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January Business Mock > 4.3.1 Global marketing approaches > Flashcards

4.3.1 Global marketing approaches Flashcards

1
Q

global marketing strategy

A

adaptation of marketing strategy to target all markets on a worldwide scale

  • traditional marketing mix/4Ps used with aim of sending an identical message to all countries (IKEA)
  • adapted e.g. language/religion but changes are minimum

e.g. Disney selling in countries with existing firm distribution/media infrastructure

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2
Q

5 pros of global marketing approaches

A
  1. marketing EOS = lower av cost
  2. awareness = market power
  3. diversifying risk
  4. consistent /identity
  5. uniformity of marketing practice
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3
Q

cons of global marketing approaches

A
  1. doesnt work in every market (eastern/LEDS) culture,fashion,food,music
  2. hard to translate
  3. diff legal env (conflict with market)
  4. diff consumer need/wants/usage/consumer response to marketing
  5. diff brand/product development and competitive env
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4
Q

glocalisation

A

adaption of global marketing strategy
meet requirements of local geographic market (mix of globalisation & localisation)

practice of conducting business according to local and global consideration e.g. change menu to fit pallets

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5
Q

Starbucks in China (glocalisation e.g.)

A

stores: comfort, spacious, music
position: leveraging, western status
promotion: upmarket, dont lower price, loyal to domestic producers
training baristas (quality LT inv)
product range: grazing platter//drink
3 regional partners (localised to provinces) (joint venture)

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6
Q

globalisation

A

world increasingly interconnected due to increased trade and cultural exchange

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7
Q

localisation

A

organisations adapting to meet needs of local customer

rather than assume what works in 1 works in another

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8
Q

EOS

A

cost adv a business can exploit by expanding scale/production

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9
Q

pros of glocalisation

A
  1. tailoring = reduce risk
  2. build/establish new complex market
  3. reputation (help local economy)
  4. local production = lower costs
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10
Q

cons of glocalisation

A
  1. expensive/time consuming (adapt new product) = long time to reach ARR
  2. not always effective
  3. informative expertise
  4. strong domestic comp
  5. MR and R&D costs
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11
Q

EPG model

A

global approach to marketing

framework used to consider marketing approach used by global firms

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12
Q

home nation

A

where business originated

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13
Q

host nation

A

where target market/subsidiary of business is based

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14
Q

EPG sections

A 
Ethnocentric = Home (e.g. apple)
Geocentric = Global/mix (e.g. McDonalds) 
Polycentric = Local (e.g. self foam soap)
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15
Q

Ethnocentricity (domestic)

ethnocentric

A

promotion of product is undertaken based on beliefs of home nation of business e.g. amazon

decision making centralised/ key personal from HQ
oversea marketing in other countries
restrict promotional prospects (consistent/marketing EOS)
ignore local customs/culture

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16
Q

Geocentric (mixed)

A

promotion of product =. global/worldly point of view,
not based on perspective of either home or host nation e.g. Air Bnb

marketing focus on business, benefit global bases (doesnt matter where HQ/subsidiary is) 
see diff in global mkt = aim to build global brand 
products marketed in foreign based on what is needed to succeed 
marketing approach (mix elements/ethnocentric and polycentric)
17
Q

Polycentric (international)

A

promotion of product undertaken based on belief of nation in which business is operation

decision making is decentralised & key personnel need to be recruited from nation being targeted
recruitment = difficulty = loss of control of marketing operation
local knowledge used in marketing

18
Q

factors influencing choice of approach/success of approach of EPG model

A
  1. nature/type of product
  2. target location
  3. brand objs
  4. product positioning (income elasticity)
  5. finance available
  6. size/status
  7. mass mkt product
  8. laws/regualtions
  9. connections with local market
19
Q

Ansoffs matrix

A

marketing planning model that helps a business determine its product and market growth strategy

20
Q

components of Ansoffs matrix

A

products (existing) (new)
market (existing) (new)

Market penetration existing & existing
Product development new & existing
Market development existing & new
Diversification new & new

(INCREASING RISK)
suggest series of possible growth strategies assessed against risk
suggest bus and their attempt to grow depends on market/product (new/existing)

21
Q

Market penetration

A

sell existing products - existing markets (less investment)
main objs:
1. maintain/increase MS (price, adv,sales promo, personal sale)
2. securing dominance
3. restructuring mature markets (drive out competitors)
4. increasing usage/loyalty

-consolidation, withdrawal, do nothing

benefits: give comp adv, increase MS, least risky
limitations: difficult to grow, least lucrative

22
Q

consolidation

A

focus on comp adv, may require efficiency gains

23
Q

withdrawal

A

could require disposals if over extended

24
Q

do nothing

A

especially in static market

25
Q

product development (benefits/limitations)

A

new products existing market
differentiation = competitiveness
modify/revamp/ completely new emphasise on R&D and innovation
customer insight/trends/ 1st to market (FMA)

benefits: new customers, competitive/FMA, price skimming, differentiate
limitations: may not be a market, R&D costs risk of not recouping costs

26
Q

market development

A

sell existing products in new market
ways of approaching MD:
-new geographical markets, new product aspect/ packaging/ distribution channels
-differnet pricing strategies/policies = attract new market

benefits: established bus/product -FMA, higher sales vol
limitations: high costs from market research

27
Q

diversification

A

business markets new products in new markets
riskiest = little/no experience (related/unrelated)
new clear idea of gains/accurate assessment of risk
potential high returns achieved through integration/growth

benefits: highly lucrative if works, spread risk
limitations: most risky, time to recoup costs from research & R&D

January Business Mock (15 decks)

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