In your own words, based on your education and experience, provide me with input and insight to each of the inquiries to help enable a better understanding of the content.
Question 1: What are the basic factors involved in deciding whether to use standardization or customization in global marketing? As a reminder, the ethnocentric, polycentric, and the geocentric approach are 3 basic factors that a firm should analyze before deciding whether to standardize or customize their international marketing strategy.
Question 2: What are some of the fundamental issues that must be addressed in international advertising? As I personally understand it, the 3 fundamental issues that must be addressed in global advertising are defining the message one wants to get across to the consumer, determining how the message will be communicated to the consumer, and whether or not the message should be revised because of the market it is being broadcast to.
Question 3: Are the four Ps of international marketing of equal importance to all firms? What might cause some to be more or less important than others? As I personally understand it, product, pricing, promotion, and place -- are not of equal importance to all organizations.
Question 4: What are the pros and cons of trying to use a single brand name in different markets, as opposed to creating unique brand names for various markets? As I personally understand it, globalization has caused some multinational organizations to create branding strategies that are similar in both domestic and international markets.
Question 5: How do legal, cultural, and economic factors in the Multi-National Corporation's home country affect their international product policy?