Unit 3 Chapter 6

Question 0

Ethnocentric Model

Answer 0

An approach to marketing based on the tendency to look at the world primarily from the perspective of ones own culture. A business believes that whats was a success story in the domestic market will also be so in the other countries in which it operates.

Question 1

Glocalisation

Answer 1

Globalisation + localisation. To emphasise the idea that a global product of service is more likely to succeed if it is adapted to the specific requirements of local practices and cultural expectations.

Question 2

Geocentric approach

Answer 2

Sees the world as a potential market with both similarities and differences in domestic and foreign markets. An effort is made to develop integrated world market strategies to gain the best from both of these strands.

Question 3

Polycentric Model

Answer 3

An approach that considers each host country to be unique. Each of its subsidiary businesses develops its own unique business and marketing strategies in order to suit these particular needs.

Question 4

Global market niches

Answer 4

Smaller, more specialised parts of a global market where customers in more than one country have particular needs that are not fully met by the global mass market. The product or service is likely to be differentiated from that of the mass market.

Question 5

Subcultures

Answer 5

Groups of people who have interests and values in common. They may be based on hobbies, life-styles, ethnic or religious background or just personal enthusiasms and preferences.