Edexcel Business A Level Revision

Ethnocentric - The domestic markets values is the superior market, and so ignores the values of other countries/markets in which their product exists. General marketing reproduced overseas for their product and no adaptation of product to meet local needs.  Therefore, products are marketed in foreign countres based on the perceived superiority of the home nation's values. To some extent, this approach ignores local customs, culture and religion. In order for this to be a successful approach, the markets need to be similar. For example, Nissan startd out using an ethnocentric approach to car sales where all cars overseas were exactly the same as those in the local Japanese domestic market. Among the benefits of an ethnocentric approach is the fact that standardisation provides significant economies of scale and much lower marketing costs as there is little or no research required for new markets. A drawback is the risk of losing sales as the business is not market orientate...

Global marketing strategy - A product strategy to increase sales through promotion and advertisements to the international market. It focuses on the 4Ps - Price, Place, Promotion and Product - on a range of foreign markets. Marketing strategy - A process to allow a bsuiness to focus limited resources on the best opportunities to increase sales and thereby achieve a sustainable competitive advantage. Glocalisation - is the adaptation of a global marketing strategy in order to meet the requirements of local geographic markets. The term is a mix of globalisation and localisation. MNCs such as Coca-cola and McDonald's use the same global marketing strategies in each market in which they operate, which has the advantage of economies of scale across global markets, called global brands. This would be a transnational corporation approach which is also used by Rolls-Royce cars, Chanel handbags and Tiffany jewellery, all luxury products. However, businesses increasingly have found t...