Marketing

Question 1

What is glocalisation?

Answer 1

Describes a product or service that is developed and sold globally, but is also adapted to meet the needs and wants of customers in a local market

Question 2

Ethnocentric approach

Answer 2

Assumes that work works in home markets will also work in international markets
- effective if international consumers value authenticity

Question 3

Geocentric approach

Answer 3

Recognised differences in national markets

- but main aim of marketing strategy is to build a truly global brand

Question 4

Polycentric approaches

Answer 4

Recognises that every national market requires a different marketing mix
- products designed specifically to meet local needs

Question 5

What is global marketing?

Answer 5

Involves planning, producing, placing and promoting of a business’ products in a worldwide market. This can involve both physical stores and operations carried out online

Question 6

What is an adapted marketing mix?

Answer 6

An international marketing strategy of adjusting each of the marketing mix elements to suit each international target market

Question 7

Adaptation of the marketing mix

Answer 7

4 P’s can be adapted in order to achieve growth in international markets
- this is because there are differences in incomes, culture/ traditions, religion, tastes and preferences