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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?

- ethnocentric
- polycentric
- geocentric


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
- Innovation


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
promotion- exclusivity
place- narrow range of channels


what are cultural and social barriers?

- cultural differences
- language differences
- different tastes
- unintended meaning/bad branding