The document discusses four approaches to international business: ethnocentric, polycentric, regiocentric, and geocentric. The ethnocentric approach relies on exporting domestic products overseas without adaptation. The polycentric approach treats each foreign market uniquely and establishes local subsidiaries. The regiocentric approach views regions as unified markets and implements strategies at a regional level. Finally, the geocentric approach views the entire world as a single market and uses standardized global marketing strategies.

1. INTERNATIONAL
BUSINESS

2. APPROACHES OF
INTERNATIONAL BUSINESS
Ethnocentric
Polycentric
Regiocentric
Geocentirc

3. ETHNOCENTRIC APPROACH
• A means of disposing of surplus domestic
production.
• Foreign operations are conducted from a homecountry base-strong reliance on export agents.
• Domestic product-mix without major
modifications for the overseas markets.
• Cultural factors in foreign markets are overlooked
for instance most Indian handicrafts exporters
hardly appreciated the market difference and
need for adaptation of marketing strategy.

4. • A number of Indian products sold abroad such as
dresses like salwar – kurta, Saries and food items
such as dosa mix, idli mix vada mix sambhar mix,
gulab jamoon mix, papad and Indian sweets are
primarily targeted at Indian population abroad
• Home country marketing practices will succeed
elsewhere without adaptation; however,
international marketing is viewed as secondary to
domestic operations

5. POLYCENTRIC APPROACH
• Polycentric approach is highly market oriented
• Each market is considered unique in terms of its
market environment.
• Local marketing techniques are best suited to
deal with local market conditions.
• Subsidies are established in foreign markets.
• Environment of each market is considered while
formulating marketing strategy.

6. REGIOCENTRIC APPROACH
• Regiocentric Company views different regions as
different markets.
• A particular region with certain important
common marketing characteristics is regarded as
a single market.
• Economies of scale. Strategy integration,
organizational approach and product policy tend
to be implemented at regional level.
• Depending the convergence of market behavior
on the basis of geographical regions, a similar
marketing strategy is used.

7. GEOCENTRIC APPROACH
• A geocentric company views the entire world as a
single market and develops standardized
marketing mix, projecting a uniform image of the
company and its products for the global market.
• Geocentric orientation provides improved
coordination and control.
• Regiocentric and Geocentric are synonymous
with a Global Marketing Orientation where a
uniform, standardized marketing strategy is used
for several countries, countries in a region, or the
entire world