What is marketing?
The process of raising awareness of your product or service
What is global marketing?
Doing this in other countries
What are the two main approaches to marketing?
- Global marketing= one approach/idea no matter the country
- Glocalisation= change to local wants and needs
Why should a business glocalise?
-Don’t offend
-Meet their wants and needs
-Competitors may not so competitive advantage
-Meet religious needs
-Avoid legislation
-Gain sales
What is ethnocentric?
Standardise the product for all markets to keep costs low
What are pros of ethnocentric?
-Lower costs of development and production
-Economies of scale
What are cons of ethnocentric?
-Product may not sell well
-Doesn’t tale account of national differences
What is polycentric?
Adapt the 4Ps to each market to appeal to local customers to maximise revenue
What are pros of polycentric?
-Targeted products for different markets
-Competitive advantage
What are cons of polycentric?
-Highest cost of development
-Difficult to compete with e
What is a global mass market?
A market with generic wants and needs spread over 2 or more countries
What is a global niche market?
A subset of the market with specific wants and needs spread across 2 or more countries
Why should a business globalise their niche?
-Appeal to more
-Increase sales
-Standardised specifics
-Reduced risks (one fails, others survive)
How should a business market to a mass market?
Shotgun approach > aim at all, hit anything
-Marketing is generic and emotional
-Mass marketing is costly > reaching wide audience
How should a business market to a niche market?
Sniper approach > aiming at a specific target, focus on a subset
-Hypertargetted > often in specialised or specific places to reach the niche
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1.1- meeting customer needs37
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1.2- the market16
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1.3- marketing mix55
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1.4- managing people86
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1.5- entrepreneurs and leaders35
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2.1- raising finance35
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2.2- financial planning content58
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2.2- financial planning formulas11
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2.3- managing finance content33
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2.3- managing finance formulas3
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2.4- resource management52
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2.5- external management58
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3.1- business objectives and strategy73
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3.2- business growth41
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3.3- decision making techniques47
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3.4- influences on business decisions77
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3.5- Assessing competitiveness17
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3.6- Managing Change14
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4.1- globalisation43
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4.2- global markets and business expansion19
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4.315
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4.4- Global Industries and MNCs13
