Marketing
This term refers to adapting global products to suit the needs and culture of local markets.
What is glocalisation?268
A small, specialised segment of a larger market focused on unique needs or preferences is known as this.
What is a niche market?275
Shared values, customs, beliefs and behaviours that influence how people buy and communicate.
What are cultural factors/differences?283
“Wise men say, only fools rush in…”
But I can’t help falling in love with you.
This marketing approach assumes the same product and promotion strategy will work in every country.
What is an ethnocentric approach?268
a cultural group within a larger culture
what is a subculture? pg 279
Differences in greetings, hierarchy, communication, and business etiquette across nations reflect these.
What are cultural differences?283
“Sugar, oh honey honey…”
You are my candy girl.
This approach blends global standardisation with local adaptation to balance efficiency and cultural relevance.
What is a geocentric approach?269
Selling luxury products to small but loyal customer groups worldwide describes this type of market.
What is a global niche market?275
the view that ones own culture, ethics, and norms are superior to others.
What is ethnocentrism? pg 282
“Just a small-town girl, livin’ in a lonely world…”
She took the midnight train goin’ anywhere.
In Ansoff’s Matrix, this strategy involves selling current products to new international markets.
What is market development?270
a business is able to charge a higher price than normal
what is premium pricing? pg 279
these cultures tend to say what they mean.
What are low-context cultures?286
“Every breath you take…”
Every move you make.
This strategy, considered the riskiest in Ansoff’s Matrix, involves launching new products into new markets.
What is diversification?270
When adjusting the 4Ps for niche markets, tailoring product design, pricing, distribution and promotion to specific groups is known as adapting this.
What is the marketing mix?277
people in this culture emphasize interpersonal relationships. developing trust is an important first step to any business transaction.
What is high-context culture?
Cause I’m Slim Shady, yes I’m the real Shady…”
All you other Slim Shadys are just imitating.