Final answer:
The statement is true. Local brands can compete with global brands by using GCCP or LCCP strategies.
Step-by-step explanation:
The statement is True.
Global brands and local brands often compete in the marketplace. One strategy that local brands may use to compete with global brands is by adopting a GCCP or LCCP approach.
Global Competitor Competitive Positioning (GCCP) refers to local brands positioning themselves as direct competitors to global brands. They aim to provide similar value, quality, and image as the global brands, but at a lower price point. This strategy allows local brands to attract customers who may be seeking more affordable options.
Local Competitor Competitive Positioning (LCCP) refers to local brands emphasizing their local roots and connections to their target market. They may highlight their understanding of local preferences, culture, or traditions, which global brands may not fully grasp. This strategy aims to differentiate local brands and create a sense of loyalty among customers who value local identity or support for local businesses.