International Business Firms Can Profit Thesis

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Management possesses a broad range of international experience. Decisions may be made at head office or at the subsidiary level, but in either case management is familiar with both outlooks.

The rationale behind the ethnocentric approach is that the home office will deliver consistent decisions that are always in line with core values and objectives. The local managers are directly and specifically oriented towards corporate-wide objectives. The polycentric approach reflects the belief that the local managers will do what is best for the local subsidiary, which in turn will be what is best for the head office. The geocentric approach believes that the best management teams will be able to fuse local and global perspectives and that the other two approaches to do not achieve this.

4. Management development programs are systems for developing managers with specific skills and traits that are consistent with the corporation's strategic objectives. Managers are bred to promote the organization's culture and goals. Management develop programs map out career paths and focus on skills development for prospective managers. International businesses can use management development programs as a strategic tool because they can bring managers up through the company with specific training that supports the company's international focus. The managers can receive posts internationally in order to give them a greater breadth and depth of experience than the managers of their competitors receive.

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Moreover, a strong management development program can attract top talent from around the world, something that is strategically valuable for international companies. Additionally, these programs can be designed so that prospective managers are learning the skills and tools that specifically support the organization's strategic objectives.

5. There are many factors that can influence a firm's ability to sell the same product worldwide. One is the degree to which the need the product satisfies is universal. If the need is not universal, the product may not sell in certain areas. The price point of the product is also a factor - a high end product may not sell in poorer countries. There are also legal considerations, since some products are highly regulated. Trade barriers can also impact the ability to sell the same product worldwide, since many products are subject to tariffs, import quotas and other barriers.

Whether it is better to sell the same product worldwide or to customize the product for each market depends on the product. Selling the same product allows for brand consistency, but may be less effective in some markets. Customization, however, can result in confusion, as the same brand is associated with different products, strategies and images by different people in different places. This can also make the product difficult to manage, whereas selling the same product worldwide….....

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"International Business Firms Can Profit" (2008, December 11) Retrieved May 3, 2024, from
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