4.2 Global Markets and Business Expansion Flashcards
1
Q
What is glocalisation
A
2
Q
Ethnocentric
A
Goods/ services are sold without adaption
3
Q
Polycentirc
A
Goods/services are sold adapted to countries
4
Q
Geocentric
A
Maintain and promote global brand name, but tailor to local businesses
5
Q
What are two ev points on ethnocentric
A
+Low cost of development and production
-Do not take cultural differences into account
6
Q
What are two ev of polycentric
A
-Higher cost of development and difficult to complete with established local brands
7
Q
What are two ev points on Geocentric
A
-Higher cost of product development
+Tailoring products to local tastes/needs - higher sales
8
Q
What are 3 characteristics of a Global niche market
A
1.Expertise in a field
2.Focus on efficiency - but not at the cost of quality
3.Innovation to satisfy change
