Competing Internationally Approaches
There are several approaches that companies can take when competing internationally, including the global standardization approach, the local adaptation approach, and the transnational approach. According to a study by Kim and Hwang (2019), the global standardization approach involves developing a standardized product or marketing strategy that can be implemented across all international markets. This approach can be effective for companies that have strong brand recognition and a loyal customer base. On the other hand, the local adaptation approach involves customizing products or marketing strategies to fit the specific needs and preferences of each international market. This approach is often used by companies that have a diverse range of products or target markets, as it allows them to better meet the needs of their customers (Hitt et al., 2020). Cont…
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