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Business - Theme 4 > 4.3.1 Marketing > Flashcards

4.3.1 Marketing Flashcards

1
Q

What is a global market strategy?

A

The adaptation of a market strategy to target all markets on a worldwide scale

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2
Q

What are examples of a global marketing strategy?

A

Coca-cola/McDonalds Happy Meal

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3
Q

What are the positives of a global marketing strategy?

A
  • easy
  • low costs (cost minimisation)
  • networking/marketing economies of scales
  • global brand
  • a consistent and clear message
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4
Q

What are the negatives of a global marketing strategy?

A
  • not tailored
  • assumptions of areas
  • competitive
  • risky, ignoring cultural differences
  • requires a brand to be established
  • not flexible
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5
Q

What is glocalisation?

A

The adaption of a global marketing strategy in order to meet the requirements of local geographic markets

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6
Q

What is the quote associated with glocalisation?

A

Think global, act local

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7
Q

What are the positives of glocalisation?

A
  • suit local demands and markets
  • flexibility
  • better customer service
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8
Q

What are the negatives of glocalisation?

A
  • can be expensive
  • time-consuming
  • not always successful (highly risky due to over diversifying)
  • domestic competition
  • negative PR
  • harder to achieve economies of scale
  • requires different and new suppliers
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9
Q

What is an example of a failed global marketing strategy?

A

Tesco attempted to expand into the American market under the name of Fresh n Easy. This was unsuccessful because:

  • existing degree of competition resulting in high barriers to entry
  • large networks required
  • changes in tastes
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10
Q

What is the EPG model?

A

A framework that can be used to consider marketing approaches used by global firms

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11
Q

What does the E stand for in EPG model?

A

Ethnocentric/Ethnocentrism

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12
Q

What does the P stand for in the EPG model?

A

Polycentric/Polycentrism

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13
Q

What does the G stand for in the EPG model?

A

Geocentric/Geocentrism

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14
Q

What is the home nation?

A

Where the business originated and has main operations

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15
Q

What is the host nation?

A

Where the target market or subsidiary of the business is based

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16
Q

What is an ethnocentric approach?

A

Goods/services are sold within adaptation operating under one brand name
(Assumes what was successful in the home nation can be replicated in the host nation)

17
Q

What is are the keywords involved in the ethnocentric strategy?

A

one brand

assumes

18
Q

What is a polycentric approach to global marketing?

A

Products and services designed to meet specific local needs requiring a different marketing mix

19
Q

What is are the keywords involved in the polycentric strategy?

A

specific

local needs

20
Q

What is the ethnocentric approach also called?

A

Domestic

21
Q

What is the geocentric approach also called?

A

Mixed

22
Q

What is the polycentric approach also called?

A

International

23
Q

What is are the keywords involved in the geocentric strategy?

A

Alterations

Market orientated

24
Q

What is a geocentric approach to global marketing?

A

Maintaining and promoting a global brand name but making slight alterations to tailor to local markets

25
Q

What are the benefits and drawbacks of using an ethnocentric approach?

A

+ less investment in R+D and market research
+ lower marketing costs
+ consistency –> greater brand image + communication
+ economies of scale
- less innovation and USP
- lack of flexibility
- different customer trends
- PR issues are connected
- existing degree of competition impacting barriers to entry

26
Q

What are the benefits and drawbacks of using a geocentric approach?

A

+ acknowledges the local market
+ somewhat responsive/flexible since subsidiaries are given slight autonomy
+ manages risk (widens portfolio as a method of diversification)
- lead to micromanagement
- bureaucracy

27
Q

What are the benefits and drawbacks of using a polycentric approach?

A

+ promotes innovation
+ increased sales due to local knowledge and decision making (decentralised)
+ targets a wider mass market
- can lead to overtrading and loss of core products
- costly (R+D, market research, marketing)
- disregard for local traditions lowering customer loyalty (distorts goodwill and brand perception)

Business - Theme 4 (16 decks)

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