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Globalisation

Unit 7

TermDefinition
Global Business sells one product in the same worldwide
Global Brands branded products that are successfully sold world-wide e.g. Toyota
Product Standardization product sold same way world-wide
Product adaptation products vary to suit different markets e.g. MC Donalds doesn't sell big mac in India!
Global Marketing selling same product all over the world using a global marketing mix
Standardized Marketing Mix same marketing mix used in each country global company sells in
Adapted Marketing mix change to one of the elements of the mix to take account of tastes, cultures etc
Global Price determined by standard of living, transport costs, taxes and tariffs, rivals
Global Place direct selling, agent, alliances, foreign subsidiary, licensing
Direct selling exporting directly to customer
Agent appointing agent in foreign country to sell goods on behalf of firm
Alliance entering into partnership with foreign company to produce and market gods abroad
Foreign subsidiary company owned by parent company which can manufacture, distribute its product in foreign country
Licensing entering into agreement with foreign company to manufacture and market the product using company brand name.
Global Product USP in all markets that distinguish it from competitors, product adapted for customers e.g left/right hand drive
Global Promotion takes into account language, cultural differences, media regulations, websites, trade missions
Created by: MsBradyBusiness
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