Please help me define the following and provide an example (real life or some other explanation). The definition should be just that, a definition. The 2nd part should only be 3-5 sentences for each item.
a. multi-domestic strategy
b. international strategy
c. global strategy
d. transnational strategy
e. related diversification
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a. multi-domestic strategy - A multi-domestic strategy emphasizes being responsive to the needs of each local environment and it implies competing in industry groups that are affected by local differences for the purpose of maximizing local competitive advantage.
A good example of a company that followed multi-domestic strategy is Philips. The use of this strategy resulted in innovation from the local R&D, an awareness of the entrepreneurial spirit, production of goods tailored to each country, and due to backward integration, high quality is achieved. Among the challenges that Philips has encountered as a result of using this strategy are as follows: tailored products entailed higher costs; R&D innovation resulted to products which are more R&D driven than market driven; and time to market was slow in decentralized control as there was a need for national buy-in before a new product can be introduced.
b. international strategy - An international strategy refers to the technique of selling an organization's products or services outside its domestic market with the belief that international markets have potential ...
Definition of the different types of strategies. References are included.