International Management of Business

The following are important approaches of international management

Ethnocentrism

This approach focus on domestic market. The domestic market given the primary consideration and international market is given a secondary option. This approach does not recognize the cultural difference and apply same program and strategies for international market. The management is centrally controlled in this approach. There is no local market research.

Poly-Centrism Approach

This approach is totally opposite to Ethnocentric approach and see the international market as total new market and therefore the product and marketing program are designed in accordance with the culture and requirement of that market. The subsidiary are allowed to operate as per local requirement and decision making process is decentralized.

Geo centrism

This approach is mix of early approaches this approach believe that basic standard of home country must be followed however necessary changes in some operations are allowed as per requirement of local market. Each country requirement is considered to amend the global strategies accordingly . This approach allow flexibility . The approach believe in global strategy with due respect of local market.