ethnocentric, polycentric and geocentric

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What are the main advantages and disadvantages of the ethnocentric, polycentric and geocentric approaches to MARKETING strategy globally? When is each approach appropriate?

The main advantage of ethnocentric approach is ease of execution as the strategies pursued in domestic markets are being replicated in international markets. Hence, companies need to not focus on developing unique strategies for each individual market which also results in significant savings of time, efforts and costs. The primary disadvantage is that such strategy might not be effective in the sense that each country is unique and in order to reap the full market potential and become successful, one needs to devise tailor made strategies for each unique international market. This approach is appropriate for companies which view international marketing as secondary to domestic marketing.

Polycentric approach's primary advantage is that custom designed strategies for each unique international market will help in reaping the full benefits of the market potential of individual countries or markets. However, such a strategy will be difficult to execute and will require significant resources such as human resources and other financial resources. Such a strategy will be appropriate in circumstances when companies want to reap the full potential offered by different markets and have the resources, products and services capable of capturing market share in different countries. Multidomestic firms generally follow this approach.

Geocentric approach's advantage is that it is relatively easier to execute as compared to polycentric approach as a single strategy needs to be devised for all the markets. It results in significant economies of scale and cost related advantages and results in brand building and recognition due to promotion of single brands and common marketing strategies. However, such a strategy might not be favorable for every market as some sort of customization might be required for different markets. Also, a single brand might not work out well for each market. It is appropriate for situations when it is difficult to follow different strategies for different markets and single brand name needs to be developed and economies of scale are being sought.

What is the DIFFERENCE between ethics and social responsibility? Do you think social responsibility for a multinational corporation is something better managed domestically or internationally? Explain why.

Since we are talking in the context of business, we will be talking about business ethics and corporate social ...