Theme 4.3 - Global Marketing

Question 1

What is Glocalistion

Answer 1

Strategy where businesses aim to reach customers globally and also take into consideration needs of the local market (“Think local, Act local”)

Question 2

What is global the global marketing strategy

Answer 2

Process of planning, producing, placing and promoting to the global market

Question 3

What are the three different types of marketing approaches (global scale)

Answer 3

• Ethnocentric
• Polycentric
• Genocentric

Question 4

What is the ethnocentric approach

Answer 4

• Where businesses see domestic and foreign markets as very similar, no changes are made e.g Ikea

Question 5

What is the polycentric approach

Answer 5

• where a business tailors products to the local market

Question 6

What is the genocentric approach

Answer 6

• Mix of both polycentric and ethnocentric, standardised products but tailors to meet needs of local market

Question 7

What can we apply to global marketing to identify potential growth opportunities

Answer 7

Ansoff Matrix
- Market penetration
- Market development
- Differentiation
- Product development

Question 8

Define market penetration

Answer 8

• Holds least risk, operates in a market and launches a new product so customers are already familiar with the brand

Question 9

Define market development

Answer 9

• existing products, new market may adapt some product features

Question 10

Define differentiation

Answer 10

• highest risk, need a deep understanding of needs and wants

Question 11

Define product development

Answer 11

• Market research needed to identify needs of market and adapting marketing mix

Question 12

What is cultural diversity

Answer 12

Recognition of customs of people in different global markets

Question 13

What is a global niche market

Answer 13

Small segments of global markets characterised by specific needs (subcultures)

Question 14

Features of a global niche market

Answer 14

• Excellent customer services
• Innovation
• Profit over market share

Question 15

Marketing mix for global niches

Answer 15

PRODUCT
PRICE
PLACE (distribution strategy that is convenient for target audience)
PROMOTION (market commutations straggles that appeal the local niche)

Question 16

Factors to consider in global marketing

Answer 16

• Cultural difference (beliefs, values, customs - adapt marketing strats)
• Language (translated appropriately and accurately)
• Unintended meanings ( Images, symbols with different connotations in other cultures)