Compare the three product strategy choices a firm like General Electric has when selling in foreign markets

What will be an ideal response?

The three choices are a straight extension strategy, a product adaptation strategy, and a product invention strategy. The straight extension strategy retains the same product for domestic and foreign markets. In other words, the product is standardized. The product adaptation strategy recognizes that in many cases people in different cultures do have strong and different product preferences. Therefore, the product is modified, in small or significant ways, for each market. The product invention strategy means the company develops a new product to fit the specific needs of new foreign markets. This is a policy of localization.