International Marketing Study Guide
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
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