This chapter describes the benefits multinational companies (MNCs) can achieve using global integration or local adaptation. It explains the conflicting pressures of the global-local dilemma faced by international managers in MNCs. The chapter discusses the content of the basic multinational strategies: transnational, international, multidomestic, and regional. It focuses on a multinational strategy by using the diagnostic questions that help MNCs to cope with the global-local dilemma. The chapter explores the unique challenges faced by emerging market MNCs when executing multinational strategies. The Preview IB Emerging Market Strategic Insight describes a situation showing how even very successful companies such as Starbucks must carefully choose the best strategies to take their products or services international. The Emerging Market Brief shows how IKEA works to perfect its multinational strategies. Before considering more specific applications of the basic multinational strategies, one needs a basic understanding of the value chain.