ProductAccording to Kotler and Armstrong, “A product is anything that can be offered to a market for attention, acquisition, use or consumption and which could satisfy a want or need . » Product constitutes one of the four Ps of the marketing mix and includes both the physical products and services that make up all of a company's offerings to the target market. The product can also be subdivided into two categories including: on the one hand consumer products and on the other hand industrial products. Consumer products are purchased by end consumers for their personal consumption. They can be broken down into tangibles and intangibles (services). Examples of hardware are laptops, cars, books and games. Examples of intangible assets are insurance and haircuts. Industrial products are those purchased by individuals and organizations for further processing or for use in the conduct of a business. It includes materials and parts, capital goods, supplies and services. Some examples include steel, construction and equipment. Product Standardization According to Buzzell, standardization can be defined as “the offering of identical product lines at identical prices, through identical promotional programs, in different countries” 2. In the world we live in, we are observing the same patterns of consumer behavior, tastes and demands as the world becomes a homogeneous place. Standardization of a company's product means that there is no change in the product and the same product is distributed and sold in all the markets around. the globe. This strategy is considered important to reduce costs through economies of scale where each unit of product shares uniform characteristics making them identical to each other. With standardization, the company...... middle of paper ...... – A company's product is tailored to the needs and wants of international markets. Thus, it satisfies and provides value to the customer. For example, Subway offers "Halal Meats" in specific stores and McDonald's offers "Maharaja Mac" in India. 2) Flexibility: A company can adapt to market conditions and adapt its product decisions to the international market .3) Risk is reduced. A company that adapts its product to the cultural context of international markets would see the risk of failure significantly reduced and a higher probability of success. Disadvantages 1) Economies of scale – Each product is tailored to each specific target market and the company cannot enjoy the benefits of economies of scale. 2) Quality – There may be differences in the consistency of product quality in relation to the target market.3) Costs - The company has to spend large amounts of money to market the product.