4.3 global marketing

what is global marketing strategy

process of planning and promoting a business product to the global market 

what glocalisation

strategy where businesses aim to reach customers globally and also take into consideration the needs of the local market 

what are the different marketing approaches

• domestic/ethnocentric

• mixed/geocentric

• international/ polycentric

whats an ethnocentric approach

• Businesses see the domestic market and foreign markets as very similar

whats the polynational approach

The company treats each country as a unique market

whats the geocentric approach

• mix of the polycentric and ethnocentric approach

• benefits of standardised products but also tailors products to meet the needs of local markets overseas while maintaining a consistent brand image

what is marketing mix

four Ps

place

price

promotion

product

how can place (four Ps) be applied to marketing mix

place: They also need to consider the available technology as many transactions take place via e-commerce

how can price (four Ps)N be applied to global markets

• When making pricing decisions, businesses must consider customer incomes, costs of production and taxes

how can product (4 Ps) be applied to global markets

• Businesses need to consider how much they should modify or adapt their products to meet new markets overseas

how can promoion (4 Ps) be applied to global markets

• Promotion needs to be adapted to meet language and cultural differences

what is cultural diversity

recognises the ideas, customs and social behaviour of a particular people or society in different global markets 

what are global niche markets

small segments of the global market that are characterised by unique and specific needs

features of global niche markets

expertise in product area

emphasis on quality

excellent customer service

how to modify marketing mix to fit global niches

apply to target audiences

considerations for businesses

• cultural differences

• different tastes

• language

• unintended meanings

• inappropriate/inaccurate translations

• inappropriate branding and promotion