Contrast the strategies of multidomestic industries and global industries. Why is there a difference in strategies between the two industries? Provide an example for illustration

What will be an ideal response?

Industries in which competition takes place on a country-by-country basis are known as multidomestic industries. In such industries, each country tends to have a unique set of competitors. Companies in the food and beverage, consumer products, and fashion industries often may cater to the specific needs and tastes of each of the countries where they do business. Multidomestic firms adapt their offerings to suit the culture, laws, income level, and other specific characteristics of each country. For example, Coca-Cola varies the formula of its beverages to suit differing conditions abroad.
By contrast, industries such as aerospace, automobiles, telecommunications, metals, computers, chemicals, and industrial equipment are examples of global industries, in which competition is on a regional or worldwide scale. Formulating and implementing strategy is critical. Most global industries are characterized by the existence of a handful of major players that compete head-on in multiple markets. For example, Kodak must contend with the same rivals, Japan's Fuji and the European multinational Agfa-Gevaert, wherever it does business around the world.