Marketing

• glocalisation: businesses aim to reach customers globally and also take into account the needs of the local market
• what phrase can be used to help remember what glocalisation is?

  think global, act local
• what are the three approaches to global marketing?

  • domestic / ethnocentric
  • polycentric / international
  • geocentric / mixed
• outline the domestic / ethnocentric approach

  • no changes to the product or marketing strategy
  • belief that company's home country culture and marketing techniques are superior
• give one strength and one limitation of the domestic approach

  • + lower costs as no investment into product development
  • x cultural insensitivity --> may not resonate with local customers in other countries
• outline the polycentric / international approach

  • market strategy is adapted by tailoring products to the local market
  • each country is treated as a new market
• give one strength and one limitation of the polycentric approach

  • + helps develop brand loyalty overseas
  • x product development increases costs, plus additional costs in market research
• outline the geocentric / mixed approach

  • some products are standardised whilst some are tailored to meet specific needs
• give one strength and one limitation of the geocentric approach

  • + higher sales as needs are met
  • x costs associated with product development