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Chapter 1 -- vocabulary

Global marketing -- involves an understanding of specific concepts, considerations, and strategies that must be skillfully applied in conjunction with Universal marketing fundamentals to ensure success in global markets
value chain -- The set of activities required to design, procure, produce, market, distribute, and service a product or service
value equation -- value = benefits/price (money, time, effort, etc.)
competitive advantage -- The benefit for consumers and/or customers which competitors may find difficult or uneconomic to replicate
global industry -- competitive advantage can be achieved by integrating and leveraging operations on a worldwide scale



focus -- the concentration of attention on a core business or competence
global marketing strategy (GMS) --
global market participation -- the extent to which a company has operations in major world markets
ethnocentric orientation -- person/persons who assumes that his or her home country is superior to the rest of the world
polycentric orientation -- an attitude or outlook that describes management belief or assumption that each country in which he company does business is unique



regiocentric and geocentric orientations -- a re-geocentric focuses on a region and geocentric views the entire world as a potential market and strives to develop integrated world market strategies