Solution Manual for Global Marketing, 8th Edition

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1CHAPTER 1INTRODUCTION TO GLOBAL MARKETINGSUMMARYA.Marketing is an organizational function and a set of processes for creating,communicating, and delivering value to customers and for managing customerrelationships in ways that benefit the organization and its stakeholders. A company thatengages in globalmarketingfocuses resources on global market opportunities and threats.Successful global marketers such as Nestlé, Coca-Cola, and Honda use familiarmarketing mix elements–the four Ps–to createglobalmarketing programs.B.Marketing, R&D, manufacturing, and other activities comprise a firm’s value chainthevalue equation (V =B/P) expresses the relationship between values and the marketingmix.C.Global companies also maintain strategic focus while pursuing competitive advantage.The marketing mix, value chain, competitive advantage, and focus are universal in theirapplicability, irrespective of whether a company does business only in the home countryor has a presence in many markets around the world. However, in a global industry,companies that fail to pursue global opportunities risk being pushed aside by strongerglobal competitors.D.A firm’s global marketing strategy (GMS) can enhance its worldwide performance. TheGMS addresses several issues. First isthenature of the marketing program in terms of thebalance between a standardization (extension) approach to the marketing mix and alocalization (adaptation) approachthatis responsive to country or regional differences.Second is theconcentration of marketing activitiesin a few countries or the dispersal ofsuch activities across many countries. Companies that engage in global marketing canalso engage incoordination of marketing activities. Finally, a firm’s GMS will addressthe issue ofglobal market participation.E.The importance of global marketing today can be seen in the company rankings compiledby theWall Street Journal, Fortune,Financial Times,and other publications. Whetherranked by revenues, market capitalization, or some other measure, most of the world’smajor corporations are active regionally or globally. The size of global markets forindividual industries or product categories helps explain why companies “go global”.Global markets for some product categories represent hundreds of billions of dollars inannual sales; other markets are much smaller. Whatever the size of the opportunity,successful industry competitors find that increasing revenues and profits means seekingmarkets outside the home country.

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