International Marketing Strategies; Standardization, Adaptation, and Contingency Approach

Standardization and Adaptation remain debatable even after decades of research. Followers of Standardization approach stress that the managers should implement homogeneous strategies because markets across globe is homogenous and converging. Whereas, the supporters of adaptation argue that every market has its own characteristics and there are many factors which may influence the decision of a manager and marketing strategies should be designed accordingly. Both standardization and adaptation have some advantages and drawbacks as well. Contingency approach is a new concept emerged in recent decades. The exponents of this approach argue that the markets across the world are difference but may also have similar characteristic, therefore, managers should create a balance between standardization and adaptation and marketing strategies should be implemented according to the requirements of the specific market. The purpose of this research paper is to discuss how far standardization and adaptation debate has come over years and how using contingency approach companies can decrease or moderate the risks and increase the benefits.