Page 21 - DMGT547_INTERNATIONAL_MARKETING

International Marketing

Notes Managers at international and Transnational companies are Regiocentric or geocentric in
their orientation and pursue both extension and adaptation strategies in international
markets.
Today, the importance of international marketing is shaped by the dynamic interplay of
several driving and restraining forces. The former include market needs and wants,
technology, transportation improvements, costs, quality, international peace, world
economic growth, and recognition of opportunities to develop leverage by operating
internationally. Restraining forces include market differences, management myopia,
organisational culture and national controls.

1.8 Keywords

Domestic Marketing: It is the form of marketing in which the firm faces only one set of competitive,
economic and market issues.
Ethnocentric Orientation: In this people consider his home country superior to rest of the
world.
Geocentric Orientation: This orientation views entire world as one big potential market.
Global Marketing: The performance of business activities that direct the flow of goods and
services to consumers or users in more than one nation.
International Marketing: It is the performance of marketing across two different countries.
Marketing: It is the performance of business activity, directing the flow of products from producer
to consumer.
Multinational Corporations: Organizations that manage production or offer services in more
than on country.
Polycentric Orientation: This orientation believes that every country is unique.
Regiocentric Orientation: This orientation believes that each region is unique.

1.9 Review Questions

1. How is international marketing different from domestic marketing?

2. How can creating value for customer and customer focus give competitive advantage to
the companies?
3. What is the importance of international marketing? Explain in brief.

4. What are ‘Do’s and don’ts’ for success in International Marketing? How should the firm
execute the dos and don’ts in the context of marketing?
5. Why is the task of the international marketer more complex and difficult than that of the
domestic marketer?
6. Distinguish among (a) domestic marketing; (b) foreign marketing; (c) comparative
marketing; (d) international trade; (e) international marketing; (f) multinational marketing;
(g) global marketing and (h) world marketing.

7. Distinguish among (a) ethnocentricity, (b) polycentricity and (c) geocentricity.
8. What are the basic economic reasons which might influence a firm’s decision or motivate
a firm to plunge into international marketing?

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