4.3 - Global marketing

Question 1

What is an ethnocentric, polycentric and geocentric marketing approach

Answer 1

Different marketing approaches:
* ethnocentric - standardised product and marketing stratergy
* polycentric - tailoring product and marketing streatergy to local markets
* geocentric -mixed

Question 2

Define glocalisation

Answer 2

Glocalisation is a strategy where businesses aim to reach customers globally and also take into consideration the needs of the local market

Question 3

Give 6 cultural/social factors on spec a business must consider in global marketing

Answer 3

• cultural differences
• different tastes
• language
• unintended meanings
• inappropriate/inaccurate translations
• inappropriate branding and promotion

Question 4

Define global niche market and describe its features

Answer 4

A subset of the global market that caters to specilist consumer wants and needs
May persue differentiation stratergy (Porters generic stratergies)

Features of global niche markets
* Excellent customer service
* Innovation - differentiation, add value, USP, expertise in product area, emphasis on quality
* Clear understanding of customer wants and needs
* Persuing profit over market share - higher margins - lower BEP?

Question 5

Describe how the marketing mix is adapted to suit global niche markets

Answer 5

Product
* modify the features of the product to meet the specific needs of the target audience
* innovation, diffirentiation (Ansoff), quality focus, premium market positioning
* market orientation - market research to identify customer needs

Price
* Business objective may be profit over market share - aim for higher margins, may use price skimming to recover high R&D costs for premium product

Promotion
* Below the line, target advertising stratergies email marketing, influencer partnerships, and event activations tailored to customer base

Place
Choosing a distribution strategy that is convenient for the target audience, and considers its a global niche

E.g. a business that produces gluten-free products can distribute them through local specialty stores and online platforms to reach customers
* Considers customer shopping experience, individual customer service
* Could be personal selling reaching out to customers