4.3.1 Marketing Flashcards
Define globalisation?
process of business starting to operate internationally and develop international influence
What is global marketing strategy?
process of adjusting company’s marketing strategy to reflect demand in other countries
Define glocalisation?
involves development and scale of products to consumers around world which reflect local tastes
Define localisation?
strategies that adjust products to fit with target customers
What is the ethnocentric approach?
example?
when firms see overseas markets as the same as domestic ones therefore don’t change their products at all to reflect local wants and need
Apple products
What is the Polycentric approach?
when business develop and market their products to suit the demand of customers in a certain area/country
What is Geocentric approach?
it is a combination of Ethnocentric and polycentric approaches and maintain brand image but tailor products to the country
What is adv and disadv to ethnocentric approach?
economies of scale = adv
product may not sell well = disadv
What is adv and disadv to polycentric approach?
targeted for audience may mean higher sale = adv
higher cost of development = disadv
What is adv and disadv to geocentric approach?
higher sales - adv
higher cost of production = disadv
What must be considered about price when MNC marketing a product in another country?
differing costs including taxes, revenues, and wage payment
What must be considered about product when MNC is marketing product in another country?
to what extent should they tailor/modify product to country
What must be considered about promotion when MNC is marketing product in another country?
language differences
What must be considered about place when MNC is marketing product in another country?
take into account how local consumers typically buy their products
