Adapting the Marketing Mix and Ansoff's Matrix (Edexcel A-Level Business): Flashcards
📚Flashcards
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10 cards from this deck
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Practise the cards
10 cards from this deck
Ethnocentric approach
Ethnocentric approach
Standardised product across all markets, minimal adaptation
Main benefit of ethnocentric approach
Main benefit of ethnocentric approach
Cost efficiency via economies of scale
Polycentric approach
Polycentric approach
Targeted products designed for each specific market
Geocentric approach
Geocentric approach
Tailoring products to meet local tastes & cultural needs
Glocalisation
Glocalisation
Global brand presence combined with local product adaptation
The 4Ps of marketing mix
The 4Ps of marketing mix
Product, Price, Promotion, Place
Market penetration (Ansoff's Matrix)
Market penetration (Ansoff's Matrix)
Existing products in existing markets - lowest risk
Market development (Ansoff's Matrix)
Market development (Ansoff's Matrix)
Existing products in new geographic markets
Diversification (Ansoff's Matrix)
Diversification (Ansoff's Matrix)
New products in new markets - highest risk
Risk principle in Ansoff's Matrix
Risk principle in Ansoff's Matrix
Risk increases moving away from existing products & markets