Pressures for local responsiveness are especially important in industries where value creation is a function of a company's capacity to adapt to local market conditions.

Question

Quizplus · Accepted Answer

Local responsiveness is crucial in industries where companies need to adapt to local market conditions in order to create value. This is because different regions or countries may have unique customer preferences, cultural norms, legal requirements, and economic conditions that necessitate customized products, marketing strategies, supply chain arrangements, or other aspects of business operations. Examples of such industries include retail, hospitality, food and beverage, fashion, media, and telecommunications, among others. In contrast, industries that rely on global standardization, such as commodities, basic materials, or standardized services, may face fewer pressures for local responsiveness.

Pressures for Local Responsiveness Are Especially Important in Industries Where