Which of the following is NOT an effective strategy for companies expanding into global markets?

• A. Adapting products and marketing strategies to local needs
• B. Ignoring local consumer preferences and cultural differences
• C. Establishing partnerships with local firms
• D. Conducting thorough market research before entry

Answer: (B)

Verified step by step guidance

1. Step 1: Understand the importance of adapting to local markets when expanding globally. Companies often need to tailor their products and marketing strategies to fit local consumer preferences and cultural norms to succeed.
2. Step 2: Recognize that conducting thorough market research before entering a new market is crucial. This research helps companies understand the local demand, competition, and regulatory environment.
3. Step 3: Consider the value of establishing partnerships with local firms. Local partners can provide insights, resources, and networks that facilitate market entry and growth.
4. Step 4: Identify that ignoring local consumer preferences and cultural differences is not an effective strategy. Such neglect can lead to product rejection, poor brand image, and ultimately failure in the new market.
5. Step 5: Conclude that among the options, the strategy that is NOT effective is ignoring local consumer preferences and cultural differences, as it undermines the company's ability to connect with the target market.