4.3

• Glocalisation describes a product or service that is developed and sold globally, but is also adapted to meet the needs and wants of customers in a local market
• Ethnocentric is when there is no change in products between countries
• Geocentric is when the business adapts products for different markets
• Polycentric is when a business tailors products to local tastes and needs
• Ethnocentric does not take into account local differences but has a lower cost of development
• Geocentric has a higher cost of development but will receive higher sales.
• Polycentric makes it difficult to compete with established brands but produces for local tastes and needs
• Global niche market

  Are similar to niche markets - they target a very specific range of people - group of customer with similar hobbies