Basic Aspect of International Marketing

Only available on StudyMode
  • Download(s) : 161
  • Published : December 4, 2012
Open Document
Text Preview
Basic aspects of International Marketing
There are three basic aspects of International marketing are as follows:- * The new product development process
* Demand management
* Sales marketing process

(1) The new product development process can be defined as follows:- 

This process characterizes itself as integration between Marketing, R&D/Engineering and Manufacturing. Besides, several operating levels are active within the new product development process.  The steps shown in figure will be explained below:

Product idea generation
The first step in the process means the creation of a large number of product ideas. New product ideas can come from many sources: customers, scientists, competitors, company (sales) people or channel members, etc. However in order to eliminate unpromising product ideas in the NPD process as early as possible, and to ensure that the development efforts fit into a firm's product strategy, the process must be closely tied to the strategic (marketing) planning . Idea screening

As the purpose of idea generation is to create a large number of ideas, the purpose of the succeeding stages is to reduce the number of ideas to an attractive practical few. The first idea-pruning stage is screening. During the idea screening stage, the ideas are analyzed against a set of predetermined criteria, to determine which ideas are pertinent and appropriate for the company. The product ideas have to match with company objectives, (product line) strategies and resources. Therefore, a variety of tools and techniques have been provided, to assist in screening new product ideas, including rating scale and checklist models of product success/failure discriminators.

Business analysis and forecasting
Before the screened idea will further be developed into a prototype, first production cost, profitability and demand have to be forecasted, for example, by using the following techniques: PERT(=Program Evaluation Review Technique) or CPA(=Critical Path Analysis). With these techniques there can be given an answer to the following questions: "Can we make it?", "Should we make it?" and "Can we sell it?” Product development and testing

When the answers to the above questions are positive, the approved idea can be further developed into a prototype and finally in a physical product. Then will be tested if the product is safe and efficient. Market testing

After the company is satisfied with the product's functional performance, the product is ready to be dressed up with a preliminary marketing program and to be tested. The purpose of market testing is to learn what the product's impact is in a competitive environment and how customers and dealers react to handling, using and purchasing the actual product. This will provide much more accurate details on market acceptance and thus, sales and profit. Market research and commercialization

The final stage of the new product development process is commercialization. At the commercialization stage the marketing manager must ensure he has the answers to the following questions: when the product will be launched, to whom, where and how.

(2) Demand management process
To get funding for PRODUCT-enabled projects, it's necessary to navigate the PRODUCT demand management process to prove that you are investing wisely in PRODUCT. Unfortunately, the process can be as bad as its name. Bad, but necessary, given the unquenchable thirst for PRODUCT services and the fact that, according to my survey (still in process), * Over 50% of business and PRODUCT leaders agree that business leaders make half-baked requests and are clueless about enterprise impact * Nearly 60% of business leaders admit that they want it all — right now — regardless of ROI * Almost 35% admit of business leaders admit to getting enamored with PRODUCT fads As PRODUCT becomes embedded within every aspect of the business, there's an infinite number of great ways to apply technology and a...
tracking img