International marketing mix: global products and services
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Transcript of International marketing mix: global products and services
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International Marketing Mix – Global Products and Services
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Objectives
• To learn the importance of offering a product suitable for the intended market.
• To determine the importance of quality and how quality is defined.
• To distinguish the physical, mandatory and cultural requirements for product adaptation.
• To understand the need to view all attributes of a product to overcome resistance to acceptance.
• To be aware of country-of-origin effects on product image.
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Quality
• Market-Perceived quality, or• Performance quality
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Homologation
Global Strategy perspective Standardization?
Localization Versus
Adaptation?
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Standardization
PROS
• Cost savings• Improved quality
(functioning)• Enhanced customer
preference• Global customers• Global segments
CONS
• Off target (diverse tastes and needs)
• Lack of uniqueness (Being special?)
• Vulnerable to trade barriers• Strong local competitors
that offer customized products
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Standardization of Products
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Localization versus Adaptation
• Localization– Changes required for a
product or service to function in a new country (telephone jack in different countries)
• Adaptation: – Changes are made to match
customer tastes or preferences
12-7
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Global Brands
• A global brand is the worldwide use of a name, term, sign, symbol, design, or combination
• The brand is the most valuable company resource
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Products and CultureCultural adaptation affected by how the product conforms norms, values and behavior patterns
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Innovative Products and Adaptation
• Determining the degree of newness as perceived by the intended market
• Established patterns of consumption and behavior
• Foreign marketing goal is gaining the largest number of consumers in the market, in the shortest span of time Probable rate of acceptance
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Product Component Model
Cateora, P., & Gilly, M. (2011). International marketing (15th ed.).New York, NY: McGraw-Hill/Irwin.
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Core Component
• Product platform• Design features• Functional
features
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Packaging Component
• Price• Quality• Packages• Styling• Trademark• Brand name
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Support Services Component
• Deliveries • Warranty• Spare parts• Repair and maintenance• Installation• Instructions• Other related services
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Top Ten World Brands 2014
Source: http://www.brandz100.com/
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Country-of-Origin Effects and Global Brands
Countries are stereotyped – Has on a consumer’s
positive or negative perception of a product
Ethnocentrism
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Marketing Consumer Services Globally
• Consumer services characteristics– Intangibility– Inseparability– Heterogeneity– Perishability
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Summary
• The growing globalization of markets must be balanced with the continuing need to assess all markets for those differences that might require adaptation for successful acceptance
• In spite of the forces of homogenization, consumers also see the world of global symbols, company images, and product choice through the lens of their own local culture and its stage of development and market sophistication
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Summary
• Each product must be viewed in light of how it is perceived by each culture with which it comes in contact
• Analyzing a product as an innovation and using the Product Component Model may provide the marketer with important leads for adaptation