Chat with AIExam 13: Global Marketing Strategy and Implementation
In the selection of expatriate managers for overseas assignments the ratio of home-country nationals to host-country and third-country nationals may be a consideration.
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What is meant by the term 'global mindset'?
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Answered by Examlex AI CopilotThe term 'global mindset' refers to the ability to appreciate and navigate the complexities of global business, culture, and diversity with an open and adaptable approach. It involves understanding the interconnectedness of the world and recognizing the importance of cultural sensitivity, international trends, and global economic and political dynamics.
Individuals with a global mindset are able to:
1. **Think Globally**: They consider the broader implications of local actions on the global stage. They are aware of global issues and trends and understand how they might impact different regions and markets.
2. **Cultural Sensitivity**: They respect and value different cultures and perspectives. They are curious about and willing to learn from people with backgrounds different from their own, and they adapt their behavior and communication style accordingly.
3. **Adaptability**: They are flexible and open to change, able to adjust their strategies and approaches to fit different cultural and business environments.
4. **Collaboration Across Borders**: They are skilled at working in international teams, communicating effectively across cultural divides, and leveraging the strengths of a diverse group of people.
5. **Strategic Vision**: They can develop and implement strategies that take advantage of global opportunities and navigate international risks.
6. **Language Skills**: Often, having a global mindset is associated with multilingualism, or at least an appreciation for the importance of language in international business and relations.
7. **Cross-Cultural Competence**: They possess the skills and knowledge to operate effectively in different cultural contexts, including managing international partnerships and negotiations.
Developing a global mindset is increasingly important in a world where businesses operate across borders and cultures. It is a critical asset for leaders, managers, and professionals who aim to succeed in the global marketplace. It's not just about understanding different cultures but also about thinking strategically on a global scale and being able to implement practices that are sensitive to local needs while aligning with global objectives.
If a firm's competence lies in the manufacture of unique products and it targets a narrow range of market segments it is said to be pursuing a _________________ strategy.
(36) VerifiedC
If a firm's competence lies in low cost manufacturing and it targets a narrow range of market segments it is said to be pursuing a _________________ strategy.
(41) Identify two considerations in the selection of expatriate managers for overseas assignments and explain why they are important.
(42) Firms may organize in various ways for global market expansion. A _______________ organization results when two organizational structures are combined resulting in dual reporting relationships.
(33) In the selection of expatriate managers for overseas assignments very few firms include the expatriate's family as a consideration in the selection process, preferring to focus only on the expatriate.
(33) In the selection of a country market focus various countries may be grouped according to segmentation criteria such as income, population size and language. While useful this approach may lead to greater risk for the firm. To address this problem some firms opt to use a deliberate strategy of ________________.
(41) According to the 7S framework in order for firms to be successful in hypercompetitive markets they need develop two capabilities: ___________ and _______________.
(39) Why are controls important in the implementation of global marketing strategy? Distinguish between feed-forward, concurrent and feedback controls.
(37) What is a horizontal network organization structure? In such a structure what is the role of the subsidiary manager?
(33) While there is no agreement on what constitutes a global marketing strategy several perspectives are recognized as important. Which of the following (if any) is an important perspective in the formulation of a global marketing strategy?
(35) Local firms with firm specific assets that are not transferable across national borders and are in industries with low pressure to globalize should sell out to a global player or become part of a global alliance. This is referred to as a(n) ________________ strategy.
(38) Local firms with firm specific assets that are transferable across national borders and are in industries with low pressure to globalize should expand into overseas markets that are similar to their home markets. This is referred to as a(n) ________________ strategy.
(44) What is global account management (GAM)? Identify two benefits of GAM for the global marketing firm.
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