Business Management
International Marketing GMS 522
1.0 COURSE INFORMATION
Pre-requisites and/or Exclusions:
MKT100
3.0 METHOD OF POSTING GRADES
· Grades on assignments, tests and exams, including final exams, may be posted by numerically sorted student identification number after at least the first two digits have been removed. Students who wish not to have their grades posted must inform the instructor in writing.
· Grades on assignments, tests and exams, including the final exam, will be posted on Brightspace D2L.
E-mail Usage:
A website has been established for the course. It may be accessed through my.torontomu. Please check this website often as all information and announcements relevant to the course will be posted. The instructor will only respond to messages submitted using your student e-mail account. See policy http://www.ryerson.ca/senate/policies/pol157.pdf.
4.0 CALENDAR COURSE DESCRIPTION
Basic marketing principles are applied to world markets. Emphasis in the course is given to the analysis of economic, political, cultural, and social factors. This course also covers conditions relevant to the implementation of marketing strategies in world markets.
5.0 COURSE OVERVIEW
This course will provide an introduction to the fascinating and diverse world of international marketing. In our increasingly global marketplace, it is imperative that business graduates have a good working knowledge of how overseas markets are different, the considerations necessary before trying to enter a new foreign market, and how to develop an initial marketing plan. We will start by learning the fundamentals and analytical tools of international marketing, then cover country risk analysis, barriers to entry, the role of culture, modes of entry and marketing in mature markets. We will also discuss marketing in new growth and emerging markets and go on to consider global product, pricing, distribution and advertising strategies.
Learning Goals
Communications
· Present the results of international marketing decisions to senior management via a written report to the Board of Directors. Report must justify country selection decisions, choice of entry mode and the results of international marketing strategy decisions.
Ethical Understanding & Reasoning
· Understand the role of ethics in international marketing decisions and gain an appreciation of issues of corporate social responsibility when operating in foreign countries.
Analytical Skills
· Develop the ability to utilize analytical tools in the development of international marketing strategy. Develop the ability to utilize secondary data in country selection decisions and utilize competitive analysis to refine and fine tune international marketing strategies.
Role of IT in Business
· Utilize the Internet to search for information relevant to class discussions and which will reinforce examples provided by the instructor and facilitate learning.
Critical Thinking & Problem Solving
· Develop the ability to make critical international marketing decisions in a dynamic and competitive environment. Critically evaluate alternative courses of action in response to competitive reactions and adjust international marketing strategies accordingly.
Ethical & Legal Responsibility
· Develop an appreciation of the role of ethics and corporate social responsibility in marketing goods and services to foreign consumers.
Financial Theories & Analysis
· Evaluate the financial results of marketing decisions in a dynamic, competitive global environment. Understand the relationship between expenditure on foreign marketing related functions and financial performance.
Creation of Value through Integrated Production
· Development of an understanding of the globalization of production and the need for globally engaged firms to seek cost advantages in their production operations.
Group & Individual Dynamics
· Develop effective team building and interpersonal skills. Develop the ability to work with a group in the decision making process under tight timelines and competitive conditions. Understand the need for leadership, “followership” and effective collaboration.
Social & Economic Context of Business
· Develop an understanding of the economic, social and political conditions in countries around the world and how these impact the formulation and execution of the company’s international marketing strategy.
Specialized Learning Goals for the Degree Major
· As related to the major
Learning Objectives
· The student will be able to utilize marketing tools in the formulation of a comprehensive international marketing strategy. The student will also gain an appreciation of the need to make continuous adjustments in light of changes in the global environment and the competitive reactions of rival firms.
· Demonstrate an ability to utilize secondary data to select a country for market entry, evaluate alternative entry modes and execute a local marketing strategy to build market share in the target country.
· The student will be able to communicate the results of international marketing decisions in clear concise written form in order that senior management may judge the quality of decision making and gain an appreciation of the outcomes generated.
· The student will gain an appreciation of the economic and political conditions which exist around the world and how these conditions impact the development of international marketing strategy.
· The student will gain an appreciation of the role of culture in international marketing decisions.
· The student will gain an appreciation of barriers to foreign market entry and the role of multilateral trade negotiations and an understanding of recent international trade disputes.
· Students will gain an understanding of the differences between emerging and less developed country markets and the need to adjust international marketing strategies to capitalize on these differences. Specific countries e.g. India and China will be explored in some detail.
· Students will develop the ability to price products in international markets given an appreciation of local market conditions, costs, consumer willingness to pay and the pricing strategies of rival foreign and domestic firms.
· Dumping and its legal implications will also be explored.
· Students will develop the ability to formulate an international distribution strategy which takes into consideration the needs of consumers, product considerations and availability and costs of alternative transportation modes.
· Students will become familiar with the conditions under which parallel distribution takes place, the impact on firms’ brand equity and strategic responses available to the firm.
· Gain an understanding of the need to localize and adapt products to foreign market conditions.
· Develop an appreciation of the role of counterfeit production in undermining global marketing strategies, government policy responses and alternative strategies open to the firm to combat the problem.
· Students will develop the ability to formulate an international advertising campaign and how advertising programs may be combined with product strategies to reach selected foreign consumers.
6.0 EVALUATION
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Learning Objectives
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Assessment of Learning
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The student will be able to utilize marketing tools in the formulation of a comprehensive international marketing strategy. The student will also gain an appreciation of the need to make continuous adjustments in light of changes in the global environment and the competitive reactions of rival firms. |
Assignment – Country Manager Simulation Students will make international marketing decisions over successive “quarters” in order to build market share in the Latin American/Asian consumer products market. Decisions will be made in competition with rival firms in a dynamic environment which necessitates the need to monitor marketing data and adjust strategic approaches. |
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Demonstrate an ability to utilize secondary data to select a country for market entry, evaluate alternative entry modes and execute a local marketing strategy to build market share in the target country.
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Mid-term, quizzes and final exam Questions will test students understanding of the important concepts related to alternative modes of entry, the steps in the process of country selection and the tools of international marketing research. Students will apply their knowledge in answering open ended and category choice questions.
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The student will be able to communicate the results of international marketing decisions in clear concise written form in order that senior management may judge the quality of decision making and gain an appreciation of the outcomes generated.
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Assignment – Country Manager Simulation Students will make international marketing decisions over successive “quarters” in order to build market share in the Latin American/Asian consumer products market. Decisions made and the results achieved will be communicated to senior management via a written 10 page report. Rationale for decisions, adjustments made to initial marketing strategies, external and internal constraints and lessons learned will be included in the report.
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The student will gain an appreciation of the economic and political conditions which exist around the world and how these conditions impact the development of international marketing strategy. The student will gain an appreciation of the role of culture in international marketing decisions. The student will also gain an appreciation of barriers to foreign market entry and how role of multilateral trade negotiations and an understanding of recent international trade disputes.
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Mid-term, quizzes and final exam Questions will test students understanding of the important concepts related to the economic and political environments and the role of culture. Questions will also cover international trade policy institutions, government export promotion policies and protectionist measures. Students will apply their knowledge in answering open ended and category choice questions. Students will make international marketing decisions over successive “quarters” in order to build market share in the Latin American/Asian consumer products market. Teams will analyse economic and political risk factors in Latin America/Asia as part of their country selection process.
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Students will gain an understanding of the differences between emerging and less developed country markets and the need to adjust international marketing strategies to capitalize on these differences. Specific countries e.g. India and China will be explored in some detail.
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Mid-term, quizzes and final exam Questions will test students understanding of the important concepts related to the differences in less developed and emerging markets and the need for adjustment in the firm’s marketing strategy. China and India will be used as working examples to illustrate concepts throughout the course. Students will apply their knowledge in answering open ended and category choice questions. |
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Students will develop the ability to price products in international markets given an appreciation of local market conditions, costs, consumer willingness to pay and the pricing strategies of rival foreign and domestic firms. Dumping and its legal implications will also be explored.
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Assignment – Country Manager Simulation Students will make international marketing decisions over successive “quarters” in order to build market share in the Latin American/Asian consumer products market. Students will develop a pricing strategy for their target market and make adjustments in response to competitive reactions of rivals.
Mid-term, quizzes and final exam Questions will test students understanding of the important concepts related to international pricing. Alternative international pricing strategies will be covered involving varying degrees of head-office control. Students will also be tested on their understanding of dumping and the role of the WTO in monitoring and remedying infractions. Students will apply their knowledge in answering open ended and category choice questions. |
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Students will develop the ability to formulate an international distribution strategy which takes into consideration the needs of consumers, product considerations and availability and costs of alternative transportation modes. Students will become familiar with the conditions under which parallel distribution takes place, the impact on firms’ brand equity and strategic responses available to the firm. |
Assignment – Country Manager Simulation Students will make international marketing decisions over successive “quarters” in order to build market share in the Latin American/Asian consumer products market. Students will develop a distribution strategy for their target market and make adjustments in response to competitive reactions of rivals.
Mid-term, quizzes and final exam Questions will test students understanding of the important concepts related to international distribution. Alternative international distribution strategies will be covered and the issue of parallel distribution discussed in detail. Issues involved in selection of foreign distributor will be tested as will factors driving the selection of alternative transportation modes. Students will apply their knowledge in answering open ended and category choice questions.
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Gain an understanding of the need to localize and adapt products to foreign market conditions. Develop an appreciation of the role of counterfeit production in undermining global marketing strategies, government policy responses and alternative strategies open to the firm to combat the problem.
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Assignment – Country Manager Simulation Students will make international marketing decisions over successive “quarters” in order to build market share in the Latin American/Asian consumer products market. Students will develop a product strategy for their target market and make adjustments in response to competitive reactions of rivals.
Mid-term, quizzes and final exam Questions will test students understanding of the important concepts related to international product strategies. Alternative international product strategies will be covered and the issue of counterfeit production discussed in detail. Strategies for dealing with the impacts of counterfeit production will be tested. Students will apply their knowledge in answering open ended and category choice questions.
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Students will develop the ability to formulate an international advertising campaign and how advertising programs may be combined with product strategies to reach selected foreign consumers.
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Assignment – Country Manager Simulation Students will make international marketing decisions over successive “quarters” in order to build market share in the Latin American/Asian consumer products market. Students will develop an advertising strategy for their target market and make adjustments in response to competitive reactions of rivals.
Mid-term, quizzes and final exam Questions will test students understanding of the important concepts related to international advertising. Students will apply their knowledge in answering open ended and category choice questions. |
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