4.3.1 Marketing

Question 1

Globalisation

Answer 1

Marketing strategies used on a global scale, changing non/some of marketing to suit global market

Question 2

Glocalisation (global localisation)

Answer 2

Global product/s more likely to succeed if adapted to requirements of local practises + cultural experiences

Question 3

Standardisation

Answer 3

+ economies of scale
+ faster to set up

• lower growth

Question 4

Adaptation

Answer 4

+ wider target market
+ excellent local image

• expensive

Question 5

Name marketing approaches

Answer 5

Ethnocentric
Polycentric
Geocentric

Question 6

Ethnocentric app

Answer 6

Domestic
Little/no attempt to adapt to international market
Maximises appeal of regional food exported
Economies of scale but doesn’t take into account cultural differences
E.g ikea

Question 7

Polycentric (international)

Answer 7

Complete over haul of marketing + product to suit a certain international market
Expensive app + difficult to launch new versions to compete with established local brands
E.g = Oreo
McDonald’s

Question 8

Geocentric app

Answer 8

Mixed
Slight adaptations + tweaks to suit each international market - glocalisation
Products may be tailored to local market with lower development costs

Question 9

Ansoffs matrix + international markets

Answer 9

Can be applied as aligns with approaches
BUSI will either adopt development strategy or diversification strategy as both of these involve entering a new market

Question 10

What will affect a business’s approach to the marketing mix?

Answer 10

Product - to what extent does product need to be adapted to suit needs of international market
Price - what pricing strategy is best suited to local market (demographics/economic market)
Promotion - what r the most effective prom methods in diff countries? How does language/culture influence the brand and message
Place - what r the best channels of distribution in international markets, better to export or set up as mnc