(Jamal Ma'mur Asmani, 2015)Various kinds of political, economic, social, cultural and geographical conditions are important considerations for multinational companies that market their products in one country.(Simbolon, 2013)Globalization and market competition require all managers to be aware of the global environment. International marketing refers to business activities that involve pricing, advertising and distribution of goods (goods and services) to customers/consumers in more than one country for profit.
This industry is the largest producer of gross national product in industrialized countries and the most important employer in industrialized and developing countries.(Rambe & Aslami, 2022)Therefore, the marketing strategy that is applied is an important concern, which must be adapted to the state of the country.
D. Identify companies in the top Global 500 rankings.
The companies that are in the top ranking of the Global 500 exist because they have the highest revenues among all the companies in the world and based on the total revenue of a company it is called the Fortune Global 500.(money, 2000)Companies that feel superior often try to compete to be part of the Fortune Global 500 at the top level.
The Fortune Global 500 list not only provides information about publicly listed companies (whose shares are listed), but also includes other companies that meet certain requirements and includes in particular the publication of financial statements.(Kwiatkowski & Augustynowicz, 2015)Companies at the top of the Global 500 list achieve their position through a variety of determinants that are used as a basis for identification.(Daniel Sarpong MBA, 2021)These factors include:
1. Strong Brand Reputation: Companies with well-known and trusted brands tend to be successful in the global market. 2. Effective management:Successful companies often have an effective management team capable of navigating complex global markets, identifying growth opportunities, and implementing strategies that lead to long-term success. 3. Innovative products or services: Companies that are able to offer innovative and desirable products or services can gain a competitive advantage, 4. Successful marketing strategies:Â
Businesses that use successful marketing campaigns to connect with customers and build brand loyalty can achieve long-term success . 5. Effective processes: companies with supply chains, manufacturing processes, and efficient operations can produce high-quality products or services at competitive prices. 6. Investment in research and development:
Companies that invest in R&D can stay at the forefront of innovation and stay competitive in global markets. The Fortune Global 500 represents the 500 largest large companies in the world, so the results reported indicate that company size can be considered as a key factor in preparing a sustainability report.(Road & Kingdom, 2022)The Global 500 is an annual ranking of the world's largest companies by revenue, compiled and published by Fortune magazine on its official website. So that the latest rankings from 2022 are the top companies in the top 500 Global rankings, which are started by: 1. Walmart; 2.Amazon; 3. State Grid; 4. China National Petroleum; 5. Sinopec Group; 6. Sudi Aramco; 7. Apple; 8.Volkswagens; 9. Engineering; 10. CVS Health(Luce, 2022).
E. The Stages A Company Goes Through When Its Management Orientation Evolves From Domestic And Ethnocentric To Global And Geocentric.
The more the company develops, the more likely the company will expand its market share. From a domestic-focused company to a global company. In changing from a domestic company to a global company, there are several stages that the company will go through, including:
1.First Stage: Domestic and Ethnocentric Orientation
Domestic companies are companies that only focus on the domestic environment from both suppliers and competitors(Sihite, 2016a). Someone who thinks that their home country is better and superior than other countries is someone who has an ethnocentric orientation.(Green & Keegan, 2020b)Companies that adhere to an ethnocentric orientation tend to ignore opportunities from abroad(Green & Keegan, 2020b). Assuming that the country of origin is superior to other countries, most companies when expanding abroad will not pay attention to local culture, which means that all regulations follow the regulations of the head office.
