Final answer:
The modification of product design and advertising strategies to meet local preferences in various countries is known as adaptation. It is essential for international marketing and differs from standardization and globalization, though it is similar to localization.
Step-by-step explanation:
The modification of product design and advertising strategies to suit the specific needs of individual countries is referred to as adaptation. It is a crucial concept in international marketing where companies tailor their offerings to better meet local needs and preferences. This differs from standardization, where a one-size-fits-all approach is applied globally, or globalization, which refers to the process of integrating governments, cultures, and financial markets through international trade into a single world market. Moreover, localization is closely related to adaptation, focusing on adjusting products and services to each locale. For instance, McDonald's outlet presence nearly everywhere is an example of globalization, and to some degree adaptation, due to their menu variations that cater to regional tastes.