BUSI 4250U Study Guide - Midterm Guide: Ethnocentrism, Global Marketing, British Empire Medal
Document Summary
The scope of marketing activities outside the home/domestic market. Pursuing new customers/markets is not the only reason for entering emerging countries. That one"s own culture or company knows best how to do things. Src unconscious reference to one"s own cultural values, experiences, and knowledge as a basis for judgments and decisions. Both ethnocentrism & src impede the ability to assess a foreign market properly. Global marketing needs to identify the similarities among different markets to standardize marketing strategies and to identify the differences to adapt to marketing strategies. Home country is superior to others, sees only similarities in other countries. Assumes products and practices that succeed at home will be successful everywhere. Develops its own unique business and marketing strategies. Localized or adaptation approach products must be adapted to local markets. A specific region is the relevant geographic unit nafta / eu. Integrated on a regional scale mcdonalds 1) europe, 2) asia, 3) middle east.
