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International marketing mix: global products and services

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International marketing mix: global products and services takes into account what are the characteristics that companies must consider in order to satisfy the local customer's needs.

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International marketing mix: global products and services

  1. 1. International Marketing Mix – Global Products and Services
  2. 2. 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.
  3. 3. Quality • Market-Perceived quality, or • Performance quality
  4. 4. Homologation Global Strategy perspective Standardization? Localization Versus Adaptation?
  5. 5. 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
  6. 6. Standardization of Products
  7. 7. 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
  8. 8. 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
  9. 9. Products and Culture Cultural adaptation affected by how the product conforms norms, values and behavior patterns
  10. 10. 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
  11. 11. Product Component Model Cateora, P., & Gilly, M. (2011). International marketing (15th ed.).New York, NY: McGraw-Hill/Irwin.
  12. 12. Core Component • Product platform • Design features • Functional features
  13. 13. Packaging Component • Price • Quality • Packages • Styling • Trademark • Brand name
  14. 14. Support Services Component • Deliveries • Warranty • Spare parts • Repair and maintenance • Installation • Instructions • Other related services
  15. 15. Top Ten World Brands 2014 Source: http://www.brandz100.com/
  16. 16. Country-of-Origin Effects and Global Brands Countries are stereotyped – Has on a consumer’s positive or negative perception of a product Ethnocentrism
  17. 17. Marketing Consumer Services Globally • Consumer services characteristics – Intangibility – Inseparability – Heterogeneity – Perishability
  18. 18. 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
  19. 19. 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

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