4.3 A2 Business key terms

Question 1

global marketing strategy

Answer 1

the process of a company adjusting its marketing strategies to reflect conditions, consumer tastes and demand in other countries

Question 2

glocalisation

Answer 2

involves the development and sale of products to consumers around the world which reflect specific local expectations, tastes, customs and traditions - in order for a business to succeed in an international market

Question 3

localisation

Answer 3

strategies that adjust products to fit with target consumers

Question 4

global niche market

Answer 4

customers who live in more than one country and have particular needs that are not met fully by the global mass market

Question 5

cultural audit

Answer 5

study and examination of an organisation’s culture characteristics, such as:
- its assumptions
- norms and value
- philosophy
to determine whether they hinder or support its vision and mission

Question 6

ethnocentrism

Answer 6

the tendency of people to view their own cultures, ethics and norms as superior
the evaluation of other cultures according to preconceptions originating in the standards and customs of one’s own culture

Question 7

high context cultures

Answer 7

cultures that tend to communicate in ways that are implicit and rely heavily on context
they are rational, collectivist, intuitive and contemplative
people in these cultures place an emphasis on interpersonal relationships, developing trust is an important first step
(include much those in the Middle East, Africa, Asia and South America)

Question 8

low context cultures

Answer 8

cultures that tend to say what they mean
communication style that relies heavily on explicit and direct language
(includes those of North America and much of Europe)