The debate on whether to standardize a multinational corporation’s marketing mix around the world or adapt it to local conditions has been continuing for more than five decades. Competitive conditions, developments in technology, and finally the recent global economic crisis create the necessity for a re-examination of this ever-lasting and important topic. The main purpose of this conceptual study is to draw a framework which demonstrates the factors related to standardization or adaptation in a company's marketing mix. The proposed framework provides a comprehensive understanding of the intertwined relations between the external and internal environments of a company that have an impact on the standardization/adaptation decision. It is suggested that this framework will add to the progress of empirical research on this topic which will, in turn, lead to the improvement of international business.