Marketing

A polycentric marketing strategy is where a business adapts its marketing mix in order to maximise their sales. In other words, companies try to spread out the appeal of their products or services in multiple countries around the world. It usually occurs when a business wants to focus on sales outside of their domestic/home country.

They adapt to each market to appeal to the local customers, so that they are able to maximise their revenue. 

This is where a company views the world as a global marketplace and creates a global brand. They will also create products that will suit a worldwide audience. 

An example of a global business would be Microsoft. With their product type, they would only need to adapt the languages for each country, adjust the costs for the region and tweak the marketing so that it will be an ideal global product, that is suitable for anyone around the world.

Ethnocentric marketing is where a business measures their own cultures against others, to see which is the ideal. In highly-ethnocentric countries' some consumers will be more willing to buy products or services from a culturally similar country or background. They are less likely to buy from a culture that is deemed as inferior. 

• Foreign operations are seen as inferior to domestic markets.
• This marketing strategy is the belief that one's personal culture is superior.
• Standardise their products for all markets to keep the costs low.

Glocalisation is the combination of globalisation and localisation. It is used to describe products or services that are developed and sold to customers globally, but are specifically designed to meet the needs of the local markets.

"Think global and act local" - Glocalisation is a good way to make a business unique and stand out from their competition.

• Differences in consumer needs, wants, and usage patterns for products
• Differences in consumer response to marketing mix elements
• Differences in brand/product development
• The competitive environment may be tough
• Differences in the legal environments

• Increase in economies of scale and distribution
• Lower average (marketing) costs
• Brand recognition - more power in the market
• Stability of brand image
• Ability to take advantage of good ideas quickly and efficiently

Geocentric is a mixture of a polycentric and ethnocentric marketing strategy. Businesses who use this strategy are able to have some of the benefits of a standardised approach to reach economies of scale, however they cater to the needs of individual markets to be able to maximise their sales.

• The branding may be done on a global basis. 
• The businesses will accept a world wide approach to marketing, as its operations will become global. 
• Businesses of a global enterprise are able to serve the various regional and national markets through establishing their manufacutirng and processing operations around the world. It is a complicated system of distribution yet it is still able to work efficiently. 

A global niche market is where a product or service is sold around the world in a small, currently unsatisfied gap in the market. The aim is to meet the specific market needs. 

• There is less competition
• Greater customer loyalty in niche markets.
• Businesses are abl to charge premium/higher prices = Greater profits. 
• Risks may be reduced. 
• Specialist products reduce price elasticity of deman (PED)

• Some possible global economies of scale may not be possible as each market will need individual focus/attention.
• Co-ordination and communication may be more difficult across different brands and markets. 
• Some products may need unique ingredients or production techniques - reduces the opportunity for economies of scale.