4.3 Global Marketing Glossary Flashcards
Global marketing strategy
The process of adjusting a company’s marketing strategies to reflect conditions, consumer tastes and demand in other countries
Glocalisation
Involves the development and sale of products to customers around the world which reflect specific local customs, tastes and traditions
Localisation
Strategies that adjust products to fit with target customers
Ethnocentric Approach
Overseas markets are seen as identical or very similar to domestic markets. Businesses make little or no approach to change their product or marketing mix.
Geocentric
Business use of a combination of approaches perhaps using the global brand identity but adapting products to meet local customer needs.
Polycentric
Businesses adapt their product/ marketing mix to the local markets in which they want to sell in.
Global niche market
Customers who live in more than one country and have particular needs that are not met fully by the global mass market.
Cultural audit
Study and examination of an organisation’s cultural characteristics e.g. assumptions, norms, philosophy and values, to determine whether they hinder or support its vision and mission.
Ethnocentrism
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.
High-context cultures
Cultures that are relational, collectivist, intuitive and contemplative so they emphasise interpersonal relationships. Predominantly the Middle East, Asia, Africa and South America.
Low-context cultures
Cultures such as those of North America and much of Europe, that tend to say what they mean. A communication style that relies heavily on explicit on direct language.
