Class notes
International Business Week 9 International Management (functional strategies)
- Course
- Institution
Lecture notes to get a first!
[Show more]
Seller
Follow
chilllax
Content preview
Week 9: International Management (functionalstrategies)
08 November 2022 15:07
International Management: Marketing and HR strategies (function-level strategy) Part 2 INTERNATIONAL HRM STRATEGY Part 3: The SDGs and doing international busine
- 4 Ps & HRM practices
- Responsibilities of MNC beyond profit motive GLOBAL MINDSET
UN GLOBAL COMPACT
How MNE perceive and interpret global social and economic environment, impact on strategies
THE MARKETING MIX: THE 4 Ps Combine openness to awareness of diversity, ability to synthesize across adversity
Marketing strategy needs integrated with business strategy and other business
functions
SDGs AND INTERNATIONAL BUSINESS
DIFFERENT GOALS
Criticisms: less effective for services, too internally-focuses, no consumer input
3 added later
Open constant learning
INTERNATIONA HRM
Standardise or customise the marketing mix Employ:
Home-country
GLOBAL VS LOCAL Host-country
Third country nationals
EPG model international business 3 alternatives: = different people management challenges
ETHNOCENTRIC APPROACH: market goods same international and domestic APPROACHES TO HRM
(home country bias) - Ethnocentric: practices from home country
- Polycentric: different management system in different countries
POLYCENTRIC: customise marketing mix meet needs each foreign market - Geocentric: standard approach management worldwide SUMMARY
(host country adaptation)
THE EPG MODEL (PHILIPS TRADITIONALLY)
GEOCENTRIC: analyse customer needs globally and adopt standard mix worldwide Ethnocentric used to dominate:
(global orientation) - Host country not have requisite skills
- Unified corporate culture
- Core compentencies
STANDARDISED INTERNATIONAL MARKETING Less popular now:
- Devalues + distance
- Cultural myopia, lack of understanding
Polycentric approaches: home country managers at HQ and host country managers internaionally CONCLUSION
- Reduce risks of cultural myopia
- Cost efficient
Challenges:
- Host country cannot progress beyond operation host country
- Lead gaps practices between countries
Geocentric not specific nationality, seeks best people
- Best use of resources
CUSTOMISED INTERNATIONAL MARKETING
- Develops managers can work across culturs
- Increase local reponsiveness with effective shared learning
Challenges
- Costly
- Rules around who is employed
HIDDEN EXPATRIATES:
Can be lower skill expatriates working less advantageous conditions
SUMMARY
THIRD CHOICE: CONTINGENCY APPROACH
Standardisation is not isolated from adaptation, strategy ranges between two
PRICING DECISIONS
PRICING POLICIES:
- Standard price policy: same price wherever sold (geocentric)
- Two-tiered pricing: one price domestic, another abroad - problematic long
term (egocentric)
- Market pricing: localised profit maximisation (polycentric)
PROMOTIONAL STRATEGIES
- Advertising: extent of glob scope
- Personal selling
- Sales promotion
- Public relation: enhance firm's reputation/image
INTERNATIONAL DISTRIBUTION
2 keys:
- Physically transporting
- Selecting means to produce
INTERNATIONAL DISTRIBUTION
Modes of transportation/shipping depend on:
Consider environmental impacts?
SUMMARY
Internal marketing:
- Vital international success
- Places more emphasis on environmental analysis
- Require larger repertoire skills
- Higher risk investment if marketing goes wrong
LECTURES Page 1
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller chilllax. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.67. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67474 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now