Quiz 13: Products and Services for Consumers

Business

a) Quality : It refers to the something that is measured against the things of a similar kind in terms of its performance and superiority. It is measuring anything to see it is doing what it is meant to do. Besides that, it refers to a perceptual and somewhat subjective attribute that may be understood differently by different people. b) Product homologation : It refers to the approval that confirms the process of certifying a product to indicate that it meets the regulatory standard and specification such as safety requirements. c) Green Marketing : It refers to the marketing strategy that is presumed to be environmentally preferable to others. It incorporates a broad range of activities that include product modification, changes to the production process and packaging that are sustainable. d) Innovation : It refers to an application of better solutions that meet new requirements or existing market needs with new products or services or ideas. It is accomplished through more effective processes of technologies and through R D. e) Diffusion : It refers to the process wherein a new idea or new product is accepted by the market. In addition, the rate of diffusion refers to the speed that the new ideas spread from one customer to others. f) Global brand : Any brand that is recognized across the world is called as a global brand. When a product or service is marketed across the globe in different geographical areas, they are treated as global brands. Any product that is made available across many countries they are said as global brands. g) Product component model : It is a marketing tool that helps companies in characterizing how a product can be adapted to a new market by separating the product into many dimensions.

Internationalization stands for the process of entering in few foreign nations by a national firm; but in globalization, the national firm has made an access and carries an existence around the world in all the major countries. Companies change their organizations when they go from being international to a global company because going global is not a cakewalk and a large amount of planning, hardwork, persistence efforts, and back-up plans have to be kept ready to undertake global business activities. Here, a large amount of decentralization and liberal organization working pattern has to be developed and followed by the firms going global. While, the issue of adapted products could be explained by stating that when a firm goes global, it has to empower people and processes at the foreign countries around the world where the firm has established its business activities and most importantly has to adapt the changes that the people expects in the products offered to them. A firm cannot run its global business on the basis of its local terms and conditions, rules and regulations. Business in every foreign nation has to be run following the legalities of that nation and this is the reason why companies change their organizations when they go from being international to a global company so as to adopt the foreign culture and procedures and provide liberty to the workforce working there. For example- When a fast food chain opens its venture in Asian Countries, it largely has to adapt to the religious sentiments of the people residing at these countries who avoid eating pork, beef etc. This shows the difference between global and adapted products that has to be kept in mind by the marketer.

Country-of-origin effect (COE) is also known as made-in-image that describes the bias attitude towards one nation or country. It is a psychological effect that describes how a customer reacts towards the labeling of a product and its originating country. COE is highly used by marketers in attracting the customers and making the sale of their goods to take place. This is because there is a psychological reason behind every purchase that a customer undertakes. The habits, attitudes, experiences, perceptions, attitudes, etc. that consumers possess affects their buying decision largely upon looking at the originating label of the product. Examples- Cars that are made in JP Country are highly preferred by people around the world as compared to the cars that are made in RSS Country. This is because the advanced technology used in cars by JP Country produces quality cars at good prices. Clothes of USS Country are recognized of high quality as compared to clothes that are made in CH Country. This is because the kind of fabric used by USS Country is excellent in terms of quality which is highly recognized and demanded by people around the world.

There is no answer for this question