International companies need to decide how much to adapt their product and marketing strategies to local conditions

International companies need to decide how much to adapt their product and marketing strategies to local conditions. At one extreme, there are supporters of "global standardization" - complete consistency of products and communications across countries. At the other extreme we have "global adaptation" - which says that everything (product, price, communications, etc) should be adapted to local conditions.
Have a look at a few companies applying a global marketing strategy quite successfully  - article here.
The "right" answer almost always involves finding a balance between extremes, but let's look at the factors that might favor global standardization or adaptation. What are the advantages/disadvantages of global standardization?

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