A strategy of adapting products and their marketing strategies in each national market to suit local preferences is referred to as a ________ strategy.

Question

Quizplus · Accepted Answer

A multinational strategy involves adapting products and marketing strategies to local preferences in each national market. This allows businesses to tailor their approach to specific markets and better meet the needs and wants of local consumers. Unlike a global strategy, which seeks to offer a standardized product and marketing approach across all markets, a multinational strategy recognizes the differences in each market and adapts accordingly. Retrenchment and blue ocean strategies are not related to adapting products and marketing strategies to local preferences in different markets.

A Strategy of Adapting Products and Their Marketing Strategies in Each