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Lecture notes 3.3.1 Responding to Global demand £7.49
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  2.  
  3. PEARSON (PEARSON)
  4.  
  5. Economics B
  6.  
  7. Unit 3 - The global economy

Lecture notes

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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  • June 15, 2023
  • 2
  • 2022/2023
  • Lecture notes
  • Paddingtion zinzombe
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  • 314 trade policy and trade negotiations 322 a

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3.3.1 Responding to Global demand



Globalisation 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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