Theme 4

Question 1

What are the 3 different Marketing Approaches?

Answer 1

• Ethnocentric
• Geocentric
• Polycentric

Question 2

Ethnocentric marketing approach?

Answer 2

When a business believes their approach can carry over in to any market.

Question 3

Polycentric marketing approach?

Answer 3

When a business adapts their marketing approach for every market they go in to.

Question 4

Geocentric marketing approach?

Answer 4

• A fusion of both the Polycentric & Ethnocentric approach.
• The promotion for a product is looked at from a global POV rather than the home or host nation POV.

Question 5

Marketing Mix?

Answer 5

• Price
• Product
• Promotion
• Place

Question 6

Ansoff’s Matrix?

Answer 6

• Existing Market + Existing Product = Market Penetration strategy.
• Existing Market + New Product = Product Development strategy.
• New Market + Existing Product = Market Development strategy.
• New Market + New Product = Diversification strategy