Podcast
Questions and Answers
Which of the following best describes the primary goal of a company employing a global marketing strategy?
Which of the following best describes the primary goal of a company employing a global marketing strategy?
- Adapting products to suit specific local customs and tastes in various countries.
- Developing unique products for each individual market to maximize local appeal.
- Focusing exclusively on domestic markets and minimizing international expansion efforts.
- Selling products beyond their national borders, using a uniform approach. (correct)
A company that adopts the phrase 'think global, act local' is most likely employing which marketing approach?
A company that adopts the phrase 'think global, act local' is most likely employing which marketing approach?
- Polycentric approach
- Domestic approach
- Glocalization approach (correct)
- Ethnocentric approach
What is a key characteristic of the ethnocentric approach to international marketing?
What is a key characteristic of the ethnocentric approach to international marketing?
- Focusing on high levels of market research before product launches.
- Decentralizing marketing decisions to local subsidiaries.
- Extensive adaptation of products to meet local preferences.
- Assuming that what succeeds in the domestic market will also succeed internationally. (correct)
Which of the following is an advantage of using an ethnocentric marketing approach?
Which of the following is an advantage of using an ethnocentric marketing approach?
Which of the following is a drawback of using a polycentric marketing approach?
Which of the following is a drawback of using a polycentric marketing approach?
Which of the following best illustrates a polycentric marketing approach?
Which of the following best illustrates a polycentric marketing approach?
A multinational fast-food chain ensures its flagship burger has a consistent taste globally, while also offering menu items catering to local tastes. Which marketing approach does this exemplify?
A multinational fast-food chain ensures its flagship burger has a consistent taste globally, while also offering menu items catering to local tastes. Which marketing approach does this exemplify?
What is the primary focus of global localization (glocalization) as a marketing strategy?
What is the primary focus of global localization (glocalization) as a marketing strategy?
Which of the following approaches involves minimal or no adaptation of a product for different international markets?
Which of the following approaches involves minimal or no adaptation of a product for different international markets?
A company using a polycentric approach may experience which of the following?
A company using a polycentric approach may experience which of the following?
Which marketing approach balances the goal of maintaining a global brand image with the need to tailor products to local markets?
Which marketing approach balances the goal of maintaining a global brand image with the need to tailor products to local markets?
Which of the following factors primarily facilitates (makes possible) the implementation of a global marketing strategy?
Which of the following factors primarily facilitates (makes possible) the implementation of a global marketing strategy?
What is a potential disadvantage of the geocentric approach in global marketing?
What is a potential disadvantage of the geocentric approach in global marketing?
A company is trying to minimize costs and standardize its product offerings across all international markets. Which marketing approach is most suitable for this company?
A company is trying to minimize costs and standardize its product offerings across all international markets. Which marketing approach is most suitable for this company?
A company that extensively adapts its products to meet the unique requirements of each local market is implementing which type of marketing approach?
A company that extensively adapts its products to meet the unique requirements of each local market is implementing which type of marketing approach?
Flashcards
Global Marketing Strategy
Global Marketing Strategy
Selling products beyond national borders using a uniform strategy.
Global Localisation (Glocalisation)
Global Localisation (Glocalisation)
Adapting to local expectations in international markets.
Ethnocentric Approach
Ethnocentric Approach
Overseas markets seen as identical or similar to domestic markets.
Polycentric Approach
Polycentric Approach
Signup and view all the flashcards
Geocentric Approach
Geocentric Approach
Signup and view all the flashcards
Benefits of Ethnocentric Approach
Benefits of Ethnocentric Approach
Signup and view all the flashcards
Advantages of Polycentric Approach
Advantages of Polycentric Approach
Signup and view all the flashcards
Economies of Scale
Economies of Scale
Signup and view all the flashcards
Market Research
Market Research
Signup and view all the flashcards
Study Notes
- Businesses operating outside their country of origin use a common global marketing strategy with the aim of selling products beyond their national borders
- Global marketing involves the planning, producing, placing, and promoting of a business's products in a worldwide market
- This is made possible by businesses having offices in different countries and facilitated by the growth of the Internet
Global Localisation (Glocalisation)
- Adapting to local expectations for international market success, summarized by "think global, act local"
- Businesses should aim to reach customers around the world while considering local tastes, customs, and traditions to be successful in those specific markets
- Global businesses have to be sensitive to the specific preferences of the different markets in which they want to operate and succeed
Different Marketing Approaches
- Businesses use a range of different marketing approaches for their products when considering entering international markets
Ethnocentric (Domestic) Approach
- Overseas markets are seen as identical or similar to domestic markets, assuming what works at home will work globally with little or no adaptation
- Sony's PlayStation 4 is sold uniformly worldwide, contrasting with Domino's, which sells different products to reflect the different tastes of different markets
- Many businesses use an ethnocentric approach, including Pizza Express, Apple, Swatch and Rolls-Royce
- Advantages include economies of scale and lack of costs involved in adapting products for different markets
Polycentric (International) Approach
- Adapting products to local markets involves developing and marketing different products for the demands of local customers
- Car manufacturers adapt cars and model names to meet local market expectations
- Tailoring products to specific customer means that it will be a lot easier for a business to gain acceptance in new markets
- This may reduce advertising and promotion costs, while sales and revenue may increase
- Developing individual products is expensive and risky
- In 2007 Tesco launched a new UK-style supermarket in the USA called Fresh & Easy, but ended up selling the store costing billions of pounds
Geocentric (Mixed) Approach
- Using a combination of the ethnocentric and polycentric marketing approaches
- This 'glocalisation' approach is used by many multinational corporations
- The business's strategy is to maintain and promote the global brand name, whilst also tailoring its products to local markets
- McDonald's ensures its same burger tastes the same in every country globally
- This approach is used by various fast-food chains
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Related Documents
Description
Global marketing strategies help businesses sell products internationally. Glocalisation adapts to local expectations, summarized as 'think global, act local'. Companies should be sensitive to the preferences of different markets to succeed internationally.
