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International Marketing Strategy - Coggle Diagram
International Marketing Strategy
Standardization
Pros
Lower costs (economies of scale)
Consistent global brand image
Easier management and control
Faster market entry
Efficient production and marketing
Cons
Ignores cultural differences
Less appealing to local consumers
Risk of failure in diverse markets
Cannot meet specific local needs
Possible legal/regulatory issues
Adaptation
PROS
Better fit with local culture and preferences
Higher customer satisfaction
Greater market acceptance
Competitive advantage in local markets
Compliance with local laws and regulations
CONS
Higher costs (production and marketing)
Complex management
Slower implementation
Risk of brand inconsistency
Requires extensive market research
Hybrid Strategy
Combine standardization and adaptation
Standardize core product
Adapt marketing and features locally