Business Chapter 32

Question 1

Ethnocentric approach

Answer 1

An approach to global marketing where a business makes little or no attempt to change or modify the product when selling into new foreign markets

Question 2

Geocentric approach

Answer 2

An approach to global marketing where a business uses a combination of the ethnocentric and polycentric marketing approaches when marketing a product in new foreign markets

Question 3

Global marketing strategy

Answer 3

The process of adjusting a company’s marketing strategies to reflect conditions I consumer tastes and demand in other countries.

Question 4

Glocalisation

Answer 4

A combination of ne words ‘globalisation’ and ‘localisation’. It involves the development and sole of products to customers around the world which reflect specific local customs, tastes and traditions

Question 5

Localisation

Answer 5

Strategies that adjust products to fit with targets customers

Question 6

Polycentric approach

Answer 6

An approach to global marketing where a business adapts the product to meet the slightly different needs of customers in new foreign markets.