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Many companies are realizing that industry competition has moved past being only domestic approach to a global approach. Hence, when a competitive analysis is prepared, it is not sensible for businesses to limit the analysis to just a domestic approach. Corporations need to prepare competitive analysis with a global understanding and global scale. The author reveals that the prevailing literature on international marketing presents two key schools of thought on how international marketing should be performed. In addition, part of this paper will discuss these two phenomena, which are specifically standardization and localization. This paper discusses the advantages and disadvantages of both approaches for both the corporation and customers and discusses a strategy which would enable companies to take advantage of both phenomena and minimize the impact of the particular disadvantages. Furthermore, the author discusses the significance of having a profound appreciation of various markets and the degree cultural patterns have on consumption, as well as approaches on how to conduct effective marketing research.

Standardized Versus Localized Strategy: The Role of Cultural Patterns in Society on Consumption and Market Research