Low degrees of global integration and local response characterize an international strategy. The initial step in most organizations' global development plans is typically an international strategy, which involves exporting or importing goods and services while keeping a head office or offices in their home nation (Hitt, 2016).

Advantages:

First, it enables access to new markets, which may lead to higher sales and income.

Second, expanding internationally allows businesses to diversify, lessening their reliance on a particular market and lowering their risk exposure to political or economic unrest.

Finally, by centralizing production and procuring supplies from several nations, businesses can reduce costs through economies of scale.

Disadvantages:

Understanding consumer preferences, successfully marketing, and managing a varied team are all made more difficult by cultural differences.

Operations can be hampered, and costs might rise because of regulatory complexity, which includes trade restrictions, incompatible legal systems, and political instability.

Limited local responsiveness can also be problematic because centralized decision-making may need to handle market needs and preferences adequately.

Global strategy:

A global strategy is a plan to assist a business in evolving from an international enterprise (which sells goods or services in other nations) to a global enterprise (which runs facilities like factories and distribution centers around the world). A company's expansion goals can often be met through increasing sales, profits, and earnings, which are typically the emphasis of a global strategy (Zou et al., 1996).

Advantages:

Standardizing products, procedures, and marketing initiatives first enables cost savings through economies of scale and scope. Increasing operational efficiency through standardization can save production costs and improve supply chain management.

A consistent worldwide brand image makes expanding internationally easier and increases customer loyalty and recognition.

Disadvantages:

It can be challenging to create consistency in marketing messages and product offerings across markets due to cultural differences.

The advantages of standardization may be undermined by the need for modification and localization of techniques due to political and legal variations.

Maintaining constant coordination and control across geographically distributed activities can be difficult and expensive.

Multi-domestic strategy:

A multi-domestic strategy is a marketing tactic where a business concentrates on tailoring marketing and sales initiatives to regional markets. The corporation may launch a new brand in each area to cater to regional preferences, norms, and customs. Marketing, packaging, services, and occasionally product lines may also be modified (Collings et al., 2019).

Advantages:

Customization enables businesses to achieve a competitive edge by meeting distinctive consumer needs.

Customer loyalty and satisfaction increase when goods, services, and marketing tactics are tailored to regional markets.

Additionally, businesses might benefit from partnerships with suppliers, distribution networks, and local knowledge.

Disadvantages:

Due to duplicate resources and a lack of scale efficiencies, customization and localization may result in higher costs.

It might be difficult to coordinate multiple local operations, which can lead to inefficiencies and the possibility of competing tactics.

Maintaining a consistent brand image across many markets might not be easy.

Transnational strategy:

Transnational companies have centralized operations based in one nation but additional assets and operations abroad. A transnational strategy determines the degrees of international integration and local response for a particular brand (Lovelock, 1999).

Advantages:

It combines the benefits of global efficiency and market-specific adaptation.

In addition to being responsive to local client demands and preferences, this strategy enables organizations to use global resources, expertise, and skills.

Disadvantages:

It necessitates substantial expenditures in information technology, cross-cultural management, and coordination methods.

Conflicts between headquarters and subsidiaries may arise due to the difficulty of managing global and local activities simultaneously.

References:

Collings, D. G., Mellahi, K., & Cascio, W. F. (2019). Global talent management and performance in multinational enterprises: A multilevel perspective.Journal of management,45(2), 540-566.

Hitt, M. A., Li, D., & Xu, K. (2016). International strategy: From local to global and beyond.Journal of World Business,51(1), 58-73.

Lovelock, C. H. (1999). Developing marketing strategies for transnational service operations.Journal of services marketing,13(4/5), 278-295.

Zou, S., & Tamer Cavusgil, S. (1996). Global strategy: a review and an integrated conceptual framework.European Journal of marketing,30(1), 52-69.

This is a discussion forum and I need answer as a argument for it with references