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In: Economics

Compare and contrast a crafts fair and farmers market to a non-standardized market where consumers do...

Compare and contrast a crafts fair and farmers market to a non-standardized market where consumers do not perceive sellers as all being the same.

Provide an example of a non-standardized market.

Solutions

Expert Solution

A farmer's market, or, the craft fair is a way to create awareness in a local area, and, drive sales.

Dominating a farmers' market

  • Get feedback; invest in the product. Prepare for credit card transactions for buyers.
  • Be confident, competitive, and, keep it professional
  • Engage folks to draw them to your booth
  • Prepare bundles of products with themes
  • Sell the products at local markets
  • Sell seasonal products, and, those that are trending

Non-standardized market example

This is for increasing international involvement of organizations. International markets are an example, think globally, act locally.

Example of an organization - Coca Cola

Centralized organizational design, country specific factors to customize; targeted actions, general approach to marketing, influenced by the local environment

Ethnocentric approach - market products internationally the way an organization does domestically. Ethnocentric is a standardized approach; consider the needs of foreign customers

Polycentric approach - Customize to meet the needs of the target market

Rahul Sunny answered 1 year ago
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