Explain the importance of a global market strategy. How does a global market strategy affect the choice of adaption versus standardization for an international marketing program?

What will be an ideal response?

A global marketing strategy is a plan of action that a firm develops for foreign markets that guides its decision-making on 1. how to position itself and its offerings, 2. which customer segments to target, and 3. to what degree it should standardize or adapt its marketing program elements.
In addition to guiding targeting and positioning, global marketing strategy also articulates the degree to which the firm's marketing program should vary between different foreign markets.
With adaptation, the firm modifies one or more elements of its international marketing program to accommodate specific customer requirements in a particular market.
Standardization makes the marketing program elements uniform, with a view to targeting entire regions, or even the global marketplace, with the same product or service.