4.3.2

Question 1

Definition of Cultural Diversity

Answer 1

The recognition of ideas, customs and behaviours of people in different global markets

Question 2

Definition of a Global Niche Market

Answer 2

A small segment of the global market that are characterised by unique specific needs

Question 3

6 Features of a Global Niche Market

Answer 3

-Innovation
-Quality
-Understanding of wants/needs
-Excellent customer service
-Expertise
-Prioritising profit over market share

Question 4

How can Product be adapted for a GNM

Answer 4

Modify features to meet specific needs of target audience

Question 5

How can Price be adapted for a GNM

Answer 5

Offering an attractive pricing strategy

Question 6

How can Promotion be adapted for a GNM

Answer 6

Using marketing communication strategies that resonates with target audience

Question 7

How can Place be adapted for a GNM

Answer 7

Choosing a convenient distribution strategy