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Social localisation (or localization) [nb 1] (from Latin locus (place) and the English term locale, "a place where something happens or is set") [1] is, like language localization the second phase of a larger process of product and service translation and cultural adaptation (for specific countries, regions or groups) to account for differences in distinct markets and societies, a process ...
There are three sources of external economies of scale: input sharing, labor market pooling, and knowledge spillovers (Marshall, 1920). [1] Localization economies occur when an increase in the size of an industry in a city leads to an increase in productivity of a particular activity. [2]
Domestic marketing consists of the marketing strategies used by a company to allow customers to purchase a product or service within a local market [8]. Domestic marketing leads to familiarity with the extent of political risk, the quality of skilled human resources and natural resources, and the ramifications of existing and likely legislation in relevant areas such as safety, hygiene ...
An example of a company succeeding in creating new products for their emerging market is McDonald's new rice meals in India and China. [28] This shows that McDonald's has done research on and understands their new market's requirements for a successful takeaway food. This however can be very costly and time-consuming. [28]
A multi-domestic strategy is a strategy by which companies try to achieve maximum local responsiveness by customizing both their product offering and marketing strategy to match different national conditions. Production, marketing, and R&D activities tend to be established in each major national market where business is done.
Language localisation (or language localization) is the process of adapting a product's translation to a specific country or region.It is the second phase of a larger process of product translation and cultural adaptation (for specific countries, regions, cultures or groups) to account for differences in distinct markets, a process known as internationalisation and localisation.
Global advertising or international advertising consists of collecting, processing, analyzing and interpreting information. There are two main purposes of international advertising research: (1) to assist business executives to make profitable international advertising decisions for their specific products and services and (2) to contribute to general knowledge of international advertising ...
Marketing research uses the scientific method in that data are collected and analyzed to test prior notions or hypotheses. Experts in marketing research have shown that studies featuring multiple and often competing hypotheses yield more meaningful results than those featuring only one dominant hypothesis. [39] Marketing research is objective ...