Study on International Product Strategies

Study on International Product Strategies

ABSTRACT

A critical topic of study in the realm of international business strategy is the search for various strategies that take into consideration the balance between product uniformity across market segments and product adaption to specific segments. However, research should be more inductive in nature, and should begin by looking for trends in the business-level tactics used by companies competing in two different local markets. This paper provides the results of an empirical survey research that looked for several kinds of international business strategies centered on the product standardization/adaptation issue. 

The strategies are focused with industrial goods and user markets, and they differentiate Swedish international companies operating in Sweden and Germany. Three kinds of foreign company strategy are discovered using multivariate analysis: business concentration, product adaptation, and user divergence. The business concentration approach emphasizes cross-national commonalities in consumer profiles and product design. In the case of the user divergence approach, standardization simply relates to the product, while product adaptation entails localizing and modifying the product to meet local requirements.

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INTRODUCTION

MNCs are seen to be at the forefront of organizational and managerial innovations, since they confront the difficulties of global competitiveness and the administration of global operations, resulting in more complexity than that encountered by local companies. One of the difficulties for MNCs is developing an international product strategy based on global standards and local customization. In many sectors, market needs vary between nations due to consumer preferences, local circumstances, and laws. MNCs must discover similarities and variances in needs and provide solutions that address them (Kotler, 1986, Levitt, 1983). 

The cross-functional aspect of new product development lends to its strategic significance. Product strategy and NPD efforts have been proven in studies to interact. During the NPD process, several product-related choices are made. As a result, understanding product strategy in the context of NPD is critical.

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