International Marketing Study Guide

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Product and Brand Decisions

Basic Product Concepts
-A product is a good, service, or idea
-Tangible Attributes, you can touch it
-Intangible Attributes, feeling you have from it

-Product Classification
-Consumer goods
-Industrial goods

Product Types

-Buyer orientation
-Amount of effort expended on purchase
-Convenience-Gum @ a convenience store
-Preference- You know what you like and what you want to get -Shopping
-Specialty- anything that usually has to be ordered

Brand-Intangibles

-Bundle of images and experiences in the customer’s mind
-A promise is made by a particular company about a particular product -A quality certification
-Differentiation between competing products
-The sum of impressions about a brand is the brand image

Brand Equity

-The added value that accrues to a product as a product as a result of investments in the marketing of the brand -An asset that represents the value created by the relationship between the brand and customer over time

Local Products and Brands

-Brands that have achieved success in a single national market -Represent the lifeblood of domestic companies
-Entrenched local products/brands can be a significant competitive hurdle to global companies

Regional/International Products and Brands
-Offered in several markets in a particular region
-Euro brands

Global Products and Brands

-Global Products
-Meets the needs and wants of a global market and are offered in all worlds regions

-Global Brands
-Have the same name and similar image and positioning throughout the world

-Global brands are not the same as global products
-iPod=brand
-Mp3 player= product

Branding Strategies

-Combination or tiered branding
-allows marketers to leverage a company’s reputation while developing a distinctive identity for a line of products -Sony Walkman

-Co Branding
-Feature two or more different company or product brands
-NutraSweet and Coca-Cola
-Intel inside

Brand Extension

-Brand acts as an umbrella for new products
-EX: The Virgin Group
-Virgin Entertainment: Virgin Mega Stores and MGM Cinemas -Virgin Trading: Virgin Cola and Virgin Vodka
-Virgin Radio
-Virgin Media Group
-Virgin Hotels
-Virgin Travel Group

Country of Origin as Brand Element

-Perceptions about attitudes towards particular countries often extended to products and brands known to originate in those countires -Japan
-Germany
-France
-Italy

Product Decisions

Extended,Adapt, Create: Strategic Alternatives in Global Marketing

-Extension
-Offereing product virtually unchanged in markets outside of home country -Adaption
-Changing elements of design, function, and packaging according to needs of different country markets -Creation
-Developing a new product for the world market

Global Product Planning: Strategic Alternatives

Product
Communication| Same| Different|
Different| Strategy 2: Product Extension communication adaptation| Strategy 4: Dual adaptation| Same| Strategy 1: Dual extension| Strategy 3: Product adaptation communication extension|

Identifying New Product Ideas

Continuous Innovations Dynamically continuous innovations Discontinuous innovations Least distributing Some disrupting influence on Requires new consumption influence on established established consumption patterns patterns and the creation of consumption patterns previously unknown products

-What is the new product
-New to those who use it or buy it
-New to the organization
-New to market

Packaging

-Consumer packaged goods refers to a
-Products whose packaging is designed to protect or contain the product during shipping at retail or point...
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