Exam 1: Global Marketing Explained

A) Consumers who are exposed to foreign brands when they travel internationally and demand access to those brands in their home countries.
B) The reduction in tariff and non-tariff barriers around the world
C) The need for companies to reduce manufacturing costs
D) All of the above
E) None of the above

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A) Regiocentric
B) Ethnocentric
C) Polycentric
D) Geocentric

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Global marketing and domestic marketing ...

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A) Levels of social assistance in the countries measured
B) Degree of social interaction within the host country
C) Flow of ideas and movement of people between countries
D) Tendency towards socialism as a form of government

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A) Levels of political risk
B) The number of political parties in the country
C) Diffusion of government policies around the world
D) Tendency towards socialism as a form of government

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Globalization refers to the process of i...

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A multi-domestic marketing strategy focu...

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A) 'Glocalization'
B) Strategic differentiation
C) Psychographic differentiation
D) Strategic patterning

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Glocal marketing is a strategy that combines the idea of "thinking globally, acting locally" by adapting a company's global marketing strategies to fit the local cultures, tastes, and customs of the markets they operate in. The term 'glocal' itself is a portmanteau of 'global' and 'local.' This approach acknowledges the global reach of a brand, product, or service while recognizing the need to accommodate the diverse preferences and behaviors of local markets. In glocal marketing, a company seeks to achieve economies of scale by developing a core product or campaign that has universal appeal but also allows for local variations to ensure relevance and effectiveness in different regions. This can involve customizing packaging, advertising messages, product formulations, or even business models to align with local norms and consumer preferences. A real-world example of a company that follows a glocal marketing strategy is McDonald's. The fast-food giant has a global presence with a consistent brand image and core product offerings, such as the Big Mac and fries. However, McDonald's also localizes its menu to cater to regional tastes and dietary habits. For instance: - In India, where a significant portion of the population is vegetarian or avoids beef for religious reasons, McDonald's offers the McAloo Tikki burger, a spiced potato patty burger. - In Japan, McDonald's has adapted to local tastes by offering items like the Teriyaki Burger, which features a teriyaki sauce that appeals to Japanese consumers. - In the Middle East, McDonald's serves the McArabia, a grilled chicken sandwich on flatbread, which suits local bread preferences and tastes. By adopting a glocal marketing strategy, McDonald's has been able to expand its global footprint while maintaining a strong local connection with consumers around the world.

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Technological innovation drives globaliz...

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A) The globalization of markets
B) Outsourcing
C) Free trade
D) The globalization of production
E) 'Glocalization'

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A) Identifying homogenous consumer segments in various countries
B) Recruiting culturally literate marketing managers in Asia
C) Developing a polycentric pricing strategy
D) Devising a cost-based transfer pricing scheme
E) Comparing countries on Dreher's index of globalization

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