4.3 Global marketing

Question 1

What is a global marketing strategy?

Answer 1

A business doesn’t differentiate its products or marketing between countries.

Question 2

What is glocalisation?

Answer 2

Products that are sold globally but are designed to meet the needs of local markets.

Question 3

What is polycentric marketing?

Answer 3

A business adapts its products for each market to maximise revenue.

Question 4

What is ethnocentric marketing?

Answer 4

Where a business keeps its products the same for all markets to minimise costs.

Question 5

What is geocentric marketing?

Answer 5

A mixture of polycentric and ethnocentric.

Question 6

What are the advantages and disadvantages of an ethnocentric approach?

Answer 6

adv
- Lower development and production costs.
- EOS.

dis
- Product may not sell well if it doesn’t meet peoples needs.
- Ignore cultural differences.

Question 7

What are the advantages and disadvantages of an polycentric approach?

Answer 7

Adv
- Can target products for different markets.
- More sales.

Dis
- Higher development and production costs.
- Difficult to compete with established local businesses.

Question 8

What are the advantages and disadvantages of an geocentric approach?

Answer 8

Adv
- Tailor products to local needs and tastes to get higher sales.

Dis
- Higher cost of development.