When a firm makes a strategic decision to enter foreign markets and adapt to international environments,_____________________ has occurred.

Question

Quizplus · Accepted Answer

Internationalization refers to the process of a firm entering foreign markets and adapting to international environments. This involves developing and implementing strategies that allow the firm to effectively compete in different markets around the world. Globalization, on the other hand, refers to the broader trend of increasing interconnectedness and integration among countries, economies, and people worldwide. Standardization and market selection are important components of internationalization strategies, but they do not capture the full scope of what is involved in entering foreign markets and adapting to international environments.

When a Firm Makes a Strategic Decision to Enter Foreign