Involves a business planning, placing, producing and promoting its products to a worldwide audience.
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Ethnocentric Approach
The company makes the assumption that what works in one country will work in the similar country, so there will be little or no change to the products being offered.
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Polycentric Approach
When businesses adapt their product to fit with the local needs of consumers in different countries they are trying to sell to.
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Geocentric Approach/ Glocalisation
When the business has the aim of maintaining and promoting its brand, but will adapt and focus its products on local consumers.
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Niche Market
A smaller subsection of a larger market, targeting customers with very specific needs.
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Advantages of operating in niche markets
Customer loyalty, Not much competition, Usually price inelastic.
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Disadvantages of operating in niche markets
Limited number of customers, May prevent economies of scale, Profit margins need to be high which might affect demand.
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Cultural Audit
Study of an organisation's culture to assess whether it supports the business.
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Ethnocentrism
When people view their own culture, ethics and norms as superior and judge other ones.
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High Context Cultures
Cultures including much of Asia and Africa that emphasise interpersonal relationships when forming business deals.
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Low Context Cultures
Cultures like North America and Europe where relationships are less important and business representatives tend to be more direct.
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Examples of Inappropriate Branding
Megapussi crisps, Fagottini pasta, Breast munchies chicken.
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Other cards in this set
Card 2
Front
The company makes the assumption that what works in one country will work in the similar country, so there will be little or no change to the products being offered.
Back
Ethnocentric Approach
Card 3
Front
When businesses adapt their product to fit with the local needs of consumers in different countries they are trying to sell to.
Back
Card 4
Front
When the business has the aim of maintaining and promoting its brand, but will adapt and focus its products on local consumers.
Back
Card 5
Front
A smaller subsection of a larger market, targeting customers with very specific needs.
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