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Chapter 1 Brief Synopsis
Companies with either market-based resources and/or high technology are better equipped to internationalize than more traditional manufacturing companies. Smaller home markets and larger production capacities favor internationalization. Firms with major managers well-networked globally can accelerate the process of internationalization. International marketing tasks are influenced by political and legal forces, products, prices, and structure of distribution, among others (Lacka et al., 2020). Because of these international operations, corporate profits are generated. The competition also plays a major role in the global markets with similar relative costs of labor, money, and product. The competition also plays a major in the changing face of U.S. business. The U.S. companies with a major role in the international markets include Walmart, GE, Boeing, Intel, Coca-Cola, CitiGroup, HP, Ford Motor, Starbucks, and Apple.
In international marketing, the self-reference criterion (SRC) is important. SRC is an unconscious reference to cultural values, knowledge, and experiences as a basis for decisions. Ethnocentrism is a perception that individuals in their own company, country, or culture understand how to do things. Both concepts are determined to impede the ability and ease to assess foreign or international markets in their true light. Lastly, the development of global awareness has objectives, which include cultural awareness tolerance, knowledge of cultures, world market potential, social and political, and global economic trends (Lacka et al., 2020). The growth of new markets is developed following changes in Asia, Latin America, Eastern Europe, and India. Factors that favor faster internationalization involve companies with high technology and market-based resources, including a global network. The international marketing orientation relates the global environment to the process of marketing.
Chapter 2 Brief Synopsis
The relative importance of the U.S. multinationals after World War II changed from dominant ones in global markets to a more competitive international market where the MNCs in the U.S. with strong companies from Western Europe, Japan, and Asia. International marketers are confronted with major challenges in the form of trade barriers. These can be a tariff or non-tariff barriers. Countries continue to use these barriers because of various reasons. For instance, tariff barriers have been reduced significantly in recent years. Global and U.S. multinationals have played a major role in global markets. The U.S. multinationals’ dominance was felt in the 1950s and 1960s (Takarada et al., 2020). Large investments by the United States companies in Latin America and Europe. Concerns in Latin America led to expropriating direct United States investments. In Europe, strong public demand exists primarily to limit foreign investments.
A balance of trade informs its internationalization. It also reflects the changing role of the U.S. in global trade. The positive consequence of the international financial crisis in the U.S.S in 2008 involved halving the trade deficit in the U.S. between 2007 and 2009. The aspect of protectionism is characterized by the trade reality involving tariffs, non-tariff barriers, and quotas targeted at protecting the markets in the country from foreign companies (Takarada et al., 2020). Although WTO has been effective to a larger extent to reduce tariffs, countries of the world still emphasize and resort to protectionism measures. The IMF and the World Bank play an important role in international trade, especially based on assisting nations around the world to become, and remain economically viable (Lacka et al., 2020). Assistance is in the form of maintaining stability in the financial markets, and assisting countries that seek economic restructuring and development.
