Discusses the question whether the process of standardization or the process of adaptation should be implemented by multinational companies.
Written in 2009; 2,830 words; 12 sources; APA; $ 84.95
Paper Summary:
This paper describes what is involved in the process of standardization and the process of adaptation in international markets and the factors that determine a multinational company's choice of which process to implement. Since there are higher costs associated with adaptation, the writer explains that by segmenting markets according to different segmentation bases, the company can choose to target those markets in which the strategy of standardization can be implemented. The writer explains the stages of marketing products abroad, what is meant by a product life cycle, and when adaptation or standardization is necessary. An example is given of one company's successful internationalization.
From the Paper:
"In order to conduct global market segmentation effectively, the management must ensure that market research findings in different international markets are comparable. For example, the segmentation basis must have the same perception in the markets being compared. Therefore, one product being considered as essential in one market must be regarded on the same basis in another market for the comparison to be valid. In order to create comparable findings, the market segments must possess the properties of measurability, size, accessibility, actionability and competitive intensity."
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