International Marketing Adaptation Versus Standardisation of Multinational Companies PDF
Added on 2021-02-21
9 Pages1887 Words53 Views
Business Development
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The topic of standardisation andadaptation of companies internationalmarketing including their product pricingdistribution and communicationstrategies
Table of ContentsSECTION 1......................................................................................................................................1INTRODUCTION ..........................................................................................................................1Definition of Adaptation.............................................................................................................1Definition of Standardisation......................................................................................................1Trends affecting the operations of MNCs...................................................................................1SECTION 2......................................................................................................................................3CRITICAL EVALUATION ...........................................................................................................3Background of McDonald's.........................................................................................................3Market Focus ..............................................................................................................................3Product and service ....................................................................................................................4SECTION 3......................................................................................................................................6CONCLUSION................................................................................................................................6.........................................................................................................................................................6.........................................................................................................................................................6REFERENCES ...............................................................................................................................7
SECTION 1INTRODUCTION Definition of AdaptationAdaptation introduces as an effective approach of detaining the differentiation thatpresent between services and products. It is based on strong market variety especially by marketuniqueness and market individualism. In addition, adaptation approach mainly deals withspecific market within country where efforts are focused to the variation in the marketingenvironment. Main purpose of MNSs by using adaptation approach is to satisfy a specific needof buyer (Fuchs and Köstner, 2015). Definition of StandardisationStandardisation refers as an essential process of implementing and creating technicalstandards which is mainly relies on the consensus of various parties that includes users, firms,standards organisation, interest groups and governments. In simple word, standardisationapproach focuses the connection between markets trying to take benefit of related consumerambition regardless of its similar and origin marketing infrastructure when applying strategies.Main intent behind following standardisation approach is to satisfy heterogeneous needs ofbuyers (Kraus and et. al., 2016). Trends affecting the operations of MNCsThere are different key trends such as political, economical, social and technological.These are main key trends that affected on operations of McDonald's while they entered in UKmarket. It is important for an organisation to understand the trends and factors while enter intoany nation as expansion of their business operations. There are many factors but out of which themain aspects which are necessary to consider and adhere includes cultural, social, economicaland political. McDonald is the organisation which is taken to carry out the research to understandthe aspect of international marketing. McDonald's entered in UK market in 1974 (McDonald'samazing growth in UK, 2019). Now, it become the successful operating organisation in the UKmarket. The main aspect behind its successful operation includes determination of the impact oftrends and factors and conversion of the same into the opportunities. The same aspect of market1
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