Industries like the automotive industry, manufacturing factories, and large chain grocery stores can benefit from a localization strategy. This involves customizing their products to meet local demand and increasing their product's value in the local market. However, this may only be worthwhile if the added value justifies higher pricing or results in substantially greater local demand. Conversely, a global standardization strategy is suitable when a firm chooses not to customize its product offering and marketing strategy to local conditions, which can raise costs. By marketing standardized products worldwide, firms can take advantage of economies of scale and learning effects for maximum benefits.
Developing useful proprietary technologies in-house is valuable as companies can use it exclusively or license it to others for profit. However, solely relying on licensing may cause
...companies to miss out on other potential benefits. For example, if a company patents a process for developing a drug that effectively treats a major disease, they can enjoy substantial rewards beyond licensing fees.
The concept is reminiscent of the way in which cellular companies conduct business, as they secure patents for their products for an extended time period to prevent reproduction by other companies. This allows company A to generate substantial profits from the product prior to competitors entering the market. Conversely, selling a license for the product would limit earning potential since the agreement with the licensee is predetermined.
Regarding staffing policies, there are three options available: ethnocentric, polycentric, and geocentric. Each approach presents distinct advantages and disadvantages and should be selected based on specific circumstances.
- Advertising essays
- Audience Theory essays
- Competitor Analysis essays
- Consumer essays
- Marketing Management essays
- Marketing Mix essays
- Marketing Plan essays
- Marketing Research essays
- Marketing Strategy essays
- Point Of Sale essays
- Price essays
- Procurement essays
- Product essays
- Product Differentiation essays
- Promotion essays
- Promotion And Marketing Communications essays
- Retailing essays
- Trademark essays
- Anheuser-busch essays
- Brands essays
- Detergent essays
- Product Placement essays
- Research Design essays
- New Product Development essays
- Advertisement essays
- Brand essays
- Sales Promotion essays
- Advertising campaign essays
- Consumer behaviour essays
- Offer And Acceptance essays
- Wal-Mart essays
- Discover essays
- Gas prices essays
- American Dream essays
- Barriers To Entry essays
- Capitalism essays
- Central Bank essays
- Compensation essays
- Consumerism essays
- Economic Development essays
- Economic Growth essays
- Economic Inequality essays
- Economic System essays
- Economy essays
- Employment essays
- Export essays
- Finance essays
- Free Trade essays
- Gross Domestic Product essays
- Human Development essays
