mr smith-global marketing

Question 1

what is a global marketig strategy

Answer 1

how a business markets its products in several countries
may be same in one country, may be different in another
may be same in one rejion may be different in another

Question 2

what is glocalisation

Answer 2

adapting different marketing strategies between different countries
e.g same tv advert but different languages specific to that county
more likely to take place in international businesses as consuerms more likely to buy
may lead to local production which can lower costs for a business as dont have too transport goods
normalyl same for high end goods e.g cars
different for low end goods e.g groceries
could use ethnocentric, polycentric and genocentric approach

Question 3

ethnocentric approach

Answer 3

keeping marketing strategies simialr everywhere
little or no adaptations to local tastes
leads to global and domestic marketing orodycts being the same

Question 4

adv of ethnocentric approach

Answer 4

economies of scale is reached as producing same product for all markets
lower unit costs to produce products

total marketing costs reduced as they can use same marketing and promotional tools

less time and money on marmet research as assuems all makrets will want same product

less money spent on brand image as has smaller range of products which dont need to be adapted to different markets

Question 5

polycentric approach

Answer 5

different products and marketing strategies in each country

market research made to create products to suit wants and needs of international markets

adv-assures sales
dis-expensive to carry out market research and create new products
fewer cahnce of reaching economies of scale

Question 6

genocentric

Answer 6

mix between the approaches (ethnocentric and polycentric)

example of glocalisation
global focus of ethnocentric approach is kept
local factors of polycentric approach are also involved
e.g dominos has a global brand but a different set menu to each market/country

adv-maintain global braind image ,recognisable around the world

dis-costly to adapt products
business costs are still lower then polucentric approach, where different products are developed for each market

Question 7

global niche markets

Answer 7

made up of several small niche markets from different counteries

Question 8

adv of global niche markets

Answer 8

high customy loyalty
face minimal competition
products normally pric inelastic so cnan charge higher prices and maximise profits

Question 9

dis of global niche markets

Answer 9

low sales volume, less chance for economies of scale
face higher costs for production

Question 10

marketing strategies need to account for diferfences in culture

Answer 10

due to change in traditions
might consider 4 ps
product-changing tastes as some counteries may eat dog meat, others may not
promotion-cjhina hate number 4 so avoiding promoting anything with the number 4

place-some places restrict selling of wine in supermarkets

price-some counteries like negotiating so may set higher inital price there so more up for negotiaiting

Question 11

consider languages when marketing abroad

Answer 11

dis-increased costs as need language translators

using firms domestic langauge may be offensive to consumers, may give impresi=sion that firm could not be bothered to translate
means messages may not be understood by target audience