Global Marketing

Question 1

Ethnocentric

Answer 1

-firm not going to adapt or tailor the product to different local market/country
-no engagement in local custusmerism
-one stand variation
-standardised/uniform

Question 2

Polycentric

Answer 2

-capture customers in different markets/nations
-specialised
-sympathetic
-adapting to change
-meet the needs of customers
-market research

Question 3

Geocentric

Answer 3

-continue to use global brand name
-but consideration towards the needs to tweak and customise
-not a huge extent of change
-invest in researching the needs of customers
-mild adaptations

Question 4

Evaluation of ethnocentric

Answer 4

-huge purchasing economies of scale
-reduction in R&D costs
-price competitive
-sales might suffer
-different needs for countries

Question 5

Evaluation of polycentric

Answer 5

-meeting more specific needs of locals
-sales could be greater
-may pay higher price as meeting customer needs
-trade off, costs, market research
-R&D costs of adaptation