BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -a strategy employed by a multinational company in attempting to use one marketing mix to sell its products world-wide; the approach minimises cost but may result in a smaller market than would be possible with a unique marketing program for each country.

Detailed explanation-2: -The cost reduction provided by economies of scale allows the firm to introduce competitive pricing. In addition, a standard product ensures quick response times to the market, provides a global standardized image and better control over marketing strategies.

Detailed explanation-3: -If a company makes no changes to the product or the promotional message in foreign markets, it is using a Global Standardization strategy.

Detailed explanation-4: -Standardization is very cheap and efficient although it doesn’t have as good a chance of penetrating the new market as adaptation does. It is vital to note that a certain degree of adaptation is inescapable due to local regulations.