now, it can own up to 51 percent of joint ventures in India.

FOOD FIGHTS IN CHINA

In recent years, China has faced a number of deadly food scares. One incident killed 6

infants and sickened 300,000 when they drank formula that contained melamine, a

material used to make plastics and adhesives. Other incidents involve companies such as

Walmart and Carrefour mislabeling regular products as organic or natural. Now, offenders

will be banned from investing in or operating any food-related businesses for up to five

years. The ways an operation can violate a food-safety law are increasing as well, making it

harder for companies to operate in China. However, the country is focused on trying to

protect its consumers from mislabeled products and food sold past its “best-by” dates. The

first year of the new regulations, China will crack down heavily on non-food additives, such

as melamine. Each change is a new piece of information to add to the Chinese external

environment that global marketers must face.

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Source: Yidi Zhao, “Beijing Tightens Food Safety Control with Life Ban in New Rules,”

Bloomberg Businessweek, April 9, 2012, www.businessweek.com/news/2012-04-09/beijing-

tightens-food-safety-control-with-life-ban-in-new-rules (Accessed April 11, 2012).

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LEGAL CONSIDERATIONS

Closely related to and-ten intertwined with the political environment are legal

considerations. In France, nationalistic sentiments led to a law that requires pop music

stations to play at least 40 percent of their songs in French (even though French teenagers

love American and English rock and roll).

Many legal structures are designed to either limit or encourage trade:

TARIFF: a tax levied on the goods entering a country. Because a tariff is a tax, it will

either reduce the profits of the firms paying the tariff or raise prices to buyers, or both.

Normally, a tariff raises prices of the imported goods and makes it easier for domestic

firms to compete. The United States maintains tariffs as high as 27 percent on Canadian

softwood lumber because the Canadian government allegedly subsidizes the industry.

QUOTA: a limit on the amount of a specific product that can enter a country. Several

U.S. companies have sought quotas as a means of protection from foreign competition.

BOYCOTT: the exclusion of all products from certain countries or companies.

Governments use boycotts to exclude companies from countries with which they have a

political dispute. Several Arab nations boycotted Coca-Cola because it maintained

distributors in Israel.

EXCHANGE CONTROL: a law compelling a company earning foreign exchange from its

exports to sell it to a control agency, usually a central bank. A company wishing to buy

goods abroad must first obtain a foreign currency exchange from the control agency.

For instance, Avon Products drastically cut back new production lines and products in

the Philippines because exchange controls prevented the company from converting

pesos to dollars to ship back to the home office. The pesos had to be used in the

Philippines.

MARKET GROUPING (also known as a common trade alliance): occurs when several

countries agree to work together to form a common trade area that enhances trade

opportunities. The best-known market grouping is the European Union (EU).

TRADE AGREEMENT: an agreement to stimulate international trade. Not all

government efforts are meant to stifle imports or investment by foreign corporations.

The largest Latin American trade agreement is Mercosur, which includes Argentina,

Bolivia, Brazil, Chile, Colombia, Ecuador, Paraguay, Peru, Uruguay, and Venezuela. The

elimination of most tariffs among the trading partners has resulted in trade revenues of

more than $16 billion annually. The economic boom created by Mercosur will

undoubtedly cause other nations to seek trade agreements on their own or to enter

Mercosur.

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Mercosur

the largest Latin American trade agreement; includes Argentina, Bolivia, Brazil,

Chile, Colombia, Ecuador, Paraguay, Peru, Uruguay, and Venezuela

THE URUGUAY ROUND, THE FAILED DOHA ROUND, AND BILATERAL AGREEMENTS

The Uruguay Round is an agreement that has dramatically lowered trade barriers

worldwide. Adopted in 1994, the agreement has been signed by 151 nations. It is the most

ambitious global trade agreement ever negotiated. The agreement has reduced tariffs by

one-third worldwide—a move that has raised global income by $235 billion annually.

Perhaps most notable is the recognition of new global realities. For the first time, an

agreement covers services, intellectual property rights, and trade-related investment

measures such as exchange controls.

Uruguay Round

an agreement to dramatically lower trade barriers worldwide; created the World

Trade Organization

The Uruguay Round made several major changes in world trading practices.

ENTERTAINMENT, PHARMACEUTICALS, INTEGRATED CIRCUITS, AND SOFTWARE: The

rules protect patents, copyrights, and trademarks for twenty years. Computer programs

receive fifty years of protection, and semiconductor chips receive ten years of

protection. But many developing nations were given a decade to phase in patent

protection for drugs. France, which limits the number of U.S. movies and television

shows that can be shown, refused to liberalize market access for the U.S. entertainment

industry.

FINANCIAL, LEGAL, AND ACCOUNTING SERVICES: Services came under international

trading rules for the first time, creating a vast opportunity for these competitive U.S.

industries. Now it is easier for managers and key personnel to be admitted to a country.

Licensing standards for professionals, such as doctors, cannot discriminate against

foreign

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applicants. That is, foreign applicants cannot be held to higher standards than domestic

practitioners.

AGRICULTURE: Europe is gradually reducing farm subsidies, opening new

opportunities for such U.S. farm exports as wheat and corn. Japan and Korea are

beginning to import rice. But U.S. growers of sugar and citrus fruit have had their

subsidies trimmed.

TEXTILES AND APPAREL: Strict quotas limiting imports from developing countries are

being phased out, causing further job losses in the U.S. clothing trade. But retailers and

consumers are the big winners, because past quotas have added $15 billion a year to

clothing prices.

A NEW TRADE ORGANIZATION: The World Trade Organization (WTO) replaced the old

General Agreement on Tariffs and Trade (GATT), which was created in 1948. The WTO

eliminated the extensive loopholes of which GATT members took advantage. Today, all

WTO members must fully comply with all agreements under the Uruguay Round. The

WTO also has an effective dispute settlement procedure with strict time limits to resolve

disputes.

World Trade Organization (WTO)

a trade organization that replaced the old General Agreement on Tariffs and

Trade (GATT)

General Agreement on Tariffs and Trade (GATT)

a trade agreement that contained loopholes enabling countries to avoid trade-

barrier reduction agreements

The latest round of WTO trade talks began in Doha, Qatar, in 2001. For the most part, the

periodic meetings of WTO members under the Doha Round have been very contentious.

One of the most contentious goals of the round was for the major developing countries,

known collectively as BRIC (Brazil, Russia, India, and China), to lower tariffs on industrial

goods in exchange for European and American tariff and subsidy cuts on farm products.

Concerned that lowering tariffs would result in an economically damaging influx of foreign

cotton, sugar, and rice, China and India demanded a safeguard clause that would allow

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them to raise tariffs on those crops if imports surged. Unable to agree on what percentage

increase constituted a surge in imports, the countries remain at an impasse.

The Doha Round suffers from fears of mass imports on agricultural goods that would economically stunt domestic producers.

In addition to the slow progress of the Doha Round, many countries have moved toward

protectionism after the global recession of 2008–2009. This movement discourages new

trade agreements, which are designed to encourage international trade. Ecuador, for

instance, has hiked tariffs on more than 600 categories of imports. Chinese companies have

made several allegations that the United States is engaging in protectionism and blocking

companies from participating in bids for work or companies for sale.

However, the move toward protectionism has not reversed the agreements and

organizations that arose from the period of increased globalization before the economic

crisis in 2008: the North American Free Trade Agreement, the Central America Free Trade

Agreement, the European Union, the World Bank, and the International Monetary Fund.

NORTH AMERICAN FREE TRADE AGREEMENT

At the time it was instituted, the North American Free Trade Agreement (NAFTA) created the

world’s largest free trade zone. Ratified by the U.S. Congress in 1993, the agreement includes

Canada, the United States, and Mexico, with a combined population of 441 million and an

economy of $17 trillion.

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North American Free Trade Agreement (NAFTA)

an agreement between Canada, the United States, and Mexico that created the world’s

then-largest free trade zone

The main impact of NAFTA was to open the Mexican market to U.S. companies. When the

treaty went into effect,

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tariffs on about half the items traded across the Rio Grande disappeared. The pact removed

a web of Mexican licensing requirements, quotas, and tariffs that limited transactions in

U.S. goods and services. For instance, the pact allowed U.S. and Canadian financial-services

companies to own subsidiaries in Mexico.

In August 2007, the three member countries met in Canada to tweak NAFTA but not make

substantial changes. For example, the members agreed to further remove trade barriers on

hogs, steel, consumer electronics, and chemicals. They also directed the North American

Steel Trade Committee, which represents the three governments, to focus on subsidized

steel from China.

The real question is whether NAFTA can continue to deliver rising prosperity in all three

countries. America has certainly benefited from cheaper imports and more investment

opportunities abroad. According to the World Trade Organization, trade between the three

countries comprised 51 percent of total trade, whereas 49 percent of exports went to other

countries.

NAFTA has also created millions of jobs for all three nations. It is estimated that Canada has

gained almost 5 million jobs, the United States has picked up 25 million jobs, and Mexico has

created nearly 10 million jobs.

CENTRAL AMERICA FREE TRADE AGREEMENT

The Central America Free Trade Agreement (CAFTA) was instituted in 2005. Besides the

United States, the agreement includes Costa Rica, the Dominican Republic, El Salvador,

Guatemala, Honduras, and Nicaragua.

Central America Free Trade Agreement (CAFTA)

a trade agreement, instituted in 2005, that includes Costa Rica, the Dominican

Republic, El Salvador, Guatemala, Honduras, Nicaragua, and the United States

Between 2005 and 2007, trade between the United States and CAFTA countries grew 18

percent. The United States exported $23 billion of goods and services to CAFTA nations in

2007, up 33 percent since 2005. The United States imported $19 billion of goods and services

from CAFTA nations, up 4 percent since 2005. CAFTA has been an unqualified success. It

has created new commercial opportunities for its members, has promoted regional stability,

and is an impetus for economic development for an important group of U.S. neighbors.

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EUROPEAN UNION

The European Union (EU) is one of the world’s most important free trade zones and now

encompasses most of Europe. More than a free trade zone, it is also a political and economic

community. As a free trade zone, it guarantees the freedom of movement of people, goods,

services, and capital between member states. It also maintains a common trade policy with

outside nations and a regional development policy. The EU represents member nations in

the WTO. Recently, the EU also began venturing into foreign policy as well, getting involved

in issues such as Iran’s refining of uranium.

European Union (EU)

a free trade zone encompassing twenty-seven European countries

The European Union currently has twenty-seven member states: Austria, Belgium, Bulgaria,

Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary,

Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal,

Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. There are currently

six official candidate countries: Croatia, Iceland, the Republic of Macedonia, Montenegro,

Serbia, and Turkey. In addition, the western Balkan countries of Albania and Bosnia-

Herzegovina are officially recognized as potential candidates.

In early 2010, Greece entered a financial crisis that highlighted the challenges of a large

currency union where member nations maintain responsibility for their own fiscal policies.

Unable to devalue its currency to boost sales of products without injuring other member

nations, Greece turned to member states for a bailout. The crisis has highlighted debt

problems in other EU nations such as Spain and Ireland. Ireland, after a burst property

bubble, may also need a bailout, while Greece faces protests as it imposes austerity

measures in order to receive continued bailout money.

The European Union Commission and the courts have not always been kind to

multinationals. For example, the EU fined Procter & Gamble, Unilever, and Henkel for

running a cartel that fixed laundry detergent prices. The EU investigated the three

companies and found that they formed the cartel after joining in efforts to reduce packaging

materials for Ariel and Tide (P&G), OMO and Radiant (Unilever), and Persil (Henkel). In that

meeting, the three companies agreed on pricing and respective market share, which the EU

determined unfairly limited competition and forced consumers to pay higher prices. All

three companies agreed to cooperate with the investigation and are paying the fine.

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The EU is the largest economy in the world. The EU is also a huge market, with a population

of nearly 500 million and a GDP of $18 trillion. The United States and the EU have the largest

bilateral trade and investment relationship

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in world history. Together, they account for more than half of the global economy, while

bilateral trade accounts for 7 percent of the world total. U.S. and EU companies have

invested an estimated $2 trillion in each other’s economies, employing directly and

indirectly as many as 14 million workers. Nearly every U.S. state is involved with exporting

to, importing from, or working for European firms.

Despite the country’s dire financial situation, Greeks are protesting the austerity measures imposed by the government. Many of the measures directly impact huge portions of the population.

The EU is an attractive market, with purchasing power almost equal to that of the United

States. But the EU presents marketing challenges because, even with standardized

regulations, marketers will not be able to produce a single European product for a generic

European consumer. With more than fourteen different languages and individual national

customs, Europe will always be far more diverse than the United States. Thus, product

differences will continue to be necessary.

An entirely different type of problem facing global marketers is the possibility of a

protectionist movement by the EU against outsiders. For example, European automakers

have proposed holding Japanese imports at roughly their current 10 percent market share.

The Irish, Danes, and Dutch don’t make cars and have unrestricted home markets; they

would be unhappy about limited imports of Toyotas and Nissans. But France has a strict

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quota on Japanese cars to protect Renault and Peugeot. These local carmakers could be hurt

if the quota is raised at all.

THE WORLD BANK, THE INTERNATIONAL MONETARY FUND, AND THE G-20

Two international financial organizations are instrumental in fostering global trade. The

World Bank offers low-interest loans to developing nations. Originally, the purpose of the

loans was to help these nations build infrastructure such as roads, power plants, schools,

drainage projects, and hospitals. Now the World Bank offers loans to help developing

nations relieve their debt burdens. To receive the loans, countries must pledge to lower

trade barriers and aid private enterprise. In addition to making loans, the World Bank is a

major source of advice and information for developing nations. The International Monetary

Fund (IMF) was founded in 1945, one year after the creation of the World Bank, to promote

trade through financial cooperation and eliminate trade barriers in the process. The IMF

makes short-term loans to member nations that are unable to meet their budgetary

expenses. It operates as a lender of last resort for troubled nations, such as Greece. In

exchange for these emergency loans, IMF lenders frequently extract significant

commitments from the borrowing nations to address the problems that led to the crises.

These steps may include curtailing imports or even devaluing the currency. Greece, working

with both the IMF and the EU, has raised taxes to unprecedented levels, cut government

spending (including pensions), and implemented

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labor reforms such as reducing the minimum wage, as part of its austerity measures to

receive loans from the IMF and the EU.

World Bank

an international bank that offers low-interest loans, advice, and information to

developing nations

International Monetary Fund (IMF)

an international organization that acts as a lender of last resort, providing loans to

troubled nations, and also works to promote trade through financial cooperation

The Group of Twenty (G-20) finance ministers and central bank governors was established

in 1999 to bring together industrialized and developing economies to discuss key issues in

the global economy. The G-20 is a forum for international economic development that

promotes discussion between industrial and emerging-market countries on key issues

related to global economic stability. By contributing to the strengthening of the

international financial system and providing opportunities for discussion on national

policies, international cooperation, and international financial institutions, the G-20 helps to

support growth and development across the globe. The members of the G-20 are shown in

Exhibit 5.2.

Group of Twenty (G-20)

a forum for international economic development that promotes discussion between

industrial and emerging-market countries on key issues related to global economic

stability

Exhibit 5.2: MEMBERS OF THE G-20

Argentina European Union Italy Saudi Arabia

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Australia France Japan South Africa

Brazil Germany Mexico Turkey

Canada India Republic of Korea United Kingdom

China Indonesia Russia United States

© Cengage Learning

In 2009, the G-20 met in Pittsburgh, Pennsylvania, where it adopted President Obama’s

proposed Framework for Strong, Sustainable, and Balanced Growth. The document outlined

a process to help avoid other financial crises such as the one that started in the financial

markets in the United States in 2007. It also provided recommendations for long-term global

growth.

5-3e: Demographic Makeup

The three most densely populated nations in the world are China, India, and Indonesia. But

that fact alone is not particularly useful to marketers. They also need to know whether the

population is mostly urban or rural, because marketers may not have easy access to rural

consumers. Belgium, with about 90 percent of the population living in urban settings, is an

attractive market.

Another key demographic consideration is age. There is a wide gap between the older

populations of the industrialized countries and the vast working-age populations of

developing countries. This gap has enormous implications for economies, businesses, and

the competitiveness of individual countries. It means that while Europe and Japan struggle

with pension schemes and the rising cost of health care, countries like Brazil, China, and

Mexico can reap the fruits of a demographic dividend: falling labor costs, a healthier and

more educated population, and the entry of millions of women into the workforce. The

demographic dividend is a gift of falling birthrates, and it causes a temporary bulge in the

number of working-age people. Population experts have estimated that one-third of East

Asia’s economic miracle can be attributed to a beneficial age structure. But the miracle

occurred only because the governments had policies in place to educate their people, create

jobs, and improve health.

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5-3f: Natural Resources

A final factor in the external environment that has become more evident in the past decade

is the shortage of natural resources. For example, petroleum shortages have created huge

amounts of wealth for oil-producing countries such as Norway, Saudi Arabia, and the United

Arab Emirates. Both consumer and industrial markets have blossomed in these countries.

Other countries—such as Indonesia, Mexico, and Venezuela—were able to borrow heavily

against oil reserves in order to develop more rapidly. On the other hand, industrial

countries such as Japan, the United States, and much of Western Europe experienced an

enormous transfer of wealth to the petroleum-rich nations. The high price of oil has created

inflationary pressures in petroleum-importing nations. It also created major problems for

airlines and other petroleum-dependent industries. Petroleum is not the only natural

resource that affects international marketing. Warm climate and lack of water mean that

many of Africa’s countries will remain importers of foodstuffs. The United States, on the

other hand, must rely on Africa for many precious metals. Vast differences in natural

resources create international dependencies, huge shifts of wealth, inflation and recession,

export opportunities for countries with abundant resources, and even a stimulus for

military intervention.

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5-4: GLOBAL MARKETING BY THE INDIVIDUAL FIRM

A company should consider entering the global marketplace only after its management has

a solid grasp of the global environment.

Companies decide to “go global” for a number of reasons. Perhaps the most important is to

earn additional profits. Managers may feel that international sales will result in higher

profit margins or more added-on profits. A second stimulus is that a firm may have a

unique product or technological advantage not available to other international competitors.

Such advantages should result in major business successes abroad. In other situations,

management may have exclusive market information about foreign customers,

marketplaces, or market situations not known to others. While exclusivity can provide an

initial motivation for international marketing, managers must realize that competitors can

be expected to catch up with the firm’s information advantage. Finally, saturated domestic

markets, excess capacity, and potential for economies of scale can also be motivators to “go

global.” Economies of scale mean that average per-unit production costs fall as output is

increased.

Many firms form multinational partnerships—called strategic alliances—to assist them in

penetrating global markets; strategic alliances are examined in Chapter 7. Five other

methods of entering the global marketplace are, in order of risk, exporting, licensing and

franchising, contract manufacturing, joint venture, and direct investment (see Exhibit 5.3).

Exhibit 5.3: RISK LEVELS FOR FIVE METHODS OF ENTERING THE GLOBAL MARKETPLACE

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5-4a: Exporting

When a company decides to enter the global market, exporting is usually the least

complicated and least risky alternative. Exporting is selling domestically produced products

to buyers in other countries. A company can sell directly to foreign importers or buyers. The

United States is the world’s largest exporter.

exporting

selling domestically produced products to buyers in other countries

Instead of selling directly to foreign buyers, a company may decide to sell to intermediaries

located in its domestic market. The most common intermediary is the export merchant, also

known as a buyer for export, which is usually treated like a domestic customer by the

domestic manufacturer. The buyer for export assumes all risks and sells internationally for

its own account. The domestic firm is involved only to the extent that its products are

bought in foreign markets.

buyer for export

an intermediary in the global market who assumes all ownership risks and sells

globally for its own account

A second type of intermediary is the export broker, who plays the traditional broker’s role

by bringing buyer and seller together. The manufacturer still retains title and assumes all

the risks. Export brokers operate primarily in agricultural products and raw materials.

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export broker

an intermediary who plays the traditional broker’s role by bringing buyer and seller

together

Export agents, a third type of intermediary, are foreign sales agents/distributors who live in

the foreign country and perform the same functions as domestic manufacturers’ agents,

helping with international financing, shipping, and so on. The U.S. Department of

Commerce has an agent/distributor service that helps

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