4.3.1 marketing strategy

Question 1

name the three type of marketing strategies

Answer 1

• ethnocentric marketing
• polycentric marketing
• geocentric marketing

Question 2

describe ethnocentric marketing

Answer 2

take the values and brand identity from your home market and apply it to a global market.

• products remain similar
• same price point within the market
• same brand identity and advertising strategy
• same distribution method

Question 3

advantages and disadvantages of ethnocentric marketing

Answer 3

ads

• keeps strong brand identity , which leads to consistency ad loyalty - increase sales profit and word of mouth
• allows company to focus on one strategy and refine it , more cost effective

disads
-doesn’t take into account global cultural variations , and therefore strategy might not work in some locations, risk of alienating markets and lacks flexibility

Question 4

describe polycentric marketing

Answer 4

marketing strategy is varied for each location , takes into account regional differences in culture

• product range is tailored to local markets
• brand ranges and identities different in every region
• pricing strategy adapted

Question 5

polycentric marketing advantages and disadvantages

Answer 5

ads

• meets the need of local customers
• flexible approach allows different segments to be targeted , can look for gaps in the market

disads

• requires extensive market research to find local needs
• costly, redevelopment of 4ps to meet local needs is expensive
• losing brand consistency

Question 6

describe geocentric marketing strategy

Answer 6

company takes some elements from ethnocentric and polycentric
-global brand but with some adaptations for local markets, or adding new features

Question 7

Glocalisation definition

Answer 7

is the adaptation of a global marketing strategy in order to meet the requirements of local geographic markets. The term is a mix of globalisation and localisation.