market-adaptation

Vocabulary Word

Definition

'Market adaptation' is when a company makes changes to its products, services, or strategies to better fit with changes in the markets they operate in. For example, a company might need to adapt when a new competitor comes or the economy changes.

Examples in Different Contexts

In international business, 'market adaptation' refers to modifying products or services to meet the cultural or regulatory requirements of different global markets. An international marketer might discuss, 'Market adaptation is crucial for our expansion into Asian markets, requiring adjustments to our product designs and marketing materials.'

Practice Scenarios

Tech

Scenario:

New technologies are emerging, presenting fierce competition. We'll need to step up our pace to stay competitive.

Response:

I agree, due to fast-paced tech advancements, we need to focus our efforts on market adaptation to stay in the race.

Creative

Scenario:

Design preferences are trending towards minimalistic and clean presentations. We need to consider this while approaching our projects.

Response:

Certainly, it's time we pushed for more market adaptation in our design approaches to meet the shifting trends.