Global and standardised products
The key differences with examples are:
The key differences with examples are:
International products are those that are offered in multinational or in regional markets. Global products are those which are designed to meet the standards of the global markets. There are different approaches that can be taken up to add new products to the product mix in global markets. All depend on the firm’s competitiveness in the context of global market
environment. Firms prefer to introduce new products to stay in global markets. MNEs (Multinational enterprises) have different approaches to develop global products. Though there is a slight difference between the terms “global” and “international” products, they are often used interchangeably.
Companies with standardized products have strong international brands and reputation, which enables them to establish a monopoly over customer tastes and preferences. For example, Barbie is Barbie across the world and Marlboro is Marlboro. Some of the top FMCG (fast moving consumer goods) MNEs (multinational enterprises) have been able to capture the markets across the world due to their ability to adapt their product offerings. Coca- Cola and Pepsi are contrasting and classic examples for the same. Sometimes, a standardized product may have strong brands. Levi’s Jeans is an example in this context. Standardized products also help companies in creating international brands.