Understanding International Product Strategy in Multinational Corporations through New Product Development Approaches and Evolution

International product strategy regarding global standardisation and local adaptation is one of the challenges faced by multinational corporations (MNCs). Studies in this area have tested the antecedents and consequences of standardisation/adaptation, but lack a new product development (NPD) perspective. In this study, we explore how product standardisation/adaptation is determined in the NPD context. Through a qualitative case study of four MNCs, we found three NPD approaches: multi-local, adaptation-based and platform-based. We analysed the advantages and challenges of each approach. In addition, we reveal how the factors (development of information and communication technology, competition pressure, brand awareness and technical capability) could influence the choice of a certain NPD approach. We draw implications on the paths to ensuring full leveraging of the benefits of a platform-based approach.