Question

Which of the following is NOT a typical option that companies have to consider to tailor their strategy to fit the circumstances of developing country markets?

a) Localization of products and services
b) Standardization of marketing approaches
c) Adaptation to local cultural norms
d) Ignoring local competition

Answer 1

Ignoring local competition is not a strategy utilized by companies when adapting to developing country markets. Instead, companies usually focus on localization, adaptation to cultural norms, and sometimes standardization of marketing for efficiency.

Step-by-step explanation:

Ignoring local competition is NOT a typical option that companies consider to tailor their strategy to fit the circumstances of developing country markets. Companies often take several approaches to customize their business models and strategies when entering or operating in developing countries. These options typically include localization of products and services to align with local needs and preferences, adaptation to local cultural norms to ensure acceptance and relevance, and standardization of marketing approaches where it can help achieve economies of scale. Ignoring local competition is usually not a sustainable or recommended strategy as it fails to acknowledge the dynamics and challenges of the local market environment, and can result in competitive disadvantages.