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ethnocentric approach
a business makes little or no attempt to change or modify the product when selling into new foreign markets
geocentric approach
business uses a combination of the ethnocentric and polycentric marketing approaches when marketing a product in new foreign markets
global marketing strategy
process of adjusting a company's marketing strategies to reflect conditions, consumer tastes and demand in other countries
glocalisation
combination of the words 'globalisation' and 'localisation'
involves the development and sale of products to customers around the world which reflect specific local customs, tastes and traditions
localisation
strategies that adjust products to fit with target customers
polycentric approach
approach to global marketing where a business adapts the product to meet the slightly different needs of customers in new foreign markets
global niche market
market made up of customers who live in more than one country and have particular needs that are not met fully by the global mass market
premium pricing
business is able to charge a higher price than normal
subculture
cultural group within a larger culture
barriers to communication
obstacles preventing effective communication
cultural and social differences
differences in beliefs and practices, customs, traditions and behaviours of people from different cultures
ethnocentrism
way some people view their own cultures, ethics and norms as superior to those from different cultures
global marketing
planning, producing, placing and promoting of a business's products ni a worldwide market
high-context cultures
relational, collectivist, intuitive and contemplative cultures emphasising interpersonal relationships
high-context cultures
cultures that tend to say what they mean, relying heavily on explicit and direct language
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