Business Finance - Management WK 1 Assignment

Required Resources

Text

Green, M. C., & Keegan, W. J. (2020).  Global marketing  (10th ed.) . Pearson.

· Chapter 1: Introduction to Global Marketing

· Chapter 2: The Global Economic Environment

· Chapter 3: The Global Trade Environment

· The full-text version of this ebook is available in your online classroom through the VitalSource Platform. This book is a comprehensive text on “global marketing and the major dimensions of the global business environment, while considering the questions, concerns and crises facing global markets. The text's environmental and strategic approach help you understand the Global Marketing environment” (Green & Keegan, n.d., para 1). Chapter 1 discusses how companies in global industries pursue competitive advantage, in addition to comparing a single-country marketing strategy with a global marketing strategy (GMS). This chapter will also help you identify the companies at the top of the Global 500 rankings and discuss the driving and restraining forces affecting global integration today (Green & Keegan, 2020.). Chapter 2 discusses the significance of balance of payments statistics for the world’s major economies. This chapter also identifies major changes in the world economy that have occurred during the past 100 years, identifies world leaders in merchandise and services trade, and explains how currency exchange rates impact a company’s opportunities in different parts of the world (Green & Keegan, 2020). Chapter 3 discusses the role of the World Trade Organization in facilitating global trade relations among nations. In addition, it identifies the four main preferential trade agreements in Latin America and the key members of each, and looks at the various forms of economic integration in Europe (Green & Keegan, 2020.) . Chapter 1 will assist you in your Global Marketing Big Picture discussion forum, and Chapter 1, 2, and 3 will assist in your Global Marketing Trade Environments assignment this week.

Article

Fleishman, H. (2015, July 29).  13 businesses with brilliant global marketing strategiesLinks to an external site. .  Blogspot. https://blog.hubspot.com/marketing/global-marketing-and-international-business

· This blog post provides information about businesses with global marketing strategies and will assist you in your Pick a Company That Represents You discussion forum this week. Accessibility Statement does not exist. Privacy PolicyLinks to an external site.

Multimedia

Marketing Business Network. (2019, March 3).  What is global marketing? Links to an external site.  [Video]. YouTube. https://youtu.be/e6hqkKPvjtk

· This video “provides information on how “global marketing involves planning, producing, placing, and promoting a business' products or services in the worldwide market” (Marketing Business Network, 2019, para1). This will assist you in your Post Your Introduction discussion forum this week. This video has closed captioning and a transcript.. Accessibility StatementLinks to an external site. Privacy PolicyLinks to an external site.

Global Marketing and Trade Environments

[WLOs: 1, 2, 3] [CLO: 1]

Prior to beginning work on this assignment, read Chapters 1, 2, and 3 of your course text.

For this assignment, you are asked to discuss the economic environment and major changes of the world economy in the past 20 years and the economic and trade environments of the European Union.

Your paper needs to address the following for both the economic and trade environments:

· Discuss how one or more of the marketing concepts learned in Chapter 1 of your text can be applied to the global economic environment and to the trade environment of the European Union when a company is considering expanding globally.

· Examine how the changes for both economic and trade environments of the marketing concepts can be applied to the environment when considering expansion to other countries.

· Explain which strategies would be the best for a new product and an existing product using the product/market matrix based on a country’s market orientation.

· Summarize the contents of your paper in an executive summary.

· You may review the  Writing an Executive SummaryLinks to an external site.  resource for assistance.

The Global Marketing and Trade Environments paper

· Must be four to five pages of text, double-spaced (excluding one title page, abstract alone on page 2, excluding visuals such as diagrams, tables, charts, pictures, ending with the reference) and formatted according to APA style as outlined in the Writing Center’s  APA Style Links to an external site.  as outlined in the Writing Center’s  APA Formatting for Microsoft Word Links to an external site.  resource.

· Must include a separate title page with the following:

· Title of paper in bold font

· Space should appear between the title and the rest of the information on the title page.

· Student’s name

· Name of institution (The University of Arizona Global Campus)

· Course name and number

· Instructor’s name

· Due Date

· Page 2 Abstract (if your instructor requires) or intentionally leave blank. Note an abstract tells the reader the main topics covered in the paper.

· Page 3 starts the executive summary which highlights points of the project such as highlights of a marketing plan.

· Must use at least two scholarly sources in addition to the course text, as well as sources for any visuals.

· The  Scholarly, Peer-Reviewed, and Other Credible Sources Links to an external site.  table offers additional guidance on appropriate source types. If you have questions about whether a specific source is appropriate for this assignment, please contact your instructor. Your instructor has the final say about the appropriateness of a specific source for a particular assignment.

· Must document any information used from sources in APA Style as outlined in the Writing Center’s  APA: Citing Within Your Paper Links to an external site.  guide.

· Must include a separate references page that is formatted according to APA Style as outlined in the Writing Center. See the  APA: Formatting Your References List Links to an external site.  resource in the Writing Center for specifications.

https://www.youtube.com/watch?v=e6hqkKPvjtk

      Week 1 Lecture

Global marketing is a term often heard in the workforce. Today companies need to be able to market their products/services not only on a local level but also internationally. This first week we will dive into looking at global marketing and the environment and trade environments.  Let’s start by first defining what marketing is. According to Keegan and Green (2020), “marketing can be defined as the activity, set of institutions, and the processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large” (sec 1.1). Now if we expand on this definition and look at what global marketing is, we would find that “global marketing is the act of focusing a product on the needs of potential buyers in other countries (Fleishman, 2019, para 3). One way of identifying global marketing is that “typically, a global marketing strategy requires a business to do new market research, identify countries where the business's product might be successful, and then localize the brand to reflect the needs of those communities” (2019, para 3). Let’s expand on global marketing strategy (GMS). According to Keegan and Green (2020) there are two ways a company can address GMS. The first is in a single country marketing where the strategy targets two areas; choosing a target market and developing a marketing mix. The other strategy would be entirely focused on global marketing strategy in which the company has operations in major world markets (2020).  See Table 1-3 in our textbook for an example of the strategies for both the single country and the global marketing strategy.

Below is a video that explains more on what Global Marketing consists of:

What is Global Marketing?Links to an external site.

The second area we are focused on this week is the global economic environment. As you might imagine the economy plays a major role in marketing, especially on a global scale. According to  Rique and Sumeet Links to an external site.  (2019), “international marketing environment consists of global forces, such as economic, social, cultural, legal, and geographical and ecological forces, that affect international marketing decisions” (para 2). An interesting factor to consider when looking at the global economic environment is that it can be identified by three areas: global factors, domestic factors and organizational factors (2019). According to Rique and Sumeet the “global factors are the international uncontrollable environments. The domestic factors would include domestic uncontrollable environment and the organizational factors are the internal marketing environment” (2019, para 4).  Since we are focused on economic marketing environment it is important to understand both microeconomics and macroeconomics. “microeconomics solely focuses on  marketing environmental forces that determine the level of price, supply and demand in an economy” (2019, para 7).  Macroeconomics would be the “study of whole economy which includes the study of complete industry, not just of a specific company. This involves the phenomenon such as Gross National Product (GDP) and how changes in the economical factors such as national income, unemployment, growth rate and level of price affects it” (2019, para 8).

The third and last area we are focused on this first week is global marketing and trade environments. According to  Ortiz-Ospina, Beltekian & Roser (2018), “over the last two centuries trade has grown remarkably, completely transforming the global economy. Today about one fourth of the total global production is exported. Understanding this transformative process is important because trade has generated gains, but it has also had important distributional consequences” (para 2). Understanding the impact global trade has on economies it is understandable why global marketing would be essential. According to Conzalez Laya and Draper (2017), there are five core values that create a foundation for global trade to build on; “1. Growth and development,  2. Bottom line for consumers, 3. Bottom line for business, 4. How do you like them apples? And 5. Power in numbers” (para 4-15). It should be noted that number four is focused on “a world with no or minimal international guidelines for the standards countries use for public health and safety would be chaos for exporters and importers” (2017, para 13). 

 

References

Fleishman, H. (2019).  1 3 businesses with brilliant global marketing strategiesLinks to an external site. . https://blog.hubspot.com/marketing/global-marketing-and-international-business

Gonzalez, L. A., & Draper, P. (2017, July 5).  5 reasons not to give up on global trade Links to an external site. . https://www.weforum.org/agenda/2017/07/global-trade-can-be-inclusive/

Green, M. C., & Keegan, W. J. (2020). Global marketing (10th ed.). Pearson.

MBN Video Dictionary. (2019, March 3).  What is global marketingLinks to an external site.  [Video]. YouTube. https://youtu.be/e6hqkKPvjtk

Ortiz-Ospina, E., Beltekian, D., & Roser, M. (2018).  Trade and globalizationLinks to an external site. . https://ourworldindata.org/trade-and-globalization

Rique & Sumeet. (2019, Feb 9).  International marketing environment Links to an external site. . https://globalmarketingprofessor.com/international-marketing-environment/