Page 46 - International Marketing

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48 International Marketing BRILLIANT'S

The geocentric orientation represents a synthesis of ethnocentric and
polycentric marketing; it is a "World view" that sees similarities and
differences in markets and countries and seeks to create a global strategy
that is fully responsive to local needs and wants. Whereas, a regiocentric
manager might be said to have a worldview or a regional scale, the world
outside the region of interest will be viewed with an ethnocentric or a
polycentric orientation or a combination of the two.
Geocentric firms take the view that, even though countries may differ,
differences can be understood and managed. In coordinating and controlling
the global marketing effort, the company adapts its marketing program to
meet local needs within the broader framework of its total strategy. There
is a high likelihood that a geocentric company does not identify itself with
a particular country. Therefore, it is often difficult to determine the firm's
home country except through the location of its headquarters and its
corporate registration. Although the corporation provides overall guidance
so as to achieve maximum efficiency of its global system, the various
aspects of the local operations may or may not be centralized as long as
they meet local market needs. Geocentric firms compete with each other
on a worldwide basis rather than a local level.
However there is a close similarity between regiocentric and geocentric
approaches to international marketing except perhaps that geocentric
orientation calls for a much greater scale of operation, coordination and
organisation setup in order to enter to markets of heterogeneous
characteristics. 
REVIEW QUESTIONS

Q. 1. Discuss the evolving concept of international marketing, along with
its process. [See Q.1 & 6]
Q. 2. Throw light upon the advantages and disadvantages of international
marketing. [See Q.3 & 4]
Q. 3. Along with the critical analysis of international marketing, describe
the factors to be considered by international marketer before enter-
ing into international market. [See Q.1, 2 & 4]
Q. 4. Discuss various theories of international trade in detail. [See Q.8]
Q. 5. Examine the differences between domestic and international
marketing. [See Q.5]
Q.6. Write short notes on:
(a) Foreign Trade [See Q.7]
(b) EPRG Framework [See Q.9]

“You can buy many things with money but not friends.”...