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The trick, as in the case of other value chain activities is to identify those elements of the product which can be standardized across markets and those which need to be customized.
Japanese companies such as Sony and Matsushita have been quite successful in marketing standardized versions of their consumer electronics products. These companies had limited resources during their early days of globalization and identified features which were universally popular among customers across the world. Global economies of scale helped them to price their products competitively. At the same time, these companies laid great emphasis on quality...
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