4.3.1 Marketing Flashcards
Define global marketing
The marketing is produced and communicated globally in a standard way
Define glocalisation
Means that the marketing strategy is adapted for the country where the product or service is sold
What are the different global marketing strategies?
Ethnocentric
Polycentric
Geocentric
What is the ethnocentric approach?
Producing the same product for all markets, with little or no adaptations to local tastes.
Advantages of the ethnocentric approach
- can achieve EOS
- business can use the same marketing and promotional tools worldwide
- less time and money on market research
What is the polycentric approach?
Different products and marketing strategies in each country.
Evaluation of a polycentric approach
The business can meet the wants and needs of international markets which helps ensure sales. However, it is expensive to carry out market research and EOS is less achievable.
What is the geocentric approach?
A combination of the ethnocentric and polycentric approaches - has a global focus whilst also using local factors.
Advantages of a geocentric approach
- increased sales
- maintain a global brand image
Disadvantage of geocentric approach
It can be costly to adapt products
Apply the 4Ps to global markets
Product - business may need to adapt the product for different markets
Promotion - different cultures may require different promotional methods
Price - production and distribution costs, taxes and income vary between countries
Place - businesses need to know where consumers will buy the product (online or shop)
