Using highly localized marketing programs tailored to individual country markets.

Adaptation

A firm’s distinctive competencies that allow it to create greater customer value than competitors.

Competitive Advantage

The belief that the home country is superior and that domestic marketing strategies will work globally.

Ethnocentric

A global mindset that views the world as a single market while recognizing similarities and differences across countries.

Geocentric

A company with a geocentric orientation that integrates and coordinates operations across world markets.

Global Company

An industry in which firms gain competitive advantage by leveraging and integrating activities on a worldwide scale.

Global Industry

A firm’s overall plan for pursuing global market opportunities, including decisions about standardization, adaptation, and coordination.

Global Marketing Strategy

A company that enters foreign markets using an extension strategy with minimal changes from the home market.

International Company

The benefits gained from sharing experience, knowledge, and economies of scale across multiple countries.

Leverage

A firm that competes internationally by adapting products and marketing strategies to each local market.

Multinational Company

The belief that each country market is unique, leading to decentralized decision-making and local marketing control.

Polycentric

The belief that regions of the world share similarities and can be managed with coordinated regional strategies.

Regiocentric

Using the same or very similar marketing mix across countries to achieve efficiency and consistency.

Standardization

A highly evolved organization that integrates global operations while serving markets in many regions simultaneously.

Transnational Company

Increase sales with existing products to existing markets

Market penatration

Create growth by selling new products in existing markets

Product Development Strategy

Introduce existing products to new markets

Market development Strategy

New markets and new products to achieve growth

Diversification Strategy