A marketing strategy that is standardized for use throughout the world. The strategy assumes that the behaviour of many consumers throughout the world has become very similar. It assumes that members of market segments require the same features and buy for the same reasons. It also anticipates that the cost savings obtained from production and marketing on a global scale will more than offset the lower sales achieved because the product has not been adapted for local markets. Part of the globalization strategy is to make use of these economies of scale to support the development of new products.
Subjects: Business and Management.