What is glocalisation?
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What is glocalisation?
Glocalisation is a strategy where businesses aim to reach customers globally and also take into consideration the needs of the local market.
True or False?
The term 'think global, act local' is used to describe the strategy of glocalisation.
True.
The term 'think global, act local' is used to describe the strategy of glocalisation.
What is an ethnocentric approach to global marketing?
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.
State the meaning of a polycentric approach to global marketing.
The polycentric approach is when businesses adapt their marketing strategy by tailoring products and promotional activity to the local market.
What is a geocentric approach to global marketing?
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.
What is the marketing mix?
The marketing tools used to attract customers to a business, including product, price, place and promotion.
True or False?
Adapting the marketing mix helps businesses effectively penetrate global markets.
True.
By adapting the marketing mix to meet local needs, companies can effectively penetrate global markets and build a strong global brand.
What is Ansoff's Matrix?
Ansoff's Matrix is a strategic planning tool that helps businesses identify potential growth opportunities by analysing their product and market strategies.
State the four growth strategies identified in Ansoff's Matrix.
The four growth strategies in Ansoff's Matrix are:
Market penetration
Market development
Product development
Diversification
What is market development according to Ansoff's Matrix?
Market development is the strategy of selling existing products to new markets.
True or False?
Diversification is the least risky global growth strategy.
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.
True or False?
With an ethnocentric approach, a business treats each country as a unique market and develops a customised marketing mix for each market.
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.
Define the term cultural diversity.
Cultural diversity is the differences in ideas, customs and social behaviour of a particular people or society in global markets.
True or False?
Businesses need to take into account different cultural behaviours and customs when operating in overseas markets.
True.
Businesses need to take into account the different cultural behaviours and customs when operating in overseas markets.
What are global niche markets?
Global niche markets are small segments of the global market, characterised by unique and specific consumer needs and preferences.
True or False?
Groups of customers within global niche markets are sometimes referred to as subcultures.
True.
Groups of customers within global niche markets are sometimes referred to as subcultures.
True or False?
In global niche markets, profit is often prioritised over market share.
True.
Niche markets are lucrative, and businesses often focus on increasing profits that they can reinvest in improving their products.
What is meant by the term innovation?
Innovation is the development of new products, designs, or ideas.
True or False?
In global niche markets, businesses often emphasise quality.
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.
True or False?
Having expertise in the product area is not important for niche markets.
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.
True or False?
Tastes and preferences vary greatly between cultures and regions so businesses must ensure that their products are consistent.
False.
Tastes and preferences vary greatly between cultures and regions, so businesses must ensure their products/services are adapted to meet local preferences.
What is a language nuance?
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 or False?
Inaccurate translations can lead to serious consequences for businesses, including loss of credibility, legal implications, and damage to brand reputation
True.
Inaccurate translations can lead to serious consequences for businesses, including loss of credibility, legal implications, and damage to brand reputation.
What might make branding and promotion inappropriate in global marketing?
Inappropriate branding and promotion occurs when businesses use offensive or inappropriate images, symbols, or language in different cultures.
True or False?
Businesses can use professional translation services to ensure messaging is appropriate in global marketing activities.
True.
Businesses can use professional translation services and consult local experts to ensure marketing messages are accurately translated and culturally appropriate.
Why is it important for a business to understand cultural and social factors in global marketing?
By understanding cultural and social factors and adapting accordingly, businesses can build strong global customer relationships and achieve long-term success.