To minimise costs, a firm may seek to standardise its product and its operations throughout the world. However, to meet foreign buyers' needs and respond to local market conditions, a firm may be required to differentiate both its product and its operations, such as marketing.

Question

Quizplus · Accepted Answer

Standardization helps in reducing costs by using the same methods and materials globally, but differentiation is often necessary to cater to local tastes, legal requirements, and market conditions, which can lead to adjustments in products and operations.

To Minimise Costs, a Firm May Seek to Standardise Its