4.3.1 Marketing

Question 1

What is Global Marketing?

Answer 1

Business does not differentiate products or marketing between countries. Same product sold in many countries with some fine tuning of marketing mix.

Question 2

Global Marketing Pros

Answer 2

-Less complex
-Cheaper
-Keep average costs low (EoS)
-Known brand power in market
-Ability to leverage good ideas quickly and efficiently
-Uniformity of marketing processes

Question 3

Global Marketing Cons

Answer 3

-May not appeal to locals
-Can be costly
-No build brand loyalty
-Difference in legal environment
-Difference in competitive environment

Question 4

3 Different Marketing Approaches

Answer 4

PEG:
Polycentric
Ethnocentric
Geocentric

Question 5

What is Polycentric Marketing?

Answer 5

Adapt to each market to appeal to local customers to max revenue

Question 6

What is Ethnocentric Marketing?

Answer 6

Standardise the product for all markets to keep costs low

Question 7

What is Geocentric Marketing?

Answer 7

Mix of Poly and Ethno.
Can have pros of standardised global approach to get EoS but cater to individual markets to maximise sales

Question 8

What is Ansoff’s Matrix and its 4 Segments?

Answer 8

The model that allows a business to grow. Ansoff found this could be done in four ways:
1. Market Penetration (low risk)
This is increasing sales to existing an market or to penetrate it deeper

2. Product/Service Development (moderate risk)
   New product to an existing market e.g coke developing diet coke
3. Market Development (moderate risk)
   Existing product sold to new market
4. Diversification (high risk)
   New product sold to new market

Question 9

What is Glocalisation?

Answer 9

A combo of “Globalisation” and “Localisation”
Used to describe products/services both developed and sold to global customers but designed to suit local markets.