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Lecture notes 3.3.1 Responding to Global demand
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These notes helped me get an A* in A Level Economics, covering all aspects of the specification, plus hints of real world context.
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3.3.1 Responding to Global demandGlobalisation is the interconnection and integration of countries and businesses via the distribution of
goods services infrastructure with certain political, economic and cultural aspects.
EPRG framework
Various ways businesses decide to enter and operate in global markets.
Ethnocentric
o Subsidiary must comply with default policies
Regiocentric
o
Polycentric
Geocentric
Globaliasation vs Glocalisation
Global marketing strategy is the adaptation of marketing on a worldwide scale
A mix between globalisation and localisation
Glocalisation
Adaptation of global marketing strategy to meet requirements of local geographic market
More likely for a firm to be successful if it meets local needs
Different approaches to global markets
Ethnocentric
o is a marketing approach where promotion of the product is based on home nation
beliefs rather than host nation beliefs.
o Ignore host nation religion or culture
o Could be contentious if host nation ignored
o Firm won't adapt to host country
o Standerdised and won't be customised
o Economies of scale as you don’t have to diversify
o Reduction in R&D costs
o Lower costs overall to maybe sell at lower overall prices
Mircrosoft-Iphone
Geocentric
o Promotion of product undertaken based on global or worldly POV.
o Perspective not based on home or host nation
o Employees hired based on ability not nationality
o Marketed based on whatever firm needs to do to succeed
o Take some aspects of host and home nation
Mcdonalds-McCurry Pan, still sell burgers
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