Flashcards in 4.3 Deck (16)
what is global marketing?
- often need to adapt their marketing strategies to meet the needs of an international customer
what are the 3 different approaches to global marketing?
what is an ethnocentric approach to marketing?
- little/no attempt to adopt to the international market
- maximises the appeal and unique features of such things like regional foods
advantage an ethnocentric approach
- standardisation and economies of scale
weakness of an ethnocentric approach
- may not take into account cultural differences
what is a polycentic approach to marketing?
- complete overhaul of marketing and the product to suit a particular international market
strength of a polycentric approach?
- products are better targeted to meet the needs of specific countries and cultures
weakness of a polycentric approach?
- this approach is expensive, may be difficult to launch new versions in order to compete with established businesses
what is a geocentric approach to marketing?
- slight adaptations and tweaks to suit each international market, 'glocalisation'
strength of geocentric marketing?
-products may be tailored to the local market with lower development costs
changes in the marketing mix in an international market?
product- does it need to be adapted
price- suit to local market
place- best channel of distribution
promotion- most effective method in country?
features of a global niche market?
- Clear understanding of the needs and wants of customers
- Emphasis on quality
- Excellent customer service
- Expertise in the product area
- Prioritising profit rather than market share
why may highly specialised products find it easier to expand?
- this specialist knowledge may not already exist in other countries
factors contributing to international desirability?
- The internet and e-commerce
- Social media
- Ease of travel
- Music, film and TV
niche marker and the marketing mix?
product- quality, premium service
price- high profit margin
place- narrow range of channels