4.3: Keywords

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15 Terms

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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

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geocentric approach

business uses a combination of the ethnocentric and polycentric marketing approaches when marketing a product in new foreign markets

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global marketing strategy

process of adjusting a company's marketing strategies to reflect conditions, consumer tastes and demand in other countries

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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

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localisation

strategies that adjust products to fit with target customers

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polycentric approach

approach to global marketing where a business adapts the product to meet the slightly different needs of customers in new foreign markets

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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

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premium pricing

business is able to charge a higher price than normal

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subculture

cultural group within a larger culture

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barriers to communication

obstacles preventing effective communication

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cultural and social differences

differences in beliefs and practices, customs, traditions and behaviours of people from different cultures

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ethnocentrism

way some people view their own cultures, ethics and norms as superior to those from different cultures

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global marketing

planning, producing, placing and promoting of a business's products ni a worldwide market

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high-context cultures

relational, collectivist, intuitive and contemplative cultures emphasising interpersonal relationships

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high-context cultures

cultures that tend to say what they mean, relying heavily on explicit and direct language