4.3 - Global Marketing

Question 1

Glocalisation

Answer 1

A strategy where businesses aim to reach customers globally and also take into consideration the needs of the local market.

Question 2

Ethnocentric approach

Answer 2

Based on the belief that the company’s home country culture and marketing practises are superior to those of other countries.

Question 3

Polycentric approach

Answer 3

Treats each country as a unique market and develops customised marketing mix for each market.

Question 4

Geocentric approach

Answer 4

Tailors products to meet the needs of local markets overseas whilst maintaining a consistent brand image across markets.

Question 5

Cultural diversity

Answer 5

Recognises the ideas, customs and social behaviour of a society.

Question 6

Global niche markets

Answer 6

Small segments of the global market that are characterised by unique and specific needs and preferences.

Question 7

Adapting marketing mix

Answer 7

Tailoring the 4Ps of marketing - Product, Price, Place, and Promotion.