4.3.1. Marketing

Question 1

Glocalisation

Answer 1

-Describes an approach to global marketing that maintains consistent brand and image across the world, but makes adaptations to products to suit local markets.

Question 2

Domestic/ethnocentric marketing approach

Answer 2

When businesses see the domestic market and foreign markets as very similar thus don’t change their products for overseas markets.

Question 3

International/polycentric marketing approach

Answer 3

When businesses adapt their marketing strategy by tailoring products and promotional activities to the local market.

Question 4

Mixed/geocentric

Answer 4

-Mix of both polycentric and ethnocentric, where businesses offer both standardised and tailored products to meet local market needs while maintaining a consistent brand image.

Question 5

Marketing mix

Answer 5

Tool used to attract customers to business
Product, price, place, promotion
-Adapting marketing mix to meet local markets helps companies effectively penetrate global markets and build a strong global brand.

Question 6

Ansoffs matrix

Answer 6

Strategic planning tool to identify potential growth opportunities by analysing their products(new or old) and market (new or old) strategies.
-Market penetration
-Market development
-Product development
-Diversification

Question 7

Boston matrix to global markets

Answer 7

High

        Cash cow                            Rising star 

Market
growth: Low High

       Dogs                                        Problem child 

                                 Low
                        Market share