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Theme 4 Section 4.3

Edexcel Business Theme 4

QuestionAnswer
What is Glocalisation? Glocalisation is an approach to selling a good or service globally but which has also been altered somehow to meet the needs and wants of consumers in a local market
What are the three approaches to global marketing? Ethnocentric Geocentric Polycentric
What is the geocentric approach? The mixed strategy that recognizes some differences in national markets but retains the aim of building a truly global brand
What is the ethnocentric approach? The domestic approach that assumes what sells in the home market will also sell overseas. It is used for products where the authenticity of the brand and its association with the home country matters most
What is the polycentric approach? The international approach that recognises significant cultural differences between countries whereby a different marketing mix must be created for each country the business wishes to sell to in order to meet local needs
Which parts of Ansoffs matrix are particularly important for global marketing? Market development and diversification
What are the approaches a business can take to overseas market development? 1. Exporting to emerging markets 2. Setting up new distribution channels such as e-commerce 3. Creating alternative pricing strategies to attract new customers in different segments
What is a Global Niche Market? A market where customers in many countries have specific needs and wants that are not satisfied by mass market products or services Source: tutor2u.net
How does a global niche develop? 1. Due to cultural differences 2. Desire for specialist expertise 3. Different adoptions of new technology/different technology 4. Luxury demand for premium products 5. Niche Branding 6. Specialist distribution
What factors influence cultural diversity in markets? 1. Economic development - in particular disposable incomes, health and education standards 2. Language 3. History & traditions 4. Religious & social norms 5. Weather & climate 6. Attitudes to “outsiders” 7. Legal systems
Created by: mrholland
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