How does standardization impact global business operations?
Standardization in global business ensures consistency in products and services, which can enhance brand recognition and customer trust.
What are the benefits of standardization for multinational companies?
Benefits include reduced costs, improved efficiency, and easier compliance with international regulations.
Can you give examples of industries where standardization is crucial?
Sure! Industries like automotive, pharmaceuticals, and electronics rely heavily on standardization for safety and quality.
What challenges do companies face when implementing standardization?
Challenges include balancing local preferences with global standards, managing diverse regulations, and potential resistance from local teams.
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