Pages in this set

Page 1

Preview of page 1
Harry Bindloss




UNIT 3 ­ Key terms
Ansoff's Matrix: A method by which businesses can classify their strategies for expansion.
It includes; Market Penetration, Product Development, Market Development and
Diversification.

Backwards innovation: establishment of a product that is coming to the end of its
product life cycle in one market…

Page 2

Preview of page 2
Harry Bindloss




Geocentric: The potential market has both similarities and differences in domestic and
foreign markets.

Global Marketing: The marketing strategies used by businesses when operating in global
markets.

Global sourcing: This means a business can manufacture components in overseas countries
where labour is cheap before assembling the final product…

Page 3

Preview of page 3
Harry Bindloss




Protectionism: The intervention by governments in the free trade between nations. The
methods available usually attempt to reduce imports (to protect domestic production) and
are therefore often referred to as trade barriers, although other methods may seek to
encourage exports.

Stakeholder: A person or group or organisation that…

Comments

No comments have yet been made

Similar Business Studies resources:

See all Business Studies resources »