Developing consumer products
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This document discusses developing consumer products for international markets. It identifies three main types of products: global products with standardization across markets, adapted products that are culturally unique to each market, and standardized products produced for different kinds of markets. Successful brands are a company's most valuable resource due to the benefits of advertising, goodwill, and quality evaluations. When developing products for international markets, companies must consider cultural influences, country of origin effects, and how innovative the new product will be perceived.
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This chapter introduces global marketing and discusses key concepts. Global marketing involves marketing activities outside a company's home country. It discusses adapting versus standardizing the marketing mix across countries. Different orientations for global strategies are reviewed, from ethnocentric to geocentric. Forces driving and restraining global integration are examined, including technology, trade agreements, and national controls. The book overview previews contents on the global marketing environment, strategy, marketing mix, and integrating dimensions of global marketing.
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In international marketing, the marketers are required to come up with a decision as to whether they are going to standardize the product or to modify the existing products which is one of the challenging decisions that they have to make. And this decision can make impacts on the organization in terms of the Research and development expenses, finance, production, organization structure, procurement, marketing mix etc. And the decision as to which to choose depending on the attitudes towards the different cultures. So in this article, we are going to cover these two concepts so that you can have an idea about the two concepts in depth.
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To what extent must the company adapt its products and marketing program to e...
The document discusses different strategies companies can take when adapting their marketing approach to foreign countries. It contrasts standardized vs adapted marketing programs. Standardized programs use the same marketing globally but ignore cultural differences, while adapted programs modify the approach for each local market. The best global brands are consistent in theme but reflect significant differences in consumer behavior and competitive forces between countries. Companies must consider adapting their products, branding, communications, pricing and distribution strategies when entering foreign markets.
Uni Training Singapore 07 08 V3
The document discusses strategies for experiential branding, including building customer experiences through engaging all five senses, getting customers involved in creating experiences, and engaging employees to deliver the brand promise. It also covers measuring the impact of experiential branding through increased brand equity, loyalty, and marketing ROI. Case studies of successful experiential branding by brands like Red Bull, Lego, and Singapore Airlines are presented.
Marketing
Marketing involves identifying and satisfying customer needs in order to generate profits. It includes activities like market research, product development, pricing, promotion, and distribution. A key aspect is understanding different types of markets, including consumer markets of individuals and industrial markets of organizations. Marketing aims to be customer-oriented by anticipating trends and responding to changes in order to gain a competitive advantage.
Henkel Marketing Strategy
The document discusses Henkel's strategy to increase market share in Southern European markets like Italy and Spain. It recommends localizing branding and product features to better satisfy local consumer preferences over the next 5 years. This will boost revenues by 20% in Italy and 50% in Spain by catering to local tastes rather than standardizing globally like competitors. The strategy emphasizes differentiating products through localization instead of focusing only on cost reduction through standardization.
Branding and packaging
Brands are an integral part of our lives that go beyond just distinguishing products. They give products meaning and benefits to consumers like identification, practicality through repurchasing, quality guarantees, and ensuring the best option for their needs. Managing brands over time requires considering how many are needed, keeping them up to date, extending them geographically in a coherent way, and measuring their value as important assets.
4. intl brand mgmt
This document discusses factors to consider when developing branding strategies for international markets. It outlines different types of global brands such as truly global brands that maintain consistent identity worldwide versus adjusted brands where elements like price or appeal are tailored locally. Successful global brands position themselves consistently worldwide while allowing for some adaptation. Cultural, competitive and product factors also influence branding approaches in different countries. Umbrella branding using a strong corporate identity can help new products enter international markets.
Marketing mix and products
The document discusses marketing mix strategies for luxury products like VERTU phones that can cost between £2K to £100K. It covers the four Ps of marketing: product, price, promotion, and place. It then discusses product differentiation, product life cycles, and strategies for extending the life cycle like finding new uses or markets for existing products.
Δημιουργία Προϊόντων με Πελατοκεντρική Προσέγγιση.
Στα πλάισια του Job Festival Thessaloniki 2014, στην ενότητα του πάνελ με θεματική "Ευκαιρίες Νεανικής Επιχειρηματικότητας & Καινοτομία" είχαμε την τιμή να μας κάνει παρουσίαση ο Δρ. Δημήτριος Β. Νικολαΐδης, Head of Business Administration & Economics Department at The University of Sheffield International Faculty, City College. Τον ευχαριστούμε πολύ για την προσφορά του!
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https://www.oeconsulting.com.sg/training-presentations]
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Developing consumer products
- 3. Global Products Adapted Products INTERNATIONAL MARKETS AND PRODUCT DEVELOPMENT
- 4. GLOBAL PRODUCTS With strong unit- cost orientation who advocate international standardization.
- 6. STANDARD PRODUCTS A single standard product produced for different kinds of market.
- 7. GLOBAL BRANDS Is the worldwide use of name, term, sign, symbol design or combination thereof intended to identify goods or services to differentiate them from competitors.
- 8. GLOBAL BRANDS Gives a company a uniform worldwide image. Enhances cost savings by attaching other products to the brand.
- 10. SUCCESSFUL BRANDS Most Valuable resource of the company. Fruits of advertising, goodwill, quality evaluation, product experience aka OBSTACLES.
- 12. A positive or negative influence of the country of manufacture has on consumers COUNTRY OF ORIGIN EFFECT
- 13. STEREO-TYPED COUNTRY OF ORIGIN PRODUCTS English Tea French Fashion Norwegian Salmon Italian Leather Mexican Tequila Japanese Electronics German Cars
- 14. Brands owned by retailers OWN BRANDS
- 15. Standardized Products vs Adapted Products =Study of Cultural Influences PRODUCTS AND CULTURE
- 17. How will the market react to the new Product? DIFFUSION OF INNOVATIONS
- 19. Congruent Innovation Nothing is perceived to change in the product. It’s purpose is practically the same.
- 20. Continuous Innovation Alterations are involved rather than creation of a new product.
- 21. Dynamically Continuous Innovation Done to fulfil the needs of the consumers.
- 22. Discontinuous Innovation Establishment of a new consumption pattern and the creation of previously unknown product.
- 24. Core Component physical product. The platform that contains the essential technology and all its features.
- 25. Packaging Component the styles features, labelling, trademarks, brand name, quality, price and all aspects of the products’ package
- 26. Support Services Component Component-repair, maintenance, instructions, installations, warranties, deliveries and the availability of parts.
- 27. PRODUCT LIFE CYCLE AND ADAPTATION
- 28. A Presentation by CARLO MIGUEL A. NARBONETA