4.3 KEY TERMS

Question 1

Standardisation

Answer 1

bus doesnt differentiate prod/marketing between countries

Question 2

S ands L of standardisation

Answer 2

S eos in production and distribution lowering marketing costs

L- diff country have diff consumer needs

Question 3

Glocalisation

Answer 3

bus aims to reach custs globally and change prods/marketing for indiv country

Question 4

Domestic/ethnocentric marketing (international marketing strat)

Answer 4

standardise prods for all markets

Question 5

S and L of ethnocentric marketing

Answer 5

S- eos lowers cost

-dont invest in prioduct development so low cost

L- lose sales if prod not tailored to needs of market

Question 6

Internaltional/polycentric (international marketing strat)

Answer 6

adapt marketing by tailoring prods to local market

Question 7

S and L Of polycentric

Answer 7

S- inc sales and max rev

-prods tailored to meet cust demand so dec risk

L- prod development to adapt prod inc cost

-mark research is spenny

Question 8

mixed/geocentric
(international marketing strat)

Answer 8

Utilised benefits of standaridisation bur also tailors prods to meet local markets demands

Question 9

S and L of geocentric marketing

Answer 9

S- inc sales as prods taylored

L- product development is expensive

Question 10

Ansoff Matrix

Answer 10

planning tool to help bus identify potential growth opportunities by analysing product and marketing strategies

Question 11

Market penetration (Ansoff)

Answer 11

Existing prod in existing market

Question 12

Market development (Ansoff)

Answer 12

existing prod in new market

Question 13

Product development (Ansoff)

Answer 13

new product in existing market

Question 14

Diversification (Ansoff)

Answer 14

new product in new market

Question 15

Niche market

Answer 15

subset of the market with specific wants and needs

Question 16

L of niche markets

Answer 16

high R and D costs

High material costs

Question 17

Global niche market

Answer 17

small segment of global market that are characterised by unique and forgiven needs

Question 18

S and L of global niche makert

Answer 18

S- charge more inc profit

Less comp

L- achieve eos inc expenses

-some prod require unique ingredient which is spenny

Question 19

Cultural and societal issues when operating in different country (5)

Answer 19

cultural diff (media, value, tradition

Different tastes (ensure prod adapted to meet local preferance)

Language

Unintended meaning (image/symbol have diff connotations)

Inappropriate branding