Global Marketing (Edexcel A-Level Business): Flashcards
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Global marketing definition
Global marketing definition
Planning, production, distribution & promotion globally
Glocalisation meaning
Glocalisation meaning
Global reach with local responsiveness/adaptation
Think global, act local principle
Think global, act local principle
Reach worldwide, adapt to local tastes & customs
Ethnocentric approach definition
Ethnocentric approach definition
Treats overseas markets as identical to domestic market
Polycentric approach definition
Polycentric approach definition
Develops different products tailored to each local market
Geocentric approach definition
Geocentric approach definition
Hybrid: global brand with local adaptations (mixed approach)
Ethnocentric approach main advantage
Ethnocentric approach main advantage
Economies of scale - lower per-unit costs
Polycentric approach main disadvantage
Polycentric approach main disadvantage
High development & research costs for each market
Example of geocentric approach
Example of geocentric approach
McDonald's - same Big Mac globally, local menu adaptations
Lowest cost marketing approach
Lowest cost marketing approach
Ethnocentric (standardized products everywhere)