This chapter is a great example of how an external event can change everything. When the pandemic hit, the US economy, and that of most of the developing world, was doing well. Trade was up, incomes were up, and employment was down globally. It was never easier to buy a product from another part of the world. The pandemic changed that, and has damaged many businesses, including fashion, hotels, travel, airlines, and more. Despite the crowds in hospitals from the virus, even health care earnings have gone down, since many people have postponed or cancelled elective surgery, afraid to enter hospitals. Please read the following, understanding that it was written before the pandemic, and while I could have changed it, it is what we hope to return to, so I want you to understand how the world works together in marketing. Before the pandemic, marketing spanned the globe. Marketing includes both goods (tangible, having physical substance) and services (intangible, no physical substance, e.g. entertainment). This chapter examines the growth of global marketing and the importance of a global vision for marketers. The chapter looks at the advantages of globalization, multinational firms such as Exxon Mobil and Wal – Mart, and policies of standardization and global variation or customization. The external environment for global marketers is even more complex than that facing US marketers, since it includes, for each country that a company enters, a new culture, economy, technology, politics, money system, and laws. Market agreements among countries, (such as the new USMCA, effective July 1, 2021, which replaced NAFTA), national resources and methods of entering global marketing are also covered here together with the Internet’s major impact. We also have yet to see how Great Britain’s withdrawal from the EU or European Union affects global marketing. And of course, we are hoping that a vaccine for the Corona Virus helps the world get back moving all people toward prosperity. a. Then watch these two very short you tube videos on global trade. In just a few minutes, they do a good job illustrating the importance of trade and why our country needs to trade with other countries. https://www.youtube.com/watch?
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