MKT560-DB1
INeal
MKT560-DB1.docxDylan Reinink
DB Week 1
Top of Form
Overall Rating:
· 1
1234
· 5
Chapter 1
Question 2: The marketer’s task is the same whether applied in Dimebox, Texas, or Dar es Salaam, Tanzania.
The marketer’s task is indeed the same, whether applied in Dimebox, Texas, or Dar es Salaam, Tanzania. The reasoning behind this is because marketers still follow the same fundamental marketing rules of promoting, pricing and distributing products to a market where there is interest, all to make profit. Whether domestic or international, the marketer’s job, composed of all processes, concepts and principles, remains universally transferable between domestic and international markets, which further proves the fact that from Dimebox, Texas to Dar es Salaam, Tanzania, the marketer’s task remains the same, while the environment in which the marketer is conducting business in changes. By keeping the fundamental marketing rules of promoting, pricing and distributing products consistent, the marketer builds consistency in these principles. Consistency is important for marketers not only to give a consistent message, but to also learn from them. Jon Simpson noted the importance of consistency in the marketer’s tasks by stating, “When your content quality, quantity or schedule isn't consistent, it can confuse your customers. Keeping with a regular strategy not only helps create a better customer experience but it also helps build credibility, reputation and brand trust” (Simpson, 2019). Consistency in marketing fundamentals is key for the marketer to continue, even when the marketer’s task is in two completely different areas
Question 4: Discuss the five phases of international marketing involvement.
The five phases of international marketing involvement include no direct foreign marketing, infrequent foreign marketing, regular foreign marketing, international marketing, and global marketing. It is important to note that these five phases do not necessarily go in order, they can start at any phase and move to any phase or be in more than one phase at any time.
The first phase listed, no direct foreign marketing, showcases a company that does not actively market to customers outside of its national boundaries. This company can still potentially sell products in foreign markets through domestic wholesalers, distributors, and international internet consumers, it just chooses not to market their products to their foreign markets. Companies can monitor performance in this phase for the international sales of their product to decide whether to make a transition in their international marketing involvement.
The second phase listed, infrequent foreign marketing, is often caused by temporary surpluses due to production variation, or spikes in demand. Since this phase is characterized by its surplus, these are temporary by nature. This leads to very little interest in maintaining a continuous presence in a market. Few companies today fit this phase, since customers seek long-term commercial relationships, rather than volatile short-term relationships.
The third phase listed, regular foreign marketing, the firm has a vested interest in their foreign market and has permanent production capabilities solely for goods and services to be marketed in foreign markets. The firm may employ foreign or domestic intermediaries overseas and may have its own sales force/ sales subsidiaries in important foreign markets. The permanent nature of this phase in international marketing is shown through its production capabilities, hired staff, and commitment to important areas.
The fourth phase listed, international marketing, shows companies who are 100% committed and involved in international marketing activities. Companies in this phase actively look for markets across the globe to sell products, due to planned production for markets in various countries making it easier to spread out. The key aspect of this phase is the ability of production outside of the home market in order to solidify a company as an international or multinational marketing firm.
The fifth phase listed, global marketing, the biggest change is seen with the orientation of the company, which is shifted to treating the world as one market. This means market segmentation is not decided on borders, but defined by income levels, usage patterns, or other factors that span countries and regions.
Chapter 2
Question 7: What is the role of profit in international trade? Does profit replace or complement the regulatory function of pricing? Discuss.
The role of profit in international trade, at its roots, is the reason why people trade products and services. Companies or businesspeople who interact with international trade all have a common goal of hitting a market to receive a profit. According to Bruna Martinuzzi, the number one reason businesses engage in international trade is due to increased revenues, citing the positive impact of international trade being that “business leaders engaged in global trade say they're growing faster and hiring more employees than small businesses who stay stateside” (Martinuzzi, 2018). Profit complements the regulatory function of pricing because the goal of pricing is to sell the product for more than what it cost to create, thus leaving that in-between space the profit, effectively complementing the pricing of products/ services.
Question 17: Discuss the evolution of world trade that led to the formation of the WTO.
The evolution of world trade that led to the formation of the WTO started with GATT (General Agreement on Tariffs and Trade), which was signed after World War II. This agreement effectively started the first worldwide tariff agreement, even though only 22 other countries signed it. GATT was designed to remove discrimination from trade, protect domestic industries through customs tariffs instead of import quotas, and establish consultation between parties to solve global trade issues.
Since GATT was created, there were eight rounds of tariff negotiations that have been held between 1986 and 1994, with the Uruguay round being the most recent. With the Uruguay Round, the United States had a vested interest in addressing services trade and intellectual property rights.
The first important objective for the United States was to reduce or eliminate barriers to international trade in services. The GATS (General Agreement on Trade in Services) was created to cover trade and investment in the services sector. With this, TRIMs (Trade-Related investment measures) was established to provide basic guidelines that investment restrictions can be a major issue, in terms of trade barriers. TRIMs was included with GATT procedures after its creation.
The second important objective for the United States was achieved through TRIPs (Trade-Related Aspects of Intellectual Property Rights). TRIPs established higher protections standards for a broad range of intellectual property rights, such as patents, copyrights, trademarks, trade secrets, industrial designs and semiconductor chip mask works.
Aside from the United States key objectives, the Uruguay Round also improved their rules in covering anti-dumping, standards, safeguards, customs valuation, rules of origin, and import licensing. Each addition to the Uruguay Round helped create a more level playing field for trade among countries.
The GATT paved the way for world trade, and the improvements made through the Uruguay Round and the establishment of GATT paved the road for the formation of the WTO.
Citations
Martinuzzi, B. (2018, March 21). What Are the Advantages of International Trade? Retrieved
June 18, 2020, from https://www.americanexpress.com/en-us/business/trends-and-insights/articles/advantages-international-trade/
Simpson, J. (2019, February 11). Council Post: Why Content Consistency Is Key To Your
Marketing Strategy. Retrieved June 22, 2020, from https://www.forbes.com/sites/forbesagencycouncil/2019/02/11/why-content-consistency-is-key-to-your-marketing-strategy/#dea34e84ef57
Bottom of Form
Delanie Braun
Week 1: Ch.1 & 2
Top of Form
Overall Rating:
· 1
· 2
· 3
· 4
· 5
· 1
· 2
· 3
· 4
· 5
Chapter 1
2. “The marketer’s task is the same whether applied in Dimebox, Texas, or Das es Salaam, Tanzania.” Discuss.
My understanding from the direct quote taken from page 10 in our book, International Marketing, is that marketer’s tasks and goals are not determined by geographical location and that they are rather seen as a set of guidelines that every marketer adheres to. From a marketing standpoint, there will always be one general task/goal, and that is to create profit- no matter the company/market/environment/location. This does not mean that each marketing position will be the same, this is far from the truth for each “marketing job description can look 100 percent different for two professionals who share the same or similar job titles”. (Flavin, 2019) Simply, what the direct quote means is that each marketing role will share the same overall objective within their company but yet be completely different from one another.
8. Prepare your lifelong plan to be globally aware.
I thought this question was very interesting and I love to create actionable items, so my general idea of increasing my knowledge to be globally aware is becoming more self-aware of my willingness to learn and to actively research history and current events globally on a regular basis. I currently refrain from watching the news and reading current events because I dislike the content being showcased and it often affects my mood. I have recently come to the realization that I am ignorant by keeping myself uneducated in today’s history just because I am uncomfortable. I found that this is the same attitude I have for global news as well, I avoid learning and watching things that bring me discomfort and I would like to change this mindset and instead become educated and grow from being uncomfortable. I will carry this mindset as I actively strive to become globally aware, and become enthusiastic about learning global markets/cultures by listening to non-biased news during my morning coffee, or listening to current podcasts on my daily walks. I also plan to take time out of my Sunday relaxation and spend even ten minutes researching cultural history in whatever place I chose each week. My plan is to be steady and gain knowledge on my own time, so that I do not feel pushed into learning and can instead enjoy this time in educating myself about important trends.
Chapter 2
7. What is the role of profit in international trade? Does profit replace or complement the regulatory function of pricing? Discuss.
From my viewpoint, profit in international trade can be understood as the “plus” factor in the balance of payments, the positive of making money which is in contrast to the “minus” factor of spending money. After conducting some small research, I view profit as a complement to pricing because of the motives behind creating a profit and in return adjusting a pricing strategy because of the understanding of how profits work. Receiving a profit from international trade and experiencing a plus factor can complement the idea of pricing and its functions by adjusting to the market the country may be experiencing. An example would be taken from an article I found, where the author states that, “...only profit-making companies are supposed to use their human and material resources better than others.” (Rekhi, n.d.) Emphasizing that countries who are experiencing a profit can use this to support their pricing and manage their resources better.
17. Discuss the evolution of world trade that led to the formation of the WTO.
The evolution of trade between numerous countries and regions not included in the GATT structure resulted in the WTO organization being created and formed. The formation of the WTO was pushed in large part from the United States, who advocated for free trade and saw a large gap in fairness between global markets. The United States had an ideal vision of pursuing more trade between countries, and enticing more markets to become available. The need for a more inclusive institution in which trade negotiations may be discussed and formed was another factor that urged the creation of WTO, and the need for full involvement is what makes the institution still relevant today.
Flavin, B. (2019, July 29). What Do Marketers Do? A Closer Look at the Job Description. In Rasmussen College. Retrieved from https://www.rasmussen.edu/degrees/business/blog/what-do-marketers-do/
Rekhi, S. (n.d.). Top 8 Roles of Profit in Business. In Economics Discussion. Retrieved from https://www.economicsdiscussion.net/profit/top-8-roles-of-profit-in-business/20254
Bottom of Form
