What Is a Multidomestic Strategy?
Multi-market strategy refers to selling different products in different market segments or selling the same products to different markets.
Multi-market strategy
Right!
- Chinese name
- Multi-market strategy
- Definition
- The so-called multi-market strategy refers to
- expected outcome
- Careful selection of market segments involved
- Advantage
- Because the business is restricted to a certain city
- Multi-market strategy refers to selling different products in different market segments or selling the same products to different markets.
- condition:
- 1. Carefully select market segments that involve people; 2. Avoid face-to-face competition with companies serving the entire market. [1]
- Because restricting a company to a certain market segment is like putting eggs in the same basket, a company may choose to enter several different markets. In order to successfully implement a multi-market strategy, it is necessary to choose the market that the company considers to be the most appropriate, while avoiding face-to-face market segmentation with companies involved in the entire market.
- Multi-market strategies can be implemented in one of two ways: selling different products in different market segments, or selling the same product to different markets. For example, Toyota Motor Corporation launched the Lexus in 1989. This model is aimed at buyers who have always been keen on luxury BMW or Mercedes. Toyota has entered different markets with different products. Conversely, the GreenGiant Company expanded its existing product channels to expand into different markets, such as supplying its frozen vegetables and corn to Church's FriedChicken or Kentucky Fried Chicken. [1]