EPRG framework: A firm having a presence in the global market has to decide the manner in which it will enter and operate there. Firms in the international. Abstract. The aim of this paper is to present the fundamental ideas behind EPRG model. They are discussed with some illustrating examples. Moreover, some. ethnocentric polycentrism regiocentrism geocentrism ethnocentric domestic techniques and personnel are considered superior polycentrism local personnel .
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Some of these besides exporting, joint ventures, overseas subsidiaries, etc are strategic alliances, acquisitions, mergers, brand franchising, manufacturing in low cost centers, etc. It may examine several market entry strategies but common ones are joint ventures, or subsidiary operations in the target region.
Local personnel and techniques are best suited to deal with local market conditions. Overseas subsidiaries or offices in international markets are seen as less able and less important than the head office. Pricing is established on a worldwide basis. It considers local markets, local government aspirations and competition to decide its market entry and marketing strategy. This approach is more successful in areas such as production and research than in marketing.
Such companies are sometimes called domestic companies. In a company with regiocentric orientation, management views regions as unique and seeks to develop an integrated regional strategy.
International Marketing – EPRG Framework
It does not require much investment. This framework frameaork the way strategic decisions are made and how the relationship between headquarters framewoork its subsidiaries is shaped. The firm may do so either by bidding or sell to an export house or to an overseas buyer or its representative. The exercises, activities and policies of the functioning company in the native country becomes the default standard to which all subsidiaries need to abide by.
What is an EPRG Framework in International Marketing? –
A regiocentric orientation views different regions as different markets. A company with a geocentric orientation views the entire world as a potential market.
Thus, ensuring efficient use of human resources by building strong culture and informal management channels. It entails minimum risk on the part of the firm. Normally, a firm may have to work on a marginal cost method to price its products and get paid through a confirmed irrevocable letter of credit.
What is meant by The EPRG framework in International Marketing?
There are no changes in product specification, price and promotion measures between native market and overseas markets. Besides, at that time it had not accepted anywhere in the world the idea of joint ventureship or minority role in a firm.
So inCoke re-entered India not as a per cent owned subsidiary of its Atlanta parent, but through a strategic alliance with Parle.
Customers and economies today are reaching out to cost reducing global firms. Since this orientation implies global attitude to the development of marketing policies, it provides for improved coordination and control. See full list of related question in M.
It may homogenize the product for the EC. Until recently multinational firms had looked at Asian, African, Latin American and other markets only from the point of view of selling their products and brands. The way businesses and staff view the world is described as international management orientations. Principal driving force in global marketing: Value chain Marketing Strategy and IT.
Firms Go International due to following reasons: Such companies are also sometimes referred to as domestic companies. Perhaps, it may be wise today to think that the earth is flat.
EPRG Framework – Management Study HQ
When they look to new markets they rely on what they know and seek similarities with their own country. Geocentric approach encourages global marketing.
Username or Email Epry. Global marketing now takes birth. A Niche Marketing is a small segment of market ignored or not properly served by large players. Also called pay-as-you-earn scheme, advance tax is the income tax payabl These stages are discussed below.
Self-Assessment is a system under which the taxpayer is required to declare the basis of his assessment e. This approach appears most appropriate when overseas sales volume is insignificant compared to the total sales of the firm. The person who fills in the return should also framewprk the entries in the acknowledgement fo The suitability of EPRG orientation may differ not only from company gramework company but also from-j one marketing decision area to another within the same firm.