4.3 Flashcards Preview

business a level > 4.3 > Flashcards

Flashcards in 4.3 Deck (16)
Loading flashcards...
1

what is global marketing?

- often need to adapt their marketing strategies to meet the needs of an international customer

2

what are the 3 different approaches to global marketing?

- ethnocentric
- polycentric
- geocentric

3

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

4

advantage an ethnocentric approach

- standardisation and economies of scale

5

weakness of an ethnocentric approach

- may not take into account cultural differences

6

what is a polycentic approach to marketing?

- complete overhaul of marketing and the product to suit a particular international market

7

strength of a polycentric approach?

- products are better targeted to meet the needs of specific countries and cultures

8

weakness of a polycentric approach?

- this approach is expensive, may be difficult to launch new versions in order to compete with established businesses

9

what is a geocentric approach to marketing?

- slight adaptations and tweaks to suit each international market, 'glocalisation'

10

strength of geocentric marketing?

-products may be tailored to the local market with lower development costs

11

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?

12

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

13

why may highly specialised products find it easier to expand?

- this specialist knowledge may not already exist in other countries

14

factors contributing to international desirability?

- The internet and e-commerce
- Social media
- Ease of travel
- Music, film and TV

15

niche marker and the marketing mix?

product- quality, premium service
price- high profit margin
promotion- exclusivity
place- narrow range of channels

16

what are cultural and social barriers?

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