4 3 global marketing

Glocalisation is a strategy where businesses aim to reach customers globally and also take into consideration the needs of the local market.

True. The term 'think global, act local' is used to describe the strategy of glocalisation.

The ethnocentric approach is when businesses see the domestic market and foreign markets as very similar and do not change their products or marketing for overseas markets.

The polycentric approach is when businesses adapt their marketing strategy by tailoring products and promotional activity to the local market.

The geocentric approach is a mix of the polycentric and ethnocentric approaches, where businesses offer both standardised and tailored products to meet local market needs while maintaining a consistent brand image.

The marketing tools used to attract customers to a business, including product, price, place and promotion.

True. By adapting the marketing mix to meet local needs, companies can effectively penetrate global markets and build a strong global brand.

Ansoff's Matrix is a strategic planning tool that helps businesses identify potential growth opportunities by analysing their product and market strategies.

The four growth strategies in Ansoff's Matrix are:

Market development is the strategy of selling existing products to new markets.

False. Diversification is the most risky global growth strategy, as it involves developing new products for new markets with which a business may lack adequate knowledge.

False. Businesses that adopt a polycentric approach to global marketing treat each country as a unique market and develop customised marketing mixes for each market.

Cultural diversity is the differences in ideas, customs and social behaviour of a particular people or society in global markets.

True. Businesses need to take into account the different cultural behaviours and customs when operating in overseas markets.

Global niche markets are small segments of the global market, characterised by unique and specific consumer needs and preferences.

True. Groups of customers within global niche markets are sometimes referred to as subcultures.

True. Niche markets are lucrative, and businesses often focus on increasing profits that they can reinvest in improving their products.

Innovation is the development of new products, designs, or ideas.

True. In niche markets, businesses need to ensure the quality of their products is exceptional as they are targeting wealthier customers who pay for high value products.

False. Having expertise in the product area and keeping up to date with the latest developments within the niche market is crucial. It helps to ensure products meet the needs and wants of discerning customers in niche markets.

False. Tastes and preferences vary greatly between cultures and regions, so businesses must ensure their products/services are adapted to meet local preferences.

Language nuances are subtle differences in meaning between words, phrases and ideas. These differences might seem small, but they can greatly affect how consumers in different countries understand marketing messages.

True. Inaccurate translations can lead to serious consequences for businesses, including loss of credibility, legal implications, and damage to brand reputation.

Inappropriate branding and promotion occurs when businesses use offensive or inappropriate images, symbols, or language in different cultures.

True. Businesses can use professional translation services and consult local experts to ensure marketing messages are accurately translated and culturally appropriate.

By understanding cultural and social factors and adapting accordingly, businesses can build strong global customer relationships and achieve long-term success.