Flashcards in Global marketing Deck (7)
What is glocalisation?
to adapt to local expectations in order for a business to succeed in an international market "think global, act local"
What are the types of market approaches?
- Ethnocentric (overseas market similar to domestic market)
- Polycentric (product adapted to local market)
- Geocentric (combination of ethnocentric and polycentric)
How might a business use Ansoffs Matrix and the marketing mix globally?
Price ; local factors (incomes/taxes)
Product ; ethnocentric/polycentric/geocentric
Place ; local environments
Promotion ; language differences
How might a business use Ansoff's Matrix globally?
Market penetration (existing product, existing market) ; adapt product
Market development (existing product, new market)
Diversification (new product, new market)
What are the features of a niche?
- Emphasis on quality
- Excellent customer service
- Expertise in product area
How might a global niche business use the marketing mix?
Product ; quality
Price ; high
Promotion ; brand name, exclusivity
Place ; networks of exclusive distributors