4.3 Global Marketing

Question 1

Ethnocentric approach

Answer 1

When a business doesn’t adapt products to differnt cultures

Question 2

Polycentric approach

Answer 2

The business does adapt products to the culture

Question 3

Geocentric

Answer 3

The Glocalisation approach

When a business maintains its brand image but adapts products to the culture

Question 4

How would the Ansoffs matrix be useful to a business moving into an international market

Answer 4

They would adopt a market development strategy if its ethnocentric or geocentric

Or a diversification strategy if its Polycentric

Question 5

How would a business use the marketing mix when moving into an international market

Answer 5

They will have to consider price product promotion and place to evaluate its approach

Question 6

Global niche market

Answer 6

A business targeting a specific set of customer needs but on a global scale

Question 7

Features of global niche markets

Answer 7

Clear understanding of customer needs

Emphasis on quality

Excellent customer service

Experts in the product area

Innovation

Prioritising profit over market share

Question 8

What does the marketing mix look like for a global niche market

Answer 8

Product - high quality

Price - pricing must deliver a high profit margin per unit

Promotion- branding is vital so they will have to advertise

Place - having a small amount of locations and distributors will support their image of quality

Question 9

What cultural/social factors does a business have to consider

Answer 9

Cultural differences

Different tastes

Language barriers

Unintended meanings

Inappropriate branding/promotion