LO1. There are four major trends that have influenced world trade and global marketing . first one is decline of economic protectionism , is the practice of shielding one or more industries within a country’s economy from foreign competition through the use of tariffs or quotas . Second is rise of economic integration , just like creation of the European Union and the North American Free Trade Agreement . Third , there exists global competition among global companies for global consumers , resulting in firms adopting global marketing strategies and promoting global brands . And finally , is the emergence of a networked global marketspace has emerged using internet technology as a tool for exchanging goods , services , and information on a global scale.
LO2. Global marketing efforts was shape by three major environmental . first , cultural diversity , including a society’s values , customs and cultural symbols and language . Second , Economic considerations which include economic infrastructure , consumer income and purchasing power , currency exchange rates is also shape global marketing efforts . The last one is political-regulatory climate . Its for marketing in a country or region of the world means not only identifying the current climate but determining how long a favorable or unfavorable climate will last .
LO3. Exporting , licensing , joint venture , and direct investment are four alternative approaches for entering global markets . Exporting involves producing goods in one country and selling them in another country . A company offers the right to a trademark , patent , trade secret , or other similarly valued item of intellectual property in return for a royalty or fee , that is licensing . When a foreign company and a local firm invest together to create a local business it is called a joint venture . They share ownership , control , and the profits of the new company . Finally , The direct investment is which entails a