List of important terms and definitions for Global Marketing
Customer experience. The use of products in combination with services to engage the individual customer in a way that creates a memorable event. This can be characterized into one of the four groups: entertainment, educational, aesthetic or escapist.
Deglobalization. Moving away from the globalization trends and regarding each market as special, with his own economy, culture and religion.
Economies of scale. Accumulated volume in production, resulting lower cost price per unit.
Economies of scope. Reusing a resource from one business or country into another business or country.
Globalization. Reflects the trend of firms buying, developing, producing and selling products and services on a worldwide base.
Global integration. Recognizing the similarities between international markets and integrating them into the overall global strategy.
Global marketing. The commitment of the firm to coordinate its marketing activities across national boundaries in order to find and satisfy global customers.
Glocalization. The development and selling of products or services intended for the global market, but adapted to suit local culture and behaviour.
Internationalization. Doing business in many countries of the world, but often limited to a certain region like Europe.
LSEs Firms with more than 250 employees. Large Scale Enterprises.
Market responsiveness. Responding to each market's needs and wants.
SMEs. Small and medium sized enterprises. Companies with fewer than 50 employees are small enterprises. Companies with less than 250 employees are medium enterprises.
Value chain. A categorization of the firm's activities providing value for the customers and profit for the company.
Value networks. The formation of several firm's value chains into a network, where each company contributes a small part to the total value chain.
Value shops. A model for solving problems in a service environment. Value created by mobilizing resources and deploying them to solve a specific customer problem.
Virtual value chain. An extension of the conventional value chain, where the information processing itself can create value for customers.
Blue oceans. The unserved market, where competitors are not yet structured and the market is unknown. It's about avoiding head to head competition.
Competences. Combination of different resources into capabilities and later competences being something that the firm is really good at.
Competitive benchmarking. A technique for assessing relative marketplace performance compared with main competitors.
Competitive triangle. Consist of a customer, the firm
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