International Marketing: The extension of the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services across national boundaries to create exchanges that satisfy individual and organizational objectives.
Standardization: In international marketing, the strategy of marketing products internationally in the same way a firm does domestically, using a largely uniform marketing mix across all markets.
Customization: In international marketing, the strategy of adapting the marketing mix to meet the specific needs and preferences of each individual target market.
Ethnocentric Approach: An approach to international marketing where a firm markets its products internationally in the same way it does domestically, assuming what works at home will work abroad.
Polycentric Approach: An approach to international marketing where a firm customizes its marketing mix to meet the specific needs of each individual foreign target market.
Geocentric Approach: An approach to international marketing where a firm coordinates its marketing mix using evidence from markets worldwide, seeking global efficiency through a shared core and justified local variations.
Marketing Mix (Four Ps): The key elements of a marketing strategy, encompassing product, price, promotion, and distribution, which marketers manipulate to achieve their marketing objectives.
Product Policy: Decisions related to the tangible and intangible aspects of a product offered in international markets, including features, branding, packaging, warranties, and service.
Pricing Policy: The strategy a firm adopts for setting prices in international markets, such as standard pricing, two-tiered pricing, or market pricing.
Standard Pricing: An international pricing policy where the same price is charged for a product regardless of where it is sold or the nationality of the customer.
Two-Tiered Pricing: An international pricing policy where one price is set for all domestic sales, and a second, different price is set for all international sales.
Market Pricing: An international pricing policy where prices are customized on a market-by-market basis to reflect local demand, competition, and costs.
Gray Market (Parallel Importing): A market that results when products are imported into a country legally but outside the normal channels of distribution authorized by the manufacturer.
Promotion Mix: The various communication tools a firm uses to enhance the desirability of its products among potential buyers, including advertising, personal selling, sales promotion, and public relations.
Advertising: Any paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponsor in international markets.
Personal Selling: Making sales on the basis of direct, personal contact with customers in international markets.
Sales Promotion: Short-term incentives to encourage the purchase or sale of a product or service in international markets, such as coupons, samples, and trade fair participation.
Public Relations: Efforts aimed at enhancing a firm’s reputation and image with the general public in international markets, often focusing on corporate citizenship.
Distribution Channel: The set of individuals and organizations involved in the process of making a product or service available for use or consumption by the consumer in international markets.
Channel Length: The number of stages in a distribution channel, ranging from direct sales to longer channels involving wholesalers and retailers.
International Order Cycle Time: The total time between the placement of an order by an international customer and the receipt of that order.
