4.3 – Global Marketing and Niche Strategies

4.3.1 – Marketing

• a) Global marketing strategy and global localisation (glocalisation):
  • Explanation: Developing marketing strategies that maintain a global brand identity while adapting to local cultures and preferences, a strategy known as glocalisation.
• b) Different marketing approaches:
  • Domestic/ethnocentric:
    • Explanation: A marketing approach focused on the home country, using strategies derived from the domestic culture and practices.
  • Mixed/geocentric:
    • Explanation: A balanced marketing approach that integrates both global and local perspectives, aiming to create a universally appealing strategy.
  • International/polycentric:
    • Explanation: A marketing approach where strategies are tailored to suit the preferences and norms of each international market separately.
• c) Application and adaptation of the marketing mix (4Ps) and Ansoff’s Matrix to global markets:
  • Explanation: Adjusting the marketing mix (Product, Price, Place, Promotion) and utilizing Ansoff’s Matrix to identify growth strategies suitable for global markets, considering various factors such as cultural differences and market dynamics.

4.3.2 – Niche Markets

• a) Cultural diversity: recognition that groups of people across the globe have different interests and values:
  • Explanation: Acknowledging and understanding the diverse interests and values of different cultural groups worldwide to tailor products and services that cater to specific niche markets.
• b) Features of global niche markets:
  • Explanation: Characteristics of global niche markets include a focused target audience, specialized products or services, and potentially less competition, allowing for higher profit margins.
• c) Application and adaptation of the marketing mix (4Ps) to suit global niches:
  • Explanation: Customizing the marketing mix to cater to the specific preferences and needs of a global niche market, enhancing the potential for success in that market.

4.3.3 – Cultural and Social Factors

• a) Considerations for businesses:
  • Cultural differences:
    • Explanation: Understanding and respecting the diverse cultures in different markets to build a positive brand image and foster good relationships with customers.
  • Different tastes:
    • Explanation: Recognizing that preferences can vary greatly across different regions and tailoring products or services to suit these varied tastes.
  • Language:
    • Explanation: Considering the language barriers that might exist in different markets and ensuring clear and effective communication in the local language.
  • Unintended meanings:
    • Explanation: Being cautious of potential misunderstandings that can arise due to cultural differences and working to prevent negative implications.
  • Inappropriate/inaccurate translations:
    • Explanation: Avoiding translation errors that can result in miscommunication or offensive content by employing accurate and culturally sensitive translation services.
  • Inappropriate branding and promotion:
    • Explanation: Steering clear of branding and promotional strategies that might be deemed inappropriate or offensive in different cultural contexts, to maintain a positive brand image globally.