- Globalization standard – reaping cost reductions from economies of scale and location for standardized products & services.
- Localization – customizing goods & services to provide good match to tastes and preferences in different national markets.
- Transnational – a business model that simultaneously achieves low costs, differentiates across markets and fosters a flow of skills between subsidiaries.
- International – multinational companies sell products & services serving universal needs and don’t face significant competitors.
Another concept that I found really interesting was the choice of entry modes available for companies who want to expand globally. The basic entry modes available are: exporting, licensing, franchising, joint ventures and wholly-owned subsidiaries.
In the case of Hasbro, the company has already expanded internationally. Since 2007, the company has opened offices in Brazil, Russia, the Czech Republic, Romania and China. In 2010, the company opened offices in Peru and Korea, and in 2011, they opened an office in Colombia. Hasbro has also been targeting the emerging markets through joint ventures in Chile, Turkey, Poland and India. One of the company’s long-term goals is to establish a global market presence by developing business in key emerging markets. So far, Hasbro seems to be doing well with their international expansion plan, although the main focus of their business is definitely still on domestic sales in the U.S.