International Marketing Study Set 9

Business

Quiz 13 :

Products and Services for Consumers

Quiz 13 :

Products and Services for Consumers

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Discuss "environmentally friendly" products and product development.
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Environment friendly stands for the business practices that are performed without much harming the environment and its components.
Products that are produced or treated with practices that minimally damage the environment are called as environmental friendly products. These products are sourced from the very initial stage in a way that does not harms the environment and its components and the entire processing is undertaken in environment friendly manner. no pollution or wastes are discharge in the environment without treating them which makes the product entirely safe for the environment and also for its major purpose of manufacturing.
Product development policies of an organization depend upon the kind of product its produces and the methods of production that the company makes use of. If the company is aware and is ready to spend a little more in the cost of producing the goods, then it will make use of environment friendly business practices and will proudly announce the creation and usage of this product that has not affected the environment in wrong manner. Thus, environmentally safe products are developed and sold in the market to its valued customers.

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Discuss product alternatives and the three marketing strategies: domestic market extension, multidomestic markets, and global market strategies.
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Product alternatives stand for the substitute products that are existed in the market replacing one product for the other. Example- When a price for certain regular commodity increases, marketers starts marketing and selling substitute goods to the consumers so that the demand of the customers is satisfied plus the sale of the substitute goods could be increased.
The following are the three marketing strategies-
• Domestic market extension -
This marketing strategy stands for the practice of increasing the demand of a particular product or service in the market wherein the marketer keeps the product into maturity stage of the product life cycle and prevents it from getting towards declined stage. This way the domestic product is extended and stabilized for some more time in the market.
• Multi-domestic markets -
In this marketing strategy, the marketer tries to achieve maximum response for its product or services by customizing the offerings to suit the taste and demand of the various sub segments in the targeted population. The products offered to customers are amended and enhanced to attract the local customers and increase the selling of that product.
• Global marketing strategies -
In this, the product or services offered by the firm are revitalized and are made appropriate to suit the global needs and demands by the population. The marketer undertakes such strategies that are capable of meeting the demands of global population and attracting them towards the offerings.

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Discuss the characteristics of an innovation that can account for differential diffusion rates.
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Unless the original products are amended and created as per the demand and needs of the foreign population, the product is not to succeed in that place and the product manager might have to put extra efforts in achieving success.
The following are the characteristics of an innovation that could account for differential diffusion rates-
• It is extremely important for a product manager to plan international investment and for this the knowledge of the diffusion innovations is quite important and needed. This could be because unless a product manager brings certain amount of innovation in its products before making it available for the foreign population, there are high risks of failure of the product in being accepted by the targeted population in the foreign markets.
• The products that have become old and obsolete could be amended, innovated and created so that the product could be sustained for longer time by introducing these products into foreign nation making required innovations into them.
• This could be undertaken through various ways like- licensing, joint ventures, acquisition, franchising, direct investment etc. And the way these potential international investment is harnessed by the organization in foreign nations.
• If the products are created and diffused with strong and desired innovations then there are high chances that it will be taken hands on by the targeted audience and the marketer will be given credit for this success. The knowledge of the diffusion of innovations could help a product manager to plan international investment and create such a product that is capable of innovations and adaptations.

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Old products (that is, old in the U.S. market) may be innovations in a foreign market. Discuss fully.
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Define the country-of-origin effect and give examples.
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Debate the issue of global versus adapted products for the international marketer.
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Assume you are deciding to "go international." Outline the steps you would take to help you decide on a product line.
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The text discusses stereotypes, ethnocentrism, degree of economic development, and fads as the basis for generalizations about country-of-origin effect on product perception. Explain each and give an example.
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How can a country with a per capita GNP of $100 be a potential market for consumer goods? What kinds of goods would probably be in demand? Discuss.
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How can knowledge of the diffusion of innovations help a product manager plan international investments?
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Discuss the different promotional/product strategies available to an international marketer.
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Give an example of how a foreign marketer can use knowledge of the characteristics of innovations in product adaptation decisions.
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Products can be adapted physically and culturally for foreign markets. Discuss.
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"If the product sells in Dallas, it will sell in Tokyo or Berlin." Comment.
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What are the three major components of a product? Discuss their importance to product adaptation.
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Define the key terms listed above.
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