Chapter 1: State-of-the-Art Review of Research International Marketing Management
1. State-of-the-art review of research in international marketing management Masaaki Kotabe* INTRODUCTION International marketing underwent fundamental changes in the last two decades. Global political and economic liberalization trends created tremendous business opportunities and challenges for international marketers. For instance, the emergence of regional trading blocs in the form of the EU (European Union), NAFTA (North American Free Trade Agreement), and MERCOSUR (Mercado Común del Sur) have necessitated reorganization in the production and marketing strategies of ﬁrms. The changes in strategy include serving diﬀerent markets from one production source or the shifting of production facilities for greater eﬃciency. The Asian ﬁnancial crisis in the latter half of the 1990s provided a signiﬁcant reality check on the wisdom of globally integrated strategy development. Wildly ﬂuctuating exchange rates make it diﬃcult for multinational companies to manage globally integrated but geographically scattered activities. Indeed, many companies are scurrying to speed steps toward making their procurement, manufacturing, and marketing operations in Asian countries more local. Since the yen’s sharp appreciation in the mid-1980s, Japanese manufacturers have moved to build an international production system less vulnerable to currency ﬂuctuations by investing in local procurement and local marketing (Nikkei Weekly 1998). Two fundamental counteracting forces have always shaped the nature of marketing in the international arena over the years. The same counteracting forces have been revisited by many authors in such terms as ‘standardization vs. adaptation’ (1970s), ‘globalization vs. localization’ (1980s), and ‘global integration vs. local responsiveness’ (1990s). Terms have changed, but...
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