Glossary

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Glossary Entries
Word(s)	Definition	Image	Caption	Link	Source
“global” branding	The formulation of an effective brand strategy that transcends national boundaries.
“global” branding	The formulation of an effective brand strategy that transcends national boundaries.
“nice-to-be-in” markets	Markets in which participation is desirable but not critical.
“nice-to-be-in” markets	Markets in which participation is desirable but not critical.
“pull” model	The new customer-driven process where all supply chain participants are directly connected to the end customer.
“pull” model	The new customer-driven process where all supply chain participants are directly connected to the end customer.
“think local and act global” mind-set	The assumption that global expansion is best served by a firm adopting a bottom-up approach in adapting its products, services, and practices to local needs and preferences.
“think local and act global” mind-set	The assumption that global expansion is best served by a firm adopting a bottom-up approach in adapting its products, services, and practices to local needs and preferences.
AAA	The “AAA” approach to strategy seeks to implement the three “A” strategies (adaptation, aggregation, arbitrage) simultaneously.
AAA	The “AAA” approach to strategy seeks to implement the three “A” strategies (adaptation, aggregation, arbitrage) simultaneously.
Adaptation strategies	Strategies that seek to increase revenues and market share by tailoring one or more components of a firm’s business model to suit local requirements or preferences.
Adaptation strategies	Strategies that seek to increase revenues and market share by tailoring one or more components of a firm’s business model to suit local requirements or preferences.
administrative arbitrage	Strategies that attempt to derive competitive advantage from legal, institutional, and political differences between countries or regions.
administrative arbitrage	Strategies that attempt to derive competitive advantage from legal, institutional, and political differences between countries or regions.
Administrative Distance	The barrier to international trade relations that is created by differences in the laws, policies, and institutions of different countries. (also Political Distance)
administrative heritage	Reflects the effects of past management decisions on the present organizational structure of a firm.
administrative heritage	Reflects the effects of past management decisions on the present organizational structure of a firm.
administrative heritage	A firm’s strategic and organizational history, management philosophies, core competencies, and culture.
administrative heritage	A firm’s strategic and organizational history, management philosophies, core competencies, and culture.
Aggregation	Strategies that focus on achieving globalized economies of scale or scope by creating efficiencies based on exploiting similarities among geographies or markets.
Aggregation	Strategies that focus on achieving globalized economies of scale or scope by creating efficiencies based on exploiting similarities among geographies or markets.
Agility	The ability to respond quickly and cost-effectively to unexpected change.
Agility	The ability to respond quickly and cost-effectively to unexpected change.
arbitrage	Strategies that exploit economic or other differences between national or regional markets, usually by locating separate parts of the supply chain in different places.
arbitrage	Strategies that exploit economic or other differences between national or regional markets, usually by locating separate parts of the supply chain in different places.
Assessing	Incorporating new knowledge into and optimizing an existing innovation network.
Assessing	Incorporating new knowledge into and optimizing an existing innovation network.
brand architecture	Provides a coherent set of principles to guide the effective use of brands in the global marketplace.
brand architecture	Provides a coherent set of principles to guide the effective use of brands in the global marketplace.
brand champion	Position responsible for approving brand extensions and monitoring brand positioning.
brand champion	Position responsible for approving brand extensions and monitoring brand positioning.
Brand strength	Measures a brand’s ability to secure demand and earnings over time.
Brand strength	Measures a brand’s ability to secure demand and earnings over time.
Brand value	A financial representation of a firm’s earnings due to the superior demand created for its products and services through the strength of its brand.
Brand value	A financial representation of a firm’s earnings due to the superior demand created for its products and services through the strength of its brand.
BRIC countries	Populous countries with emerging economies that are experiencing rates of growth in gross domestic product (GDP), trade, and disposable income that are unprecedented in the developed world.
BRIC countries	Populous countries with emerging economies that are experiencing rates of growth in gross domestic product (GDP), trade, and disposable income that are unprecedented in the developed world.
business models	The conceptual framework that summarizes how a firm creates, delivers, and extracts value while doing business.
business models	The conceptual framework that summarizes how a firm creates, delivers, and extracts value while doing business.
chaebol	A large South Korean conglomerate firm, typically family-owned.
chaebol	A large South Korean conglomerate firm, typically family-owned.
colocation	The centralized location of cross-functional teams in corporate research and product development centers to facilitate their close collaboration with other organizational units.
colocation	The centralized location of cross-functional teams in corporate research and product development centers to facilitate their close collaboration with other organizational units.
commoditization	Occurs when all competing products or services have adopted the same or similar features or attributes, making them appear virtually identical to consumers.
commoditization	Occurs when all competing products or services have adopted the same or similar features or attributes, making them appear virtually identical to consumers.
competitive environment	The competitive environment of a country or region is affected by the number, size, and quality of competitive firms already present in a particular target market.
competitive market structure	The relative strength of local (national) versus global competitors in a given product market.
competitive market structure	The relative strength of local (national) versus global competitors in a given product market.
connectivity	The effect of corporate brand endorsement across different products and product lines and at lower levels of the brand hierarchy.
connectivity	The effect of corporate brand endorsement across different products and product lines and at lower levels of the brand hierarchy.
consistency	The balance in a firm’s brand architecture between brand names that differentiate product lines and those that establish a common identity across different products.
consistency	The balance in a firm’s brand architecture between brand names that differentiate product lines and those that establish a common identity across different products.
consumer mobility	The capability of consumers to move across national boundaries and engage in international travel.
consumer mobility	The capability of consumers to move across national boundaries and engage in international travel.
Cooperative strategies	Strategies used by firms to complement outsourcing, share risks, and optimize investments while obtaining the benefits that normally accrue from internal development and acquisition.
Cooperative strategies	Strategies used by firms to complement outsourcing, share risks, and optimize investments while obtaining the benefits that normally accrue from internal development and acquisition.
Core competencies	Unique capabilities that allow a firm to build a competitive advantage.
Core competencies	Unique capabilities that allow a firm to build a competitive advantage.
corporate brand	The “face of the company,” portraying what it wants to do and what it wants to be known for in the marketplace.
corporate brand	The “face of the company,” portraying what it wants to do and what it wants to be known for in the marketplace.
corporate identity	The public-facing image that a firm adopts to identify itself favorably to customers and distributors.
corporate identity	The public-facing image that a firm adopts to identify itself favorably to customers and distributors.
corporate mind-set	The aggregated mind-set of all of the firm’s members.
corporate mind-set	The aggregated mind-set of all of the firm’s members.
creative tension	A firm’s constructive efforts to break away from established patterns of thinking by analyzing and discussing local and global perspectives to discover new strategic opportunities.
creative tension	A firm’s constructive efforts to break away from established patterns of thinking by analyzing and discussing local and global perspectives to discover new strategic opportunities.
cultural arbitrage	Strategies that are based on exploiting the favorable effects related to country or place of origin on consumer preferences.
cultural arbitrage	Strategies that are based on exploiting the favorable effects related to country or place of origin on consumer preferences.
cultural distance	The barrier to interpersonal interactions created by cultural differences in religious beliefs, race, social norms, and language.
customer intimacy	Strategy that focuses on segmenting and targeting markets precisely and then tailoring offerings to exactly match the demands of those niches.
customer intimacy	How consumers relate to the specific features and benefits of a product or the way in which a service is delivered.
customer intimacy	Strategy that focuses on segmenting and targeting markets precisely and then tailoring offerings to exactly match the demands of those niches.
customer intimacy	How consumers relate to the specific features and benefits of a product or the way in which a service is delivered.
design	Strategies that focus on design flexibility and standardization to reduce the cost of variation.
design	Strategies that focus on design flexibility and standardization to reduce the cost of variation.
domestic “power”	Products with strong consumer loyalty that hold large shares of a domestic market segment or product category.
domestic “power”	Products with strong consumer loyalty that hold large shares of a domestic market segment or product category.
economic arbitrage	Strategies that are focused on leveraging differences in the costs of labor and capital, industry-specific inputs, or the availability of complementary products.
economic arbitrage	Strategies that are focused on leveraging differences in the costs of labor and capital, industry-specific inputs, or the availability of complementary products.
economic distance	The barrier to international relations created by differences in the wealth profiles and economic health of trading nations.
economies of scope	Efficiencies associated with demand-side changes, such as increasing or decreasing the scope of marketing and distribution by entering new markets or regions or by increasing the range of products and services offered.
economies of scope	Efficiencies associated with demand-side changes, such as increasing or decreasing the scope of marketing and distribution by entering new markets or regions or by increasing the range of products and services offered.
Exporting	The marketing and direct sale of domestically produced goods in another country.
Exporting	The marketing and direct sale of domestically produced goods in another country.
externalization strategies	Strategies that transfer responsibility for specific parts of a firm’s business model to partner firms to accommodate local requirements, lower cost, or reduce risk.
externalization strategies	Strategies that transfer responsibility for specific parts of a firm’s business model to partner firms to accommodate local requirements, lower cost, or reduce risk.
fast follower	A firm that uses the benefits from prior market development by a pioneering firm to achieve profitability more quickly.
fast follower	A firm that uses the benefits from prior market development by a pioneering firm to achieve profitability more quickly.
Financial or economic risk	Risk associated with the volatility of a country’s macroeconomic performance and the country’s ability to meet its financial obligations directly.
Financial or economic risk	Risk associated with the volatility of a country’s macroeconomic performance and the country’s ability to meet its financial obligations directly.
first-mover advantage	The competitive advantages gained by an early entrant into a market.
first-mover advantage	The competitive advantages gained by an early entrant into a market.
flat world	A global, web-enabled platform for multiple forms of sharing knowledge and work, irrespective of time, distance, geography and increasingly, language.
flat world	A global, web-enabled platform for multiple forms of sharing knowledge and work, irrespective of time, distance, geography and increasingly, language.
focus	Strategies that focus on particular products, geographies, value chain stages, or market segments as a way of reducing differences across regions.
focus	Strategies that focus on particular products, geographies, value chain stages, or market segments as a way of reducing differences across regions.
foreign direct investment (FDI)	A firm’s direct ownership of facilities in a target country market.
foreign direct investment (FDI)	A firm’s direct ownership of facilities in a target country market.
geographic arbitrage	Strategies that focus on gaining competitive advantage through the leveraging differences in transportation and communication costs due to geographic differences.
geographic arbitrage	Strategies that focus on gaining competitive advantage through the leveraging differences in transportation and communication costs due to geographic differences.
geographic distance	The barrier to international trade relations that is created by the geophysical attributes of a country.
Global change strategies	Strategies that define a “best fit” approach to markets that require local adaptation of a firm’s value proposition and message.
Global change strategies	Strategies that define a “best fit” approach to markets that require local adaptation of a firm’s value proposition and message.
global collaboration	Describes how skilled development teams that are dispersed around the world collaborate to develop new products.
global collaboration	Describes how skilled development teams that are dispersed around the world collaborate to develop new products.
global company	A firm with globally integrated operations designed to take maximum advantage of economies of scale and scope by following a strategy of standardization and efficient production.
global company	A firm with globally integrated operations designed to take maximum advantage of economies of scale and scope by following a strategy of standardization and efficient production.
global corporation	A firm that operates in a number of countries, and sells the same products and services in the same way everywhere.
global corporation	A firm that operates in a number of countries, and sells the same products and services in the same way everywhere.
global management submodel	Summarizes a firm’s choices about a suitable global organizational structure and management policies.
global management submodel	Summarizes a firm’s choices about a suitable global organizational structure and management policies.
global market segment	A worldwide consumer market segment that has relatively homogeneous needs and preferences.
global market segment	A worldwide consumer market segment that has relatively homogeneous needs and preferences.
Global message strategies	Strategies that use the same message worldwide but allow for local adaptation of the offer.
Global message strategies	Strategies that use the same message worldwide but allow for local adaptation of the offer.
global mind-set	The ability to avoid the simplicity of assuming all cultures are the same, and at the same time, not being paralyzed by the complexity of the differences.
global mind-set	The ability to avoid the simplicity of assuming all cultures are the same, and at the same time, not being paralyzed by the complexity of the differences.
Global mix or pure aggregation strategies	Value proposition strategies that can be used in global markets.
Global mix or pure aggregation strategies	Value proposition strategies that can be used in global markets.
Global offer strategies	Strategies that allow the same value proposition offer to be advantageously positioned differently in different parts of the world.
Global offer strategies	Strategies that allow the same value proposition offer to be advantageously positioned differently in different parts of the world.
global product or communication platform	A modularized approach to global product design that can be adapted efficiently to different markets.
global product or communication platform	A modularized approach to global product design that can be adapted efficiently to different markets.
global segments	Comprised of consumers who evaluate global brands in “cultural” terms and factor global brand attributes into their purchase decisions.
global segments	Comprised of consumers who evaluate global brands in “cultural” terms and factor global brand attributes into their purchase decisions.
global strategy	Describes a firm’s intention to change or adapt its core (domestic) business model to achieve a competitive advantage as the firm engages in globalized operations.
global strategy	Describes a firm’s intention to change or adapt its core (domestic) business model to achieve a competitive advantage as the firm engages in globalized operations.
global value chain activities	Activities that provide strategic flexibility and contribute to an international firm's competitive advantage.
global value chain activities	Activities that provide strategic flexibility and contribute to an international firm's competitive advantage.
Globality	The concept of competing with everyone from everywhere for everything.
Globality	The concept of competing with everyone from everywhere for everything.
globalization of the capital base	The degree to which a company has globalized its financial structure.
globalization of the capital base	The degree to which a company has globalized its financial structure.
Government drivers	Include such factors as favorable trade policies, a benign regulatory climate, and common product and technology standards.
Government drivers	Include such factors as favorable trade policies, a benign regulatory climate, and common product and technology standards.
green movement	A movement that promotes recycling and the use of renewable energy to conserve resources and protect the environment.
green movement	A movement that promotes recycling and the use of renewable energy to conserve resources and protect the environment.
greenfield start-ups	Wholly-owned subsidiaries created by firms to gain entry in foreign markets.
greenfield start-ups	Wholly-owned subsidiaries created by firms to gain entry in foreign markets.
horizontal position	The position that a firm occupies within the overall supply chain.
horizontal position	The position that a firm occupies within the overall supply chain.
hybrid	A multinational firm that offers a mix of global (corporate), regional, and national product-level brands or different structures for different product divisions.
hybrid	A multinational firm that offers a mix of global (corporate), regional, and national product-level brands or different structures for different product divisions.
industrial clustering	Occurs as a result of a relative competitive advantage that is created by the industry itself.
industrial clustering	Occurs as a result of a relative competitive advantage that is created by the industry itself.
Industry factors	Those opportunities for economies of scale and scope, global sourcing, and lower costs that push firms toward a global efficiency mind-set.
Industry factors	Those opportunities for economies of scale and scope, global sourcing, and lower costs that push firms toward a global efficiency mind-set.
innovation	Strategies that are characterized by their focus on improving the effectiveness of adaptation efforts.
innovation	Strategies that are characterized by their focus on improving the effectiveness of adaptation efforts.
institutional contexts	Comprised of a country or region’s political and social systems, openness, product markets, labor markets, and capital markets.
institutional contexts	Comprised of a country or region’s political and social systems, openness, product markets, labor markets, and capital markets.
integration mechanisms	Those strategic elements and activities that work together to produce organizational fit in a firm’s value chain activities.
integration mechanisms	Those strategic elements and activities that work together to produce organizational fit in a firm’s value chain activities.
international model	Characterizes firms that are strongly dependent on their domestic sales and that export opportunistically.
international model	Characterizes firms that are strongly dependent on their domestic sales and that export opportunistically.
joint ventures	Methods by which firms share the resources and risks required to enter international markets.
joint ventures	Methods by which firms share the resources and risks required to enter international markets.
key global strategic drivers	Competitive capabilities and factors required for a firm to compete effectively in global markets.
key global strategic drivers	Competitive capabilities and factors required for a firm to compete effectively in global markets.
Legal risk	Risk that multinational companies encounter in the legal arena in a particular country.
Legal risk	Risk that multinational companies encounter in the legal arena in a particular country.
Licensing	Permits a firm (licensee) in the target country to use the intangible property of the licensor for a fee.
Licensing	Permits a firm (licensee) in the target country to use the intangible property of the licensor for a fee.
management function	Integrates key business processes and functions across the supply chain into an effective value delivery network.
management function	Integrates key business processes and functions across the supply chain into an effective value delivery network.
management model	A model that summarizes a firm’s choices about its global organizational structure and decision-making framework.
management model	A model that summarizes a firm’s choices about its global organizational structure and decision-making framework.
market participation dimension	Dimension of a firm’s business model that describes the markets it serves; its distribution methods; and how it promotes and advertises its value proposition to customers.
market participation dimension	Dimension of a firm’s business model that describes the markets it serves; its distribution methods; and how it promotes and advertises its value proposition to customers.
metric system	An internationally-accepted decimalised system of measurement for units of force, weight, volume, and density.
metric system	An internationally-accepted decimalised system of measurement for units of force, weight, volume, and density.
Mobilizing	Integrating knowledge from different sources into a virtual melting pot from which new products or technologies can emerge.
Mobilizing	Integrating knowledge from different sources into a virtual melting pot from which new products or technologies can emerge.
modern global company	Characterized by a high level of global integration due to low-cost sourcing opportunities, factor cost efficiencies, global scale and scope, product standardization, globalized technology sharing and information technology services, global branding, and a global corporate strategy.
modern multidomestic model	A matrix structure with a strong culture of operational decentralization, local adaptation, product differentiation, and local responsiveness.
modern multidomestic model	A matrix structure with a strong culture of operational decentralization, local adaptation, product differentiation, and local responsiveness.
multidomestic organizational model	Describes firms with a portfolio of independent subsidiaries operating in different countries as a decentralized federation of assets and responsibilities under a common corporate name.
multidomestic organizational model	Describes firms with a portfolio of independent subsidiaries operating in different countries as a decentralized federation of assets and responsibilities under a common corporate name.
national diamond	Seeks to fully explain "clustering," why particular regions attract certain global industries.
national diamond	Seeks to fully explain "clustering," why particular regions attract certain global industries.
networking culture	Created through the extensive use of multicultural project teams, career path systems that encourage international mobility, intensive training courses and internal conferences.
offshoring	The transfer of component manufacturing and support services to foreign locations to reduce value chain costs so that a firm can focus on its core business activities.
offshoring	The transfer of component manufacturing and support services to foreign locations to reduce value chain costs so that a firm can focus on its core business activities.
operational excellence	The relentless focus on providing customers with reliable products or services at competitive prices and delivered with minimal difficulty or inconvenience.
operational excellence	How consumers define value on the basis of price, convenience, and quality, with price the dominant factor.
operational excellence	The relentless focus on providing customers with reliable products or services at competitive prices and delivered with minimal difficulty or inconvenience.
operational excellence	How consumers define value on the basis of price, convenience, and quality, with price the dominant factor.
outsourcing	The performance of a functional or value-adding activity by an outside firm.
outsourcing	The performance of a functional or value-adding activity by an outside firm.
Parsimony	The brand architecture principle that the brand architecture should incorporate all existing brands, whether developed internally or acquired, and provide a framework for consolidation to reduce the number of brands and strengthen the role of individual brands.
Parsimony	The brand architecture principle that the brand architecture should incorporate all existing brands, whether developed internally or acquired, and provide a framework for consolidation to reduce the number of brands and strengthen the role of individual brands.
payback period	The length of time required for a firm to recoup its initial investment in a project or activity.
payback period	The length of time required for a firm to recoup its initial investment in a project or activity.
political and economic integration	The removal or reduction of national political and economic barriers to business transactions and international trade.
political and economic integration	The removal or reduction of national political and economic barriers to business transactions and international trade.
Political competition	The indirect effect on global competition of government policies that pit one country or region of the world against another.
Political competition	The indirect effect on global competition of government policies that pit one country or region of the world against another.
Political Distance	The barrier to international trade relations that is created by differences in the laws, policies, and institutions of different countries. (also Administrative Distance)
Political risk	The risk from politically induced actions and policies initiated by a foreign government that global organizations encounter.
Political risk	The risk from politically induced actions and policies initiated by a foreign government that global organizations encounter.
positioning	Involves managing elements of the firm’s marketing mix to influence product or category concepts held by consumers.
positioning	Involves managing elements of the firm’s marketing mix to influence product or category concepts held by consumers.
premium pricing	The use of pricing to signal consumers that a firm’s products or services are superior to competitors’ products or services.
premium pricing	The use of pricing to signal consumers that a firm’s products or services are superior to competitors’ products or services.
product leadership	Strategy that focuses on offering leading-edge products and services that enhance the customer’s use or application of the product, thereby making rivals’ goods obsolete.
product leadership	The demand preference of consumers who desire to be the first to adopt new technologies or possess new, different, and unusual products.
product leadership	Strategy that focuses on offering leading-edge products and services that enhance the customer’s use or application of the product, thereby making rivals’ goods obsolete.
product leadership	The demand preference of consumers who desire to be the first to adopt new technologies or possess new, different, and unusual products.
product specialization	The transfer by firms of the full production process of a particular product to a single, low-cost location and the export of the goods to various consumer markets.
product specialization	The transfer by firms of the full production process of a particular product to a single, low-cost location and the export of the goods to various consumer markets.
product-level brand strategies	Strategies used by firms to gain competitive advantage when customer interests and desired product attributes are similar worldwide and brand image is an important cue for the consumer.
product-level brand strategies	Strategies used by firms to gain competitive advantage when customer interests and desired product attributes are similar worldwide and brand image is an important cue for the consumer.
Prospecting	Involves finding valuable new pockets of knowledge to spur innovation.
Prospecting	Involves finding valuable new pockets of knowledge to spur innovation.
regulated competition	Occurs in oligopolistic industries where the direct effect of extensive government intervention creates a global competitive climate.
regulated competition	Occurs in oligopolistic industries where the direct effect of extensive government intervention creates a global competitive climate.
relative advantage	A firm’s ability to maximize the economic value of its distinctive competitive capabilities or proprietary access to resources.
relative advantage	A firm’s ability to maximize the economic value of its distinctive competitive capabilities or proprietary access to resources.
Societal or cultural risk	The risk associated with operating in a different sociocultural environment.
Societal or cultural risk	The risk associated with operating in a different sociocultural environment.
supply chain	The flow of physical goods and associated information from the source to the consumer.
supply chain	The flow of physical goods and associated information from the source to the consumer.
Supply-chain management (SCM)	The total business-process concept of capturing synergies by attaining excellence in integrating and managing a firm’s network of relationships among and between all of its supply chain members.
Supply-chain management (SCM)	The total business-process concept of capturing synergies by attaining excellence in integrating and managing a firm’s network of relationships among and between all of its supply chain members.
theory of comparative economic advantage	Theory that holds that as a result of natural endowments, some countries or regions of the world are more efficient than others in producing particular goods.
theory of comparative economic advantage	Theory that holds that as a result of natural endowments, some countries or regions of the world are more efficient than others in producing particular goods.
transnational model	Characterizes firms that attempt to simultaneously achieve high global integration and high local responsiveness.
transnational model	Characterizes firms that attempt to simultaneously achieve high global integration and high local responsiveness.
up-market strategy	Used by firms when positioning a local product in global markets where products must meet world-class standards.
up-market strategy	Used by firms when positioning a local product in global markets where products must meet world-class standards.
value chain disaggregation	The stage in globalization in which firms start to disaggregate the production process and focus each activity in the most advantageous location.
value chain disaggregation	The stage in globalization in which firms start to disaggregate the production process and focus each activity in the most advantageous location.
value chain infrastructure dimension	Dimension of a firm’s business that deals with how a firm uses its internal resources and capabilities and partner network to support the market delivery of its value proposition.
value chain infrastructure dimension	Dimension of a firm’s business that deals with how a firm uses its internal resources and capabilities and partner network to support the market delivery of its value proposition.
value chain reengineering	The fourth stage in globalization in which firms seek to increase cost savings by reengineering processes to suit local market conditions.
value chain reengineering	The fourth stage in globalization in which firms seek to increase cost savings by reengineering processes to suit local market conditions.
value discipline	A statement of strategic focus that describes different ways a firm can differentiate itself from competitors.
value discipline	A statement of strategic focus that describes different ways a firm can differentiate itself from competitors.
value proposition	Consists of the full range of tangible and intangible benefits that a company provides to its customers (stakeholders).
value proposition	Consists of the full range of tangible and intangible benefits that a company provides to its customers (stakeholders).
Value proposition adaptation	Modification of a product or service to meet the physical, social, or mandatory requirements of a new market.
Value proposition adaptation	Modification of a product or service to meet the physical, social, or mandatory requirements of a new market.
value proposition globalization matrix	A construct for analyzing the need to adapt the offer and message (positioning) dimensions.
value proposition globalization matrix	A construct for analyzing the need to adapt the offer and message (positioning) dimensions.
Variation strategies	Strategies that involve making changes in products and services, policy adjustments, business positioning, and expectations for success.
Variation strategies	Strategies that involve making changes in products and services, policy adjustments, business positioning, and expectations for success.
Western “imperialist” mind-set	The tendency of multinational firms to target only those affluent buyers in emerging markets who most resemble Western consumers.
Western “imperialist” mind-set	The tendency of multinational firms to target only those affluent buyers in emerging markets who most resemble Western consumers.