Final Assignment & Final Report

Global Marketing (MKT 633); spring 2020

Section: 02

SUBMITTED TO: Dr. Md Razib Alam

PROFESSOR, NSU SCHOOL OF BUSINESS & ECONOMIC

SUBMITTED BY: Name: Sajid Islam

Id: 1835294660

SUBMISSION DATE: 04th JUNE, 2020

Section A
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Question 1:
Marketing involves several activities like planning, implementing, promoting, supply channels,
etc. of goods and services to obtain profits for an organization. Marketing practices can occur in
every level of the market such as domestic or local marketing and international marketing.
Domestic marketing involves marketing the product by using various techniques within a
country. Almost tactics could be used to market the product by the marketer across various states
within a country.
On the other hand, marketing at international level changes considerably. A marketer has to take
into consideration various things such as the culture in a country, the marketing condition,
language and the taste and preference of people before developing the marketing strategy in a
country.
Now if we consider Dime Box as our local base of operation and Dhaka is our international
market then,
Dime Box in Texas, is locally regulated by large governmental authorities like township or city.
The kind of marketing prevailing at Dime Box is domestic marketing that involves various
common marketing techniques within the profound area of the country. Apart from domestic,
marketing is also practiced in various international level in Dime Box. At this stage marketer
should adapt various cross culture strategies by considering culture, language, tastes and
preferences.
Example: If anyone wants to sell alcoholic beverages in Dime Box, TX then they are allowed to
market the product via radio, local newspaper, television and even billboards. But they need to
check legal age of every consumers because in United States of America, legal age for drinking
is 21. Most of Texan prefers whiskey and beer over other type of alcoholic drinks. So, it would
be easier for any company to analyze the local market and there will not be much language
barrier when it comes to market the product.
Dhaka is recognized to be the capital of Bangladesh and most famous city in that country. It is
also considered to be one of the fastest growing cities in the world that fetches profits both from
domestic and international marketing. Here, the international marketing involves carious
common factors affecting the market such as adaptation to cross culture strategies. It also adds
up to reduce political risk and uncertainty factors. Entering international market such as Dhaka
involves risks such as risk involved in entering the country, payment to be received, familiarity
with the market and knowledge. The company needs to understand the difference between the
local consumers and international consumers. There are also some international laws to be
followed.
Example: Now, if the above company wants to expand their business in Bangladesh, then they
need to understand Bangladeshi culture and laws because according to Bangladeshi law and
Muslim law, Muslims are not allowed to drink unless they have permit to drink alcohol. Also, it

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is not allowed to market or advertise any alcoholic product in Dhaka either. There will also be
some language barrier because most of the local supplier may not understand English. Because
of both cultural and religious reason, it is not allowed sell or consume alcohol publicly. So the
company needs to consider all those above issues and overcome the difficulties to run their
business in Dhaka.
Hence, it can be concluded that marketing process would go smooth in local marketing but
involves considerable changes in international levels of marketing. This is because, domestic
marketing regulations would be compatible for a domestic organization to carry business
operations but involves several regulations and variations while carrying business with other
country. Thus, a marketer’s task changes considerably when international marketing is involved.
In domestic marketing the same type of techniques and activities could be used for marketing in
various states but same marketing technique successfully applied in a country might not be
applicable in another country such as Bangladesh.

Question 2:
International planning process stands for the process in which a firm plans and takes appropriate
actions to undertake business activities in foreign nations crossing borders. It includes four
phases-
1. Phase 1 – Preliminary analysis and screening: Matching company/Country needs
2. Phase 2 – Adapting the marketing mix to target markets
3. Phase 3 – Developing the marketing plan
4. Phase 4 - Implementation and control

When a firm planning to go international evaluates the potentiality of the countries where the
firm wishes to undertake business activities and finds the country’s do not carry require
minimum market potential; is not capable of providing planned profits, return on investment, etc.
the firm might drop that country’s from its list of potential entrant. Political instability difficult
legal requirements, and other related issues also deters a firm from making an entry in a foreign
country that does not welcomes the firm appropriately.

Preliminary analysis and screening

After preliminary analysis and screening we will be left with few countries where the company
wish to expand. After that we need to rank and score based upon macro-economic factors such as
economic stability, exchange rates, level of domestic consumption etc. After considering those
macro-economic factors we will have the basis to start calculating the market entry costs. For
example, some countries such as China and Malaysia require that some fraction of the company
entering the market is owned domestically – this would need to be taken into account. There are

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some nations that are experiencing political instability for example, Syria, Palestine and any
company entering such a market would need to be rewarded for the risk that they would take. At
this point the marketing manager should be able to deduce a shorter list of countries that they
would wish to expand their business. Now in-depth screening can begin.

Company character
The next step is to identify the company’s character. These criteria are figured by an analysis of
company philosophy, company objectives, resources, management style, organization, financial
limitation, management and marketing skills, and other corporate capabilities and limitations. A
company’s commitment to international business and its objective for going international are
important in establishing evaluation requirements. Minimum market potential and profit, (ROI)
return on investment, acceptable competitive levels, and standards of political stability need to be
ensured before entering one foreign country.
Home-Country constraints
In this step the marketing plan need to understand the home country restraints. They can be like,
legal forces, political forces, economic climate, competiveness. Home-country restraints can
have a direct effect on the success of an international business.
For example, if a company in Syria decides to expand its business to a global scale then it has to
consider its own political and economic climate and whether they are allowed to do business
elsewhere or how much money they can transfer to open its operation to a new country.
Host-country constraints
Perhaps the most common constraints a company faces when they plan to expand to an
international stage. Host-country constraints are more complicated than the home countries.
They are:

 Political and legal forces

 Cultural forces
 Geography and infrastructure
 Structure of distribution
 Level of technology
 Competitive forces
 Economic forces

For example, if Pran decides to expand its business to Chinese market, then they have to
understand Chinese culture. They should be aware of the communist regime of China. Level of
competition of that product in China and also the ease of supply chain. After overcoming those
constraints they can finally expand successfully.

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Adapting the marketing mix to target markets
The “Four P’s” of marketing which are product, price, placement, and promotion are all affected
as a company moves through the four phases to become an international company. At the global
marketing level, a company trying to do business by becoming international is faced with many
challenges when creating a worldwide marketing plan. Unless a company holds the same
position against its competition in all markets (market leader, low cost, etc.) it is really difficult
to create same marketing plans worldwide.
Product
A global company is one that can create a single product and only have to tweak elements for
different markets. Sometimes that tweak can be some design change or the elements in the
product.
For example, Coca-Cola uses two formulas (one with sugar, one with corn syrup) for all
markets. The product packaging in every country incorporates the bottle design. However, the
bottle or can also include the country’s native language and is the same size as other beverage
bottles or cans in that country. In Bangladesh, we see Coca-Cola bottle design with few Bangla
words.

Price
Price will always vary from market to market and country to country also. Price can be affected
by multiple variables such as cost of product development (produced locally or imported), cost
of production, cost of maintain proper supply chain (transportation, tariffs, etc.) etc.
Additionally, the product’s position in relation to the competition influences the eventual profit
margin. Whether this product is considered the high-end, low-cost choice, or something in-
between helps determine the price point. If the product is mass produced then the price should be
low to stay competitive and if the product is made for niche market then price may be higher to
attract niche crowd.
For example: ‘Radhuni’ masala mix can be purchased in Dhaka for 30-50 taka but in USA it
costs around 12-15 US dollar. Price discrepancies is prevalent because of the import tax,
transportation cost etc.
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Promotion
After product research, development and creation, promotion (specifically advertising) is the
most effective tool in a global company’s marketing budget. At this stage of a company’s
development, integrated marketing is the goal. The global corporation seeks to reduce costs,
minimize redundancies in personnel and work, maximize speed of implementation, and to speak
with one voice. If the goal of a global company is to send the same message worldwide, then
delivering that message in a relevant, engaging, and cost-effective way is the challenge.
Effective global advertising techniques is very challenging. The key is, analyzing advertising
ideas using a marketing research system proven to provide results that can be compared across
countries successfully. The ability to identify which elements or moments of an advertisement
are contributing to that success is how economies of scale are maximized. Market research
measures such as Flow of Attention, Flow of Emotion and Branding moments provide insights
into what is working in an ad in any country because the measures are based on visual, not
verbal, elements of the advertisement.
For example, When Nescafe’ started its journey in Bangladesh, they had one of the most
impactful advertising campaign. They made a catchy jingle to promote their product and
successfully portrayed Nescafe to our daily routine.

Distribution
How the product is distributed is different for most of the country. It is also influenced by how
the competition is being offered to the target market and also the relationship between host and
home country.
For example, Using Coca-Cola as an example again, not all cultures use vending machines. In
the United States, beverages are sold by the case such as 6 pack, 12 pack or 24 pack via

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warehouse stores. In Dhaka, this is not an option because vending machine is almost non-existent
in Dhaka.

Another example would be, Placement decisions must also consider the product’s position in the
market place. A high-end product would not want to be distributed via a “dollar store” in the
United States. Conversely, a product promoted as the low-cost option in France would find
limited success in a pricey boutique

Question 3
Standardization and adaptation is considered to be two contrasting points which are used by a
company to maintain and produce its products, where standardization talks about maintain the
standards of the product at the finest level saying one size fits all. Whereas, adaptation talks
about involving modifying processes for a product so as to meet the local requirements as per
different customs or country. In order to appreciate the complexity of standardized vs adapted
products, one needs to understand how cultural influences are interwoven with the perceived
value and importance a customer places on a product. A product is more than a physical item. It
is a bundle of satisfaction that the buyer receive which includes;

 Taste, color, odor or texture

 Packaging
 Manufacturer’s reputation
 Labeling
 Country of origin
 Warranty

When someone is expanding its business to one country to another, the product or service is
required to change its attributes because of difference in culture, taste and even religion.

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Maximizing one’s satisfaction and creating positive product attributes can be done by changing
or adapting to one culture to another.
Adaptation can be implemented by changing the ingredients of the product or changing the
whole product all together. One thing should be considered while making adaptation is that, it
complies with the norms and values of the country and its people.
Standardized products are normally Coca-Cola, shampoo, soap, Bread etc. Even for those
standardized product, there are adaptation for example Coca-Cola tastes bit sweeter in Dhaka
than Ohio. Shampoo Company introduced mini pack in less developed country to boost their sale
volume. Bread tastes sweeter compared to western countries in Bangladesh. Sometimes it can be
change of size or change o ingredients or using one ingredients much more to adapt to another
country’s taste or preference.
For example, to understand this concept better, let’s talk about Ireland’s famous Tayto crisps
which is one of the most consumed and favorable snack in Ireland and also supplied to UK is a
standardized product. The brand manufacturer of Tayto uses this similar ingredients to provide
the same to everyone as it is a packaged product thus providing different flavored crisps around
the world maintain their standardized factor.

Another example, on the other hand, one can take example of McDonalds in Ireland using an
adaptation strategy more than a standardized one. McDonalds as we know adapts its food as
considering the country it is serving. Same is the case with Ireland and rest of the world. In
Ireland, pork and meat are majorly consumed at McDonalds in compare to India where they do
not serve beef because of cow is considered a God in Hinduism.

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Question 3
Price escalation stands for the difference in the selling of the same goods in its domestic market
and when the same goods are sold in international markets. There is an increase in the selling
price of the goods in foreign countries owing to transportation and exporting costs that gets
attached with the product while it gets sold internationally.
Causes of Price Escalation:
The causes of price escalation could be the rules and regulations of every country that defines the
process of determining the price of specific commodities, goods, or services in a particular price
range and not to exceed the same.
Inflation: Inflation is also one of the major causes of price escalation which misleads the
international marketer in determination of the correct pricing for its goods. In an inflationary
market, the selling price must be related to the cost of goods sold and the cost of replacing the
items.

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For example, In 2015 Alaskan pipeline wanted to expand its business in South Africa and the
estimated cost was about 1.9 Billion dollars. But in 2017 the final estimate for the project came
to about 2.45 Billion dollars because of inflation.
Exchange rate fluctuations: Exchange rate can fluctuate anytime of the day. Transactions are
being written in terms of the vendor firm’s national currency
For example, during the initial days of Brexit when it was voted by UK, pound’s price dropped
10% against almost all currency. This is why many business owner who were exporting goods
from UK to USA faced some serious economic losses.
Taxes, tariffs, and administrative costs: Sometimes price escalation can happen due to
different taxes and tariffs on different product. Administrative costs include price to pay for
getting import and export licenses which can vary from country to country. It can also include
physical arrangements for getting the product from port of entry to the buyer’s location.
For example, in early March 2018, Trump Administration announced intended tariffs on 25% on
imported steel and 10% on imported aluminum. This had an immediate effect on the price of
steel, causing it to rise, even though tariffs in question had not yet gone into effect.
Cost of Exporting: This includes shipping costs, insurance, packaging cost, tariffs, longer
channels of distribution, larger middlemen margins, and special taxes.
For example: Pran exports its fruit bar both in Malaysia and some part of Africa. But the prices
are different because of the shipping cost to Malaysia is cheaper than shipping to Africa.
Middleman and transportation costs: Nowadays channel are vastly diverse. Product can be
shipped via cargo ship, plane and sometimes via selective personnel. There are some
underdeveloped marketing and distribution channel infrastructures which makes it harder for
importer and exporter to ship their product directly. This is why sometimes they may need to
contact middleman who can facilitate the transportation smoothly. Channel length and marketing
patterns vary widely, but in most countries channels are longer and middleman margins higher
than is customary in the United States. Because no convenient source of data on middleman costs
is available, the international marketer must rely on experience and marketing research to
ascertain middleman costs.
For example, The Campbell Soup Company found its middleman and physical distribution costs
in the United Kingdom to be 30% higher than in the United States. Extra costs were incurred
because soup was purchased in small quantities
Even environmental factors and engineering changes create obstacles for a marketer to
efficiently determine the price of its products in the international markets and act as one of the
causes of price escalation.

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Price escalation does not differ for exports and goods produced and sold in foreign country
because the prices of the goods show disparity between domestic market and international
market owning to the kind of transportation cost and export duties that the seller has to pay while
selling its goods in international markets. This might make the seller mistakenly determine the
correct pricing for the goods which could be made available to the customers at such price that is
reasonable for them yet profitable for the seller. This way price escalation does not differ for
exports and goods produced and sold in foreign country.
For example, Coca-Cola, Pepsi both are based in USA and they are operating around the world.
They have few plants in Bangladesh where they produce Coca-Cola. Even though Coca-Cola are
not being exported from USA to Bangladesh but the company still has to be affected by the same
causes of price escalation like taxes and regulations.

Approaches to Lessening Price Escalation:

There are few approaches to reduce price escalation. These are-
Lowering Cost of Goods: Firms can lower costs by eliminating costly features in products or by
manufacturing products in countries where labor costs are cheaper.

 Manufacturing in a third world country. For example, Bangladesh, India, Vietnam,

Philippines etc. Those country have extremely low labor costs which can reduce the
overall budget for the company and reduce price escalation.
For example, Nike and Apple both outsourced their company to foreign country like Vietnam
and China respectively to offer competitive price for their products.
 Eliminating costly functional features.
For example, Apple introduced their cheaper version of phone in 2020 named I-Phone SE
which offers most of the major specifications like their flagship phone but they have
eliminated few costly specifications to combat cheap phone in the market.
 Lowering overall quality.
For example, Toyota has many luxury cars in their arsenal but to combat price escalation
they have opt out to lower their overall car quality in South Asia.

Lowering Tariffs: Firms can lower prices by categorizing products in classifications where the
tariffs are lower.
 Reclassifying products into a different, and lower customs classifications.
For example, An American company selling data communications equipment in Australia
faced a 25% tariff; it persuaded the Australian government to change the classification for the
type of products from computer equipment to telecommunication equipment reducing the
tariff to 3%.

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 Modify product to qualify for a lower tariff rate within classification. It is possible to
modify a product to qualify for a lower tariff rate within a tariff classification.
For example, in the footwear industry, the different between “foxing” and “foxlike” on
athletic shoes makes a substantial difference; mere millimeter differences could mean a tariff
of 48% instead of 6%.
 Repackaging can also be used to fight against price escalation.
For example, Tequila entering in gallon containers carry a duty of $2.27 per gallon, while
larger gallons are assessed at only $1.25 only.

Lowering distribution costs: Lowering distribution costs can be beneficial for any company
who is operating locally and internationally.
 Shorter Channels: Longer the channels of distribution costlier it will get to ship any
product from one country to another.
For example, in 1989, Ghana used to export its coffee in USA by using roads or ships. They
had to pay taxes to every country they entered along the journey. After 1993, they decided to
use air cargo which shortened their distribution channel by half and also lessen the cost of
their distribution.

 Fewer middleman: Lowers distribution costs by reducing or eliminating middlemen

markups as well as lowering overall taxes. Some countries levy a value-added tax on
goods as they pass through channels which may be cumulative or noncumulative. A
cumulative value-added tax is based on total selling price and is assessed every time the
goods change hands; here tax alone proves a special incentive for developing shorter
distribution channels. When this is achieved, tax is paid only on the difference between
the middlemen’s costs and selling price.
Using foreign trade zones to lessen price gap: Some countries have established foreign
trade zones or free ports to facilitate international trade. There are over 300 foreign trade
zones operating all over the world. They are storing and processing imported goods from
most of the country. One fact is that in foreign trade zones also known as FTZs, payment of
import duties or taxes is postponed until the product leaves those 300 facilities. It is a tax free
zone which is not considered as a part of any country this is why import regulations are
nonexistent. It helps to control price escalation which happens due to various taxes, duties,
freight charges, cargo charges etc. FTZs helps companies to avoid those charges so that
companies can be benefited and offer competitive price it its consumers.
Dumping: Dumping is an international price discrimination in which an exporter firm sells a
portion of its output in a foreign market at a very low price and the remaining output at a
high price in the home market.

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 Using variable cost pricing: It is concerned only with the marginal cost of producing
goods to be sold in overseas markets. Foreign sales are considered as bonus sales and any
return over variable cost makes a contribution to net profit.
For example, Pran sells its masala pack to other South Asian nation because they have
surplus production and in no way shape or form they are not reliant on the profit generated
from their South Asian sales. They are just dumping their surplus production to reduce
inventory costs.

 Selling goods in foreign country below the price of the same goods in the home market.
If any company is operating on foreign soil and their cost of production is lower than
their home country and the competitive pricing is also lower in the foreign country then
they should charge less than original price because it is costing them less than their home
country and it will increase their brand value also. It is also known as predatory dumping.
The predatory dumping is one in which a monopolist firm sells its commodity at a very
low price or at a loss in the foreign market in order to drive out some competitors. But
when the competition ends, it raises the price of the commodity m the foreign market.
Thus, the firm covers loss and if the demand in the foreign market is less elastic, its profit
may be more.
For example, Nescafe’ sold their coffee less than their marginal cost of making that coffee
just to drive out the competition and making Bangladeshi habituated with the coffee culture.

 Countervailing duty or minimum access volume: An anti-dumping duty is a protectionist

tariff that a domestic government imposes on foreign imports that it believes are priced
below fair market value. Dumping is a process where a company exports a product at a
price lower than the price it normally charges in its own home market. For protection,
many countries impose stiff duties on products they believe are being dumped in their
national market, undercutting local businesses and markets.
For example, In June 2015, American steel companies United States Steel Corp., Nucor
Corp., Steel Dynamics Inc., Arcelor Mittal USA, AK Steel Corp., and California Steel
Industries filed a complaint with the Department of Commerce and the ITC alleging that
China (and other countries) were dumping steel on the U.S. market and keeping prices
unfairly low.
A year later, the United States, after a review and much public debate, announced that it
would be imposing a 500% import duty on certain steel imported from China. In 2018, China
filed a complaint with the WTO challenging the tariffs imposed by President Donald Trump.
The White House's trade agenda for 2019 said it would continue to use the WTO to challenge
what it called unfair trading practices with China and other trading partners.

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Question 5:
Negotiation team stands for the group of people who represent the company in front of
another company while undertaking negotiations and bargaining over certain business issues
and decisions.
The following are the most important considerations in selecting a negotiation team:

 The selection criteria for international marketing and sales personnel are applicable in
selecting negotiators. Traits such as maturity, emotional stability, breadth of knowledge,
optimism, flexibility, empathy, and stamina are all important, not only for marketing
executives involved in international negotiations but also for the technical experts who
often accompany and support them. In studies conducted at Ford Motor Company and
AT&T, three additional traits were found to be important predictors of negotiator success
with international clients and partners: willingness to use team assistance, listening skills,
and influence at headquarters. Willingness to use team assistance is particularly important
for American negotiators. Because of a cultural heritage of independence and
individualism, Americans often make the mistake of going it alone against greater
numbers of foreigners. One American sitting across the negotiation table from three or
four Chinese negotiators is unfortunately an all too common sight. The number of brains
in the room does make a difference. Moreover, business negotiations are social processes,
and the social reality is that a larger number of nodding heads can exercise greater
influence than even the best arguments. It is also much easier to gather detailed
information when teams are negotiating rather than individuals. For example, the
Japanese are quite good at bringing along junior executives for the dual purposes of
careful note taking and training via observation. Compensation schemes that overly
emphasize individual performance can also get in the way of team negotiating—a
negotiation team requires a split commission, which many Americans naturally eschew.
Finally, negotiators may have to request the accompaniment of senior executives to better
match up with client’s and partner’s negotiation teams. Particularly in relationship-
oriented cultures, rank speaks quite loudly in both persuasion and the demonstration of
interest in the business relationship. The single most important activity of negotiations is
listening. The negotiator’s primary job is collecting information with the goal of
enhancing creativity. This goal may mean assigning one team member the sole
responsibility of taking careful notes and not worrying about speaking during the
meetings. It may also mean that knowing the language of clients and partners will be
crucial for the most complete understanding of their needs and preferences. The
importance of listening skills in international business negotiations cannot be overstated.
Bringing along a senior executive is important because influence at headquarters is

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 crucial to success. Indeed, many experienced international negotiators argue that half the
negotiation is with headquarters.

 Many companies in the United States provide employees with negotiations training. 30
For example, through his training programs, Chester Karrass has taught more people
(some 400,000) to negotiate than any other purveyor of the service —notice his ads in
almost all in-flight magazines of domestic U.S. air carriers. However, very few
companies provide training for negotiations with managers from other countries. Even
more surprising is the lack of cultural content in the training of the government’s
diplomats. Instead, in most schools of diplomacy the curricula cover language skills,
social and diplomatic skills, and knowledge specific to the diplomatic profession,
including diplomatic history and international relations, law, economics, politics,
international organizations, and foreign policies. Cultural differences in negotiation and
communication styles are seldom considered. Things are different at Ford Motor
Company. Ford does more business with Japanese companies than any other fi rm. Ford
owns 33 percent of Mazda, it built a successful minivan with Nissan, and it buys and sells
component parts and completed cars from and to Japanese companies. But perhaps the
best measure of Ford’s Japanese business is the 8,000 or so U.S.-to-Japan round-trip
airline tickets the company buys annually. Ford has made a large investment in training
its managers with Japanese responsibilities. Over 2,000 of its executives have attended a
three-day program on Japanese history and culture and the company’s Japanese business
strategies. Furthermore, more than 1,000 Ford managers who work face-to-face with
Japanese have attended a three-day program entitled “Managing Negotiations: Japan”
(MNJ). The MNJ program includes negotiation simulations with video - tape feedback,
lectures with cultural differences demonstrated via videotapes of Japanese– American
interactions, and rehearsals of upcoming negotiations. The company also conducts similar
programs on Korea and the People’s Republic of China.

 The most difficult aspect of international business negotiations is the actual conduct of
the face to-face meeting. Assuming that the best representatives have been chosen, and
assuming those representatives are well prepared and that situational factors have been
manipulated in one’s favor, things can still go sour at the negotiation table. Obviously, if
these other preliminaries have not been managed properly, things will go wrong during
the meetings. Even with great care and attention to preliminary details, managing the
dynamics of the negotiation process is almost always the greatest challenge facing
Americans seeking to do business in other countries. Going into a business negotiation,
most people have expectations about the “proper” or normal process of such a meeting,
the ritual, so to speak. Based on these expectations, progress is measured and appropriate
bargaining strategies are selected. That is, things may be done differently in the latter
stages of a negotiation than they were in the earlier. Higher-risk strategies may be

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employed to conclude talks—as in the final two minutes of a close soccer match. But all
such decisions about strategy are made relative to perceptions of progress through an
expected course of events. Differences in the expectations held by parties from different
cultures are one of the major difficulties in any international business negotiation. Before
these differences are discussed, however, it is important to point out similarities.
Everywhere around the world we have found that business negotiations proceed through
four stages:

1. Non-task sounding
2. Task-related exchange of information
3. Persuasion
4. Concessions and agreement

The first stage, non-task sounding, includes all those activities that might be described as
establishing rapport or getting to know one another, but it does not include information
related to the “business” of the meeting. The information exchanged in the second stage
of business negotiations regards the parties’ needs and preferences. The third stage,
persuasion, involves the parties’ attempts to modify one another’s needs and preferences
through the use of various persuasive tactics. The final stage of business negotiations
involves the consummation of an agreement, which is often the summation of a series of
concessions or smaller agreements. Despite the consistency of this process across diverse
cultures, the content and duration of the four stages differ substantially.

Non task sounding: Americans always discuss topics other than business at the
negotiation table (e.g., the weather, family, sports, politics, business conditions in
general). But not for long. Usually the discussion is moved to the specific business at
hand after 5 to 10 minutes. Such preliminary talk, known as non-task sounding , is much
more than just friendly or polite; it helps negotiators learn how the other side feels that
particular day. During non-task sounding, one can determine if a client’s attention is
focused on business or distracted by other matters, personal or professional.

A task-related information exchange: It implies a two-way communication process.

However, observations suggest that when Americans meet executives from some cultures
across the negotiation table, the information flow is unidirectional. Japanese, Chinese,
and Russian negotiators all appear to ask “thousands” of questions and give little
feedback. The barrage of questions severely tests American negotiators’ patience, and the
lack of feedback causes them great anxiety. Both can add up to much longer stays in
these countries, which means higher travel expenses.

Persuasion: The most powerful persuasive tactic is actually asking more questions.
Foreign counterparts can be politely asked to explain why they must have delivery in two
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 months or why they must have a 10 percent discount. Chester Karrass, in his still useful
book The Negotiation Game, suggests that it is “smart to be a little dumb” in business
negotiations. Repeat questions; for example, “I didn’t completely understand what you
meant—can you please explain that again?” If clients or potential business partners have
good answers, then perhaps a compromise on the issue is best. Often, however, under
close and repeated scrutiny, their answers are not very good. When their weak position is
exposed, they are obliged to concede. Questions can elicit key information, the most
powerful yet passive persuasive device. Indeed, the use of questions is a favored Japanese
tactic, one they use with great effect on Americans.

Concession and Agreements: Contracts between American firms are often longer than
100 pages and include carefully worded clauses regarding every aspect of the agreement.
American lawyers go to great lengths to protect their companies against all
circumstances, contingencies, and actions of the other party. The best contracts are
written so tightly that the other party would not think of going to court to challenge any
provision. The American adversarial system requires such contracts. In most other
countries, particularly the relationship-oriented ones, legal systems are not depended
upon to settle disputes. Indeed, the term disputes does not reflect how a business
relationship should work. Each side should be concerned about mutual benefits of the
relationship and therefore should consider the interests of the other. Consequently, in
places like Japan written contracts are very short—two to three pages—are purposely
loosely written, and primarily contain comments on principles of the relationship. From
the Japanese point of view, the American emphasis on tight contracts is tantamount to
planning the divorce before the wedding. In other relationship-oriented countries, such as
China, contracts are more a description of what business partners view their respective
responsibilities to be.

 Finally, follow-up communications are an important part of business negotiations with

partners and clients from most foreign countries. Particularly in high-context cultures,
where personal relationships are crucial, high-level executives must stay in touch with
their counterparts. Letters, pictures, and mutual visits remain important long after
contracts are signed. Indeed, warm relationships at the top often prove to be the best
medicine for any problems that may arise in the future.

 Foreign language skills are important for international negotiators because though
English is considered as the most common and global language of the world using which
all the major business deals take place at the world platform, but still there is a need to
develop other foreign languages like German, Mandarin, French, Hindi, Spanish etc.

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 because today world has come closer and every nation deals with every other nation in
the world professionally.
For example, a country from native region deals with a country from the Middle East then it
is highly important for the representatives of these countries to communicate with each other
in common language and it would be more excellent. If they talk in language that is
commonly spoken in one of the countries that is a part of this business deal to make things
more smooth and efficient.

 The general business etiquettes of negotiation team members should be professional like
time is an important consideration in international business negotiations because in
today’s times when people possess time urgency and have to juggle between several
important tasks in their professional and personal front, wasting someone’s time and not
being punctual and quick in replying to the queries and issues that are raised by them is
taken as quite insulting and unprofessional. This is the reason why negotiation team
members should be punctual and quick in responding to the queries from its clients.
For example, when the employees of a particular company do not receive and reply
telephone calls from the potential customers during working hours and are quite late in
making replies and taking calls, then this affects the international business negotiations that
exist between company and its potential clients or customers.
These are some of the considerations in selecting a negotiation team undertaking bargaining
with the business associates.
The most useful training for international business negotiators is-
Negotiation simulation: The simulation consisted of four phases: preparation, role assignments,
electronic-mail communication, and evaluation. Simulated negotiations and role-play have
become the central focus of negotiation training since both are highly effective in developing
practical negotiation skills.
Language skills: As international business involved in multiple countries and each country
language is different so negotiators are trained with those languages so that they can
communicate properly.
Analyzing a problem – Effective negotiators must have the skill to analyze a problem taking
into account the interest of each party. Identifying the problems of both sides can help finding a
solution.
Social and diplomatic skills:
Social and diplomatic skills are skills centered on an understanding of other people and being
sensitive to their opinions, beliefs, ideas and feelings. Social skills help to maintain a positive
atmosphere during negotiation.

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Teamwork – Effective negotiators must have the skill to work together as a team in
collaboration with each other so as to reach an acceptable solution.
Law: There are different types of law in each country and international negotiator should know
each law such as commercial law, property and taxation law, corporate law etc.
Experimental learning methods: Although experimental learning methods is one of the best
ways of developing negotiating skills it can be effective. How effective depends on learning
quality and past experience.

Besides negotiators must be known knowledge specific to the diplomatic profession including
diplomatic history and international relations, economics, politics, international organizations
and foreign policies.

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 Section B
Abstract:
It is an infectious disease that infects people easily and gets spread from person to person
inefficient and sustained manner. It is very difficult to interpret the exact impact of the
coronavirus as it has not only impacted the health concerns but the global economy also. It is
clear that the impact will be notable and pervasive and the worst is yet to come. This term paper
explains, what exactly is corona virus, the impact on global economy and global marketing? The
investors from worldwide are closely watching its impact on the world markets. Substantial
volatility has been shown by the US stock market with the Dow Jones Industrial Average bearing
its worst single-day loss since the financial crisis of 2008. We focus on the period from the start
of 2020 through
March when the coronavirus began spreading into other countries and markets. We draw on real-
world observations in assessing the restrictive measures, monetary policy measures, fiscal policy
measures and the public health measures that were adopted during the period. We empirically
examine the impact of social distancing policies on economic activities and stock market indices.
The findings reveal that the increasing number of lockdown days, monetary policy decisions and
international travel restrictions severely affected the level of economic activities and the closing,
opening, lowest and highest stock price of major stock market indices. In contrast, the imposed
restriction on internal movement and higher fiscal policy spending had a positive impact on the
level of economic activities, although the increasing number of confirmed coronavirus cases did
not have a significant effect on the level of economic activities.

The impact will be long-lasting even if the tide turns soon and the spread of the virus is curtailed.
Some business entities having thin margins and weak balance sheets will have been driven out of
the business market. Some of them will need to consider bankruptcy protection of forwarding
liquidity problems or supply chain or vendor disruptions.

Acknowledgements

It is high time for me to express my deepest gratitude to The Almighty, and the Merciful Allah.
Without His blessing and endorsement this paper would not have been accomplished within the
scheduled time.

The successful completion of this report might never be without the help of some persons whose
inspiration and suggestion made it happen. First of all, I want to thank our honorable Instructor:
Dr. Md Razib Alam, MASc & PhD, who instructed me in the right way and give me proper
guidelines for preparing this report.

Finally, Thanks to all of us for sticking together to finish this project perfectly and responsibly. I
hope that all my effort will give me the result we expect.

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Contents
Introduction:.............................................................................................................................................22
Objectives of the study..............................................................................................................................23
Methodology.............................................................................................................................................23
Description of coronavirus:.......................................................................................................................23
Strategy to be safe during Coronavirus:....................................................................................................24
The impact of COVID-19 on global economy.............................................................................................24
Impact on global marketing.......................................................................................................................30
Findings.....................................................................................................................................................31
Conclusion.................................................................................................................................................32
Reference..................................................................................................................................................32

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Introduction:
Coronavirus (Covid-19), which first appeared in on December 31, 2019 in Wuhan, China. Over
the span of four months, covid-19 has spread beyond Wuhan, across china and around the world.
The world health organization (WHO) declared on January 30, 2020 the coronavirus outbreak a
public health emergency of international concern, only the 6th declaration of its kind in WHO
history. According to john Hopkins university of public health on 10 April 2020, the confirmed
cases of coronavirus affected people are 1601018 where 95655 deaths worldwide. The
coronavirus family causes illnesses ranging from the common cold to more severe diseases such
as severe acute respiratory syndrome (SARS) and Middle East respiratory syndrome (MERS),
according to the WHO.

Global economy will turn more isolated and global trade would reduce, which would lead to
decline in GDP of the World economy as countries which were heavily reliant on exports, trade
and tourism will suffer the most. Countries will increasingly focus on meeting the local demand
and opting for goods which are produced locally. Thereby decreasing the gains which were
possible from international trade. International trade would suffer as countries would become
more self-reliant and exports and imports will be restricted to only those countries which meet
the highest quality standards. But e-commerce would help bridge that gap and hopefully lead to
stable trade. International finance would not suffer to such a great extent as trade would, because
of increase in technology usage, investors would still trade in finance and other securities as
improvement in technology will help bridge that gap. But finance through investing in new
industries and physically inspecting those industries would prove difficult.

Globalization would be affected for at least a couple of coming years, until the pandemic starts to
taper off, but until then localization will be the key focus of several countries. There will be less
number of people physically present to assess their overseas business, this will lead to companies
opting for industries to be set-up closer to where they could be easily inspected, with travel
restrictions and health hazards in place.

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Objectives of the study
The objectives of the study are as follows:

- What is coronavirus?

- How to stay safe during the coronavirus outbreak?

- How does COVID-19 affect the global economy?

- How does COVID-19 affect the global marketing?

Methodology
Research methodology refers to the search for knowledge. This report is based on data collection
through desk research and secondary data. The project is prepared with the help of graphical data
based on the published organization web site and fundamental concept of health sector industry
in nationally and internationally.

Description of coronavirus:
Coronaviruses are a type of virus. There are many different kinds, and some cause disease. A
newly identified type has caused a recent outbreak of respiratory illness now called COVID-19.
Covid-19 is the disease caused by the new coronavirus that emerged in China in December 2019.
Covid-19 symptoms include cough, fever, and shortness of breath, muscles aches, sore throat or

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unexpected loss of taste or smell. Cocid-19 can be severe, and some cases have caused death.
The new coronavirus can be spread from person to person. It is diagnosed with laboratory test.

Strategy to be safe during Coronavirus:

As the new coronavirus spreads mainly from person to person. If an infected person coughs or
sneezes, their droplets can infect people nearby. That’s why it’s important to avoid close contact
with others. Several measures to stay safe during the coronavirus prevalence include: Stay home
as much as possible and reduce visitors, practice social and physical distancing, ask your
employer if it is possible to work from home, avoid people who appear sick, go grocery shopping
and run errands during off-peak times. The CDC recommends wearing cloth face covering in
public where other social distancing measures are difficult to maintain, especially in areas of
significant community based transmission. Wash your hands with soap and water frequently and
thoroughly for at least 20 seconds, especially: After being in public places and touching door
handles, shopping carts, elevator buttons, etc. After using the bathroom, before preparing food, if
soap and water are not available, use hand sanitizer with at least 60% alcohol, avoid touching
your eyes, nose or mouth, especially with unwashed hands, if you cough or sneeze, do so in the
bend of your elbow. If you use a tissue, throw it away immediately. Wear a mask if you are
caring for someone who has respiratory symptoms, clean counters, door knobs, phones and
tablets frequently, using disinfectant cleaners or wipes.

The impact of COVID-19 on global economy:

The outbreak of pandemic Covid-19 all over the world has disturbed the political, social,
economic, religious and financial structures of the whole world. World’s topmost economies

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such as the US, China, UK, Germany, France, Italy, Japan and many others are at the verge of
collapse. Besides, Stock Markets around the world have been pounded and oil prices have fallen
off a cliff. In just a week 3.3 million Americans applied for unemployment and a week later
another 6.6 million people started searching for jobs. Also, many experts on economic and
financial matters have warned about the worsening condition of global economic and financial
structure. Such as Kristalina Georgieva, Managing Director of International Monitory Fund
(IMF), explained that “a recession at least as bad as during the Global Financial Crisis or worse”.
Moreover, Covid-19 is harming the global economy because the world has been experiencing the
most difficult economic situation since World War-II. When it comes to the human cost of the
Coronavirus pandemic it is immeasurable therefore all countries need to work together with
cooperation and coordination to protect the human beings as well as limit the economic damages.
For instance, the lockdown has restricted various businesses such as travelling to contain the
virus consequently this business is coming to an abrupt halt globally.

The spread of the epidemic is picking up speed and causing more economic damages. It is stated
by the U.S. official from federal reserves that American unemployment would be 30% and its
economy would shrink by half. As for as the jobs of common people are concerned, there is also
a real threat of losing their jobs because with business shutting down that shows that companies
will be unable to pay to workers resultantly they have to lay off them. While when it comes to
the stock market, it is severely damaged by Covid-19 such as the stock market of the United
States is down about thirty percent. By looking over the existing condition of several businesses,
most of the investors are removing its money from multiple businesses in this regard $83 billion
has already removed from emerging markets since the outbreak of Covid-19. So, the impact of
Covid-19 is severe on the economic structure of the world because people are not spending
money resultantly businesses are not getting revenue therefore most of the businesses are
shutting up shops.

It also observed that the economic recovery from this fatal disease is only possible by 2021
because it has left severe impacts on the global economy and the countries face multiple
difficulties to bring it back in a stable condition. Most of the nations are going through recession
and collapse of their economic structure that points out the staggering conditions for them in this
regard almost 80 countries have already requested International Monetary Fund (IMF) for
financial help.

Spread of Corona virus:

Spread of COVID-19 (already known as coronavirus) Real-time data on the spread of the
coronavirus (or covid-19 disease) was collected from Statistica. The data shows that the US had
the highest number of infected individuals, followed by China, Italy and Iran as at 29th of May
2020. The statistics is reported in Table 1.

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Impact on GDP:

Global Spillover Initially, the perception was that the COVID-19 pandemic would be localized in
China only. It later spread across the world through the movement of people. The economic pain
became severe as people were asked to stay at home, and the severity was felt in various sectors
of the economy with travel bans affecting the aviation industry, sporting event cancellations
affecting the sports industry, the prohibition of mass gatherings affecting the events and
entertainment industries (Horowit, 2020; Elliot, 2020). There are parallels between the COVID-
19 crisis and the events of 2007-2008: as in 2020, many people in the earlier recession assumed
the impacts would largely be localized (in that case based on an assumption that the subprime
mortgage crisis would be a relatively minor problem affecting only the US, but ultimately
affecting the global financial system) (Elliot, 2020). The sudden economic disruption caused by
COVID-19 is not only destructive but also has spillover implications because it created demand
and supply shocks in almost every area of human endeavor.

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From the above data we understand that, we are in global pandemic which is scenario 4. Country
which is least affected is China because of their communist regime and they failed to notify the
world soon enough. They wanted to dominate world economy and this is why they will be seeing
only 2.4% negative GDP change compared to its competitor who is also expected to face same
percentage point. Indonesia and Russia’s GDP are projected decline by 4.6 and 4.8%
respectively.

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Now if we see the global GDP, it is expected to grow from 2021 onward but it was the projection
before this deadly pandemic hit us.

Travel Industry:

Spillover to the travel industry the coronavirus outbreak led the governments of many countries
to impose restrictions on nonessential travel to countries affected by COVID-19, indefinitely
suspending tourism travel, work visas and immigrant visas. Some countries placed a complete
travel ban on all forms of inward or outward travel, shutting down all airports in the country. At
the height of the coronavirus pandemic, most airplanes flew almost empty due to mass passenger
cancellations. The travel restrictions imposed by governments subsequently led to the reduction
in the demand for all forms of travel which forced some airlines to temporarily suspend
operations such as Air Baltic, LOT Polish Airlines, La Compagnie, and Scandinavian Airlines.
Such travel restrictions cost the tourism industry alone a loss of over $200 billion globally,
excluding other loss of revenue for tourism travel, and were forecast to cost the aviation industry
a total loss of $113billion according to IATA. US airlines sought a $50bn bailout fund for the US
Airline industry alone. The GTBA reported that the business travel sector would lose $820
billion in revenue due to the coronavirus pandemic.

From the above chart we can see that travel industry lost 50% or more of its revenue in 2020
after this outbreak halted air travel.

Oil Industry:

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Spillover to oil-dependent countries the oil price war is a contributing factor early in 2020, the
price of oil fell due to the oil price war between Russia and Saudi Arabia. The coronavirus
pandemic worsened the situation through the reduction in the demand for oil. The imposed travel
restrictions during the pandemic, which led to a reduction in the movement of people and goods,
resulted in a fall in demand for aviation fuel, coal and other energy products, which subsequently
led to a fall in oil price due to low demand. The coronavirus crisis also affected a wide range of
energy markets such as the coal, gas and renewable energy markets, but its impact on oil markets
was more severe because it stopped the movement of people and goods, which led to a drastic
decline in the demand for transport fuels. When Saudi Arabia later supplied excess oil to the
world, the market was flooded with too much oil, exceeding demand during the COVID-19
pandemic, and subsequently leading to a fall in oil price. 2.4.2. Loss of oil revenue to oil-
dependent countries the effect of the pandemic on oil-dependent countries was severe. The
global decline in oil price combined with the low demand for oil products in the international
market led to a significant shortfall in oil revenue to oil-dependent countries, which increased
current account deficits and worsened the balance of payment position of many oil-dependent
countries such as Venezuela, Angola and Nigeria. These countries also faced increasing pressure
on their foreign exchange reserves, which subsequently led to the devaluation of local currencies
against the dollar. Countries like Kenya, Nigeria and South Africa experienced a reduction in the
price of petrol in the local gas stations. National budgets were also affected. The sustained
decline in global oil price due to the COVID-19 pandemic meant that the current national budget
became outdated for most oil dependent countries, and had to be revised because it did not
reflect the current economic reality since the budget was priced at a higher oil price from 2019.
Consequently, the national budget of some oil-dependent countries ran into massive deficits
which forced some countries to either (i) seek foreign loan from the IMF, World Bank and other
lenders to fund their budget deficits, or (ii) create a new budget that was priced using the current
low oil price in the global market.

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We see a sharp decline in crude oil prices in April 20 because of this pandemic. At one point of
time oil price was negative which means it’s costlier to keep oil than selling it for free or even
giving away money just to get rid of crude oil.

Sports Industry:

Spillover to the sports industry the sports industry was severely affected during the coronavirus
outbreak. In the football segment, major European football leagues in England and Scotland
announced the immediate suspension of football matches for 6 weeks until 30th April. The
Turkish super league was the last major European league to suspend its matches. In Formula
One, the Monaco Grand Prix was cancelled. The Tokyo Summer Olympic and Paralympic
games were also postponed. In the hockey segment, the 2020 hockey games in England was
postponed. England's FIH Pro League games scheduled for 2nd to 3rd and 16th to 17th May
were postponed. In rugby games, the Pro14 final scheduled for 20th June at the Cardiff City
Stadium was cancelled. The major league rugby (MLR) was cancelled for the remainder of the
2020 season. In the baseball segment, all major baseball league season games were called off in
Mexico and Puerto Rico. The Motorsport game in Portugal was postponed after the Portuguese
government declared a state of emergency and suspended all sporting events in the country. In
the snooker segment, the World snooker championship to be held in Sheffield from 18th April to
4th May, was postponed. In the swimming segment, the 2020 European Aquatics Championship
scheduled for 11th to 24th in Hungary was postponed until August. In the golf segment, the
LPGA tour was rescheduled for 10th to 13th September 2020. The resulting loss in revenue to
the sponsors and organizers of the cancelled games ran into billions of dollars.

Impact on global marketing:

Global Retail Sales Expected to lose $2.1 Trillion in 2020 Due to Corona Pandemic. The Corona
pandemic is now predicted to have an extraordinary effect on world commerce. Forrester
predicts that global retail sales in 2020 will decline by an average of 9.6% globally, a loss of $2.1
trillion. They also predict that it will take four years for retailers to overtake pre-pandemic levels.
Forrester predicts the impact of the coronavirus on retail sales will vary worldwide given the
regional differences and considering that each country is at a different stage of the pandemic.

58% of People Ages 18 to 39 Claim to Have Ordered Grocery Items Online for Store
Pickup in the Month to March 12:

Online shopping seems to be particularly popular with Millennial and Generation Z. 58% of
people aged 18 to 39 say they have ordered grocery items online for store pickup, and 30% say
they have increased their online purchases in the month to March 12. If you look at all ages, 34%
ordered grocery items for store pickup, and 25% had increased purchases.

Images of Human Interaction Drops 27.4% in Social Ads

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A study by Pattern89 has noticed an evident change in the imagery used by brands in social
media ads during the time of the Coronavirus. They found 27.4% fewer image and video ads on
Facebook and Instagram depicting models displaying human interaction, such as hugging or
shaking hands.

There has been a significant increase in a few specific image types since mid-March, however.
For example, images and videos displaying water splashing, hand/face washing, or cleaning have
risen at six times the regular rate.

Product: Production sector also affected by the corona virus but some sector also increasing
their productivity like medical and safety equipment demand is very high in the market even
very short working day hour those product stock out. However, clothing and electronic sector
oppositely facing the huge crisis because of in last 3 month lots of factory shut down and raw
material crisis reached in the extreme level.

Price: Heinously affected by the corona virus global product price increasing the significant way
but production sector also decreasing and demand is increasing that’s why old global marketing
strategy should not be working on the present situation. Especially medical product price
increasing the significant rate. The personal protection equipment, Mask, hand sanitizer and
cleaning product price also changing over the moments.

Promotion: The main sources of product promotion are newspaper, television ad and web site
advertising but already newspaper distribution totally shut down and also electronic media cost
increase, if this situation continuing the same way that’s why International promotion sector will
be badly affected. In this case, Digital Marketing is getting popular day by day.

Distribution: The distribution channels is a most import factor in the global market because of
using the best distribution channel product reach in the buyer. The main way of distribution is
Ship, Road and air but these three way mostly stopped on the present situation. So without
distribution channel one country product never be reached in the globally. However only special
air or ship delivery system only exist but it’s very expensive and need to take special permission
for both country govt. So this is another big problem for the global marketer.

Findings:
 Global economy will face recession within coming months. Some country may face
recession and some country may even face depression

 Unemployment rate will be an all-time high this year.

 Except for full-fledged online business which focuses on basic necessity will continue to
soar while other business will take a hit this summer such as travel, health, oil,
entertainment, banking etc.

 Global marketer has to rethink its strategy to promote its product. Advertising, showing
human interaction may not work nowadays.

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  Globalization will be halted for now because of air travel restriction. So, if a company
wants to expand then they have to expand via online and research about any country
through online.

 Global marketing scenario will change and people will be more reliant on online
advertisement and online selling.

Conclusion:
Don’t waste the coronavirus crisis we analyzed the coronavirus outbreak and the spillover to the
global economy which triggered the global recession in 2020. Policy makers in many countries
were under pressure to respond to the coronavirus outbreak. As a result, many governments
made fast policy decisions that had far-reaching positive and negative effects on their respective
economy – many countries plunged into a recession. Social distancing policies and lockdown
restrictions were imposed in many countries, and there have been arguments that such social
policies can trigger a recession. Our findings in section 5 showed that a 30-day social distancing
policy or lockdown restriction hurts the economy through a reduction in the level of general
economic activities and through its negative effect on stock prices

On the bright side, the coronavirus-induced public health crisis created an opportunity for many
governments to make lasting reforms in the public health sector. Countries like the UK and Spain
repaired their public health care system, and fixed other shortcomings in public infrastructure
such as the transition to online education, transportation systems and the disease detection
systems in public hospitals. Some governments also used the crisis as an opportunity to fix the
economic system and the financial system with the planned federal stimulus package.

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