A pharmaceutical company in Belgium decides to expand into additional markets. I

Question

A pharmaceutical company in Belgium decides to expand into additional markets. It conducts research and decides to focus on marketing and delivery its products to Hungary and the Czech Republic. In order to be successful, the company recognizes it must translate its marketing, product instructions, and packaging into the local languages. In addition, the company decides to partner with local advertising companies to make sure it's marketing and advertising is customized to fit the preferences of the local markets. The pharmaceutical company has chosen to use which type of marketing strategy to expand globally?
a. standardization strategy
b. localization strategy
c. centralization strategy

Explanation / Answer

The correct answer is:-

b. localization strategy

Reason:- In the case of localization strategy, the company plans its strategy and other processes by concentrating on the local requirements of the customers.

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