Question

The makers of Chanel, Givenchy, Clarins, Guerlain, and other leading cosmetics brands create different formulations for different regions of the world. Which strategy in the product/brand matrix for global marketing does this represent?

1) Market Development
2) Product Development
3) Market Penetration
4) Diversification

Answer 1

The makers of Chanel, Givenchy, Clarins, Guerlain, and other leading cosmetics brands use the strategy of product development in the product/brand matrix for global marketing.

Step-by-step explanation:

The strategy that the makers of Chanel, Givenchy, Clarins, Guerlain, and other leading cosmetics brands are using is Product Development in the product/brand matrix for global marketing.

Product development involves creating new products or modifying existing products to cater to the specific needs and preferences of different regions of the world. By customizing their formulations for different regions, these brands are able to meet the unique demands of consumers in each market.

This strategy allows the brands to stay competitive and relevant in various global markets, as it recognizes the importance of adapting to local preferences and cultural differences.