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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

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

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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

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

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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…


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