4.3.1 Global Marketing Flashcards Preview

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Flashcards in 4.3.1 Global Marketing Deck (11)
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1
Q

what is a global marketing strategy

A

how a business markets its product/service in different countries

2
Q

what is glocalisation

A

the business aims to reach customers globally but takes into consideration the needs of the local market

3
Q

what are the 3 main global marketing strategies

A

1 ethnocentric approach
2 geocentric
3 polycentric

4
Q

explain an ethnocentric approach

A
  • no changes to the product or marketing
  • based on the belief that the company’s home culture and marketing are superior to those of other countries
5
Q

evaluate an ethnocentric marketing strategy

A

+ EOS as production is a standardised and large scale
+ Costs are lower as there is no investment into adapting products for different markets
- may lose sales as the product is not tailored for overseas markets
- cultural insensitivity may not resonate with local customers

6
Q

explain a polycentric approach

A
  • businesses adapt their products for local markets
  • each country is treated as a new market and develops an appropriate marketing mix for each
7
Q

evaluate a polycentric approach

A

+ sales are likely to increase as the product is tailored
+ helps develop brand loyalty in other countries
- adapting the marketing mix increases average unit costs
- additional costs in market research

8
Q

evaluate a polycentric approach

A

+ sales are likely to increase as the product is tailored
+ helps develop brand loyalty in other countries
- adapting the marketing mix increases average unit costs
- additional costs in market research

9
Q

explain a geocentric approach

A
  • this is a mix between polycentric and ethnocentric
  • utilises and benefits from standardised products but also tailors products to meet the needs of local markets
10
Q

evaluate a geocentric approach

A

+ sales will increase due to the tailored products
+ helps to develop brand loyalty
+ global brand image improves as the business is still somewhat cohesive and recognisable
- costly to adapt the products
+ but these are lower than a polycentric approach

11
Q

when establishing a global marketing strategy a business will consider the 4 p’s which are …

A

product
promotion
price
place (distribution)