4.3: Keywords

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