Global Marketing 4.3.1 Flashcards
(14 cards)
What is the domestic approach to marketing called ?
Ethnocentric
What is ethnocentric approach ?
maximises the appeal and unique features of such things as regional food that would be exported or made identical for a foreign market.
Benefits of ethnocentric approach?
Benefits include standardisation and economies of scale
Drawbacks of ethnocentric approach
may not take into account cultural differences across nations.
What is the international approach to marketing
Polycentric
What are the drawbacks to polycentric approach ?
expensive and it may be difficult to launch new versions in order to compete with established local brands.
What are the benefits to polycentric approach ?
Products are better targeted to meet the needs of specific countries and cultures.
What is the mixed approach to marketing?
Geocentric
What is the geocentric approach to marketing ?
Products may be tailored to the local market with lower development costs.
How can the ansoff matrix be
Applied in international markets ?
As a business moves into an international market it will either adopt a market development strategy (ethnocentric or geocentric) or a diversification strategy (polycentric), as both of these approaches involve entering a new market.
How will a business approach the marketing mix when entering an international market ? PRODUCT
Product
To what extent does the product need to be adapted to suit the needs of an international market
How will a business approach the marketing mix when entering an international market ? PRICE
Price
What pricing strategy is best suited to the local market, including the demographic, economic an competitive environment?
How will a business approach the marketing mix when entering an international market ? PLACE
What are the best distractions Chanels in an international market
How will a business approach the marketing mix when entering an international market ? PROMOTION
What are the most promotional methods in different countries
