Marketing

Overview

Global, localised and glocalised strategies, ethnocentric, polycentric and geocentric approaches, the product, price, place and promotion decisions of marketing across borders, and Ansoff’s Matrix applied to global growth.

What you need to know

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Questions from this subtopic

Each one with the model answer underneath.

1. 1

   What is a global marketing strategy?

   Model answer

   A standardised marketing approach applied consistently across all international markets to achieve economies of scale and a unified brand image.

2. 2

   Define localisation in the context of international marketing.

   Model answer

   Adapting marketing strategies to meet the specific needs, preferences, and cultural expectations of individual local markets.

3. 3

   What is glocalisation?

   Model answer

   An approach that combines global standardisation with local adaptation, maintaining a consistent global brand while tailoring specific elements to suit local market conditions.

4. 4

   Describe the domestic or ethnocentric marketing approach.

   Model answer

   It treats foreign markets as extensions of the home market, applying the same marketing strategies and products used domestically with minimal adaptation.

5. 5

   How does the ethnocentric approach help reduce costs?

   Model answer

   Standardisation across markets eliminates the need for multiple product versions or marketing campaigns, reducing development and production costs.

6. 6

   Why does the ethnocentric approach support consistent brand identity?

   Model answer

   Using the same marketing strategies and products globally ensures customers experience a uniform brand image regardless of location.

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