International marketing product decision
Marketing mix is a particular combination of the product, its price, the methods to promote it, and the ways to make the product available to the customer based upon its understanding of customers, a company develops its marketing mix of product, price, place and promotion. Presentation by narendra mishra govindballabh dugrakoti product decision concept of product • in marketing, a product is anything that can be offered to a market that might satisfy a want or need. The important product decisions needed to be taken in global marketing management are as follows: 1) identification of products for international market: the firm has to carry out preliminary screening, that is, identification of markets and products by conducting market research. International marketing decisions are same as domestic marketing only difference is that all marketing decisions are taken with reference to foreign or international markets (or customers) more clearly, product, price, promotion, and distribution decisions are made for international buyers the. Elements of marketing mix decisions in international markets product planning in marketing mix decision: the international marketer should decide whether to sell the same product abroad as at home, or modify it for the new market or develop an entirely different product.
Unlike international product decisions, an enterprise can either accustom or standardize their promotional strategy and message promotional messages in countries should be accustomed due to differences in language, political climate, cultural attitudes and religious practices in different region. Coverage includes a look a the key factors in the packaging decision such as product protection, cost to create and make, visibility as an advertising or awareness builder, environmental and legal issues, and more. Components of a product posted on by admin on the surface, it seems a product is simply a marketing offering, whether tangible or intangible, that someone wants to purchase and consume.
The purpose is to find out as to why and how a product succeeds or fails in a foreign country and how marketing efforts influence the results of international marketing v international trade: international trade is concerned with flow of goods and services between the countries. Start studying international marketing - chapter 10 - product decisions learn vocabulary, terms, and more with flashcards, games, and other study tools. A unique product with a strong competitive advantage, a forward-looking managerial philosophy, corporate objectives calling for rapid growth, as well as as of the right of talents and skills for international operations. The marketer has to take a decision whether to have a standardized marketing strategy for all markets or to go in for adaptation of the marketing strategy with respect to a particular market product adaptation could be driven either by product standards and regulations or customer specifications and preferences.
International marketing is based on an extension of a company’s local marketing strategy, with special attention paid to marketing identification, targeting, and decisions internationally (see also local marketing. The development of the marketing mix for that country requires international marketing this can be as straightforward as an extension of existing marketing strategies to a total customization of the marketing mix (product, price, place and promotion) for a specific country. Product standardization and adaptation in international marketing a case of mcdonalds decision of whether to standardize or adapt their product offerings this decision international marketing is becoming a major trend in modern business to this effect.
International marketing strategies in direct export, a firm sells its product to international customers in this case, the firm is beginning to view international markets as goldmines, long-term opportunity for sales and profits (awoniyi, 1999) marketing mix decisions in international marketing. In the mid-1980s, the coca-cola company made a decision to introduce a new beverage product (hartley, 1995, pp 129–145) the company had evidence that taste was the single most important cause of coke’s decline in the market share in the late 1970s and early 1980s. This lecture is from international marketing key important points are: international product decisions, product components, global product issues, global competition, augmented product, services in global marketing, man.
International marketing product decision
International product mix is a set of all product lines & items meant for sale in overseas markets the issues that need to be addressed while taking decisions on the international product mix are, the number of product lines, the degree of consistency in these product lines, and their length and depth. As business continues to become more global, companies can gain competitive advantage by focusing their marketing efforts on targeting the right international markets and adapting their products. Marketing mix decisions- 4ps (product, price, place and promotion): marketing mix decisions are considered as the most important decision making for marketing managers it is an important part of planning. Fifth edition global marketing a decision-oriented approach 142 the dimensions of the international product offer 460 143 developing international service strategies 460 144 the product life cycle ' 465 145 new products for the international market 471 146 product positioning 477.
- Two-tiered pricing policy: international company under this policy sells its product at two prices, viz, one price for domestic sales and another price for the foreign sales this policy is adopted due to the involvment of shipping costs, tariffs and foreign distribution costs.
- Pricing is the process whereby a business sets the price at which it will sell its products and services, and may be part of the business's marketing planin setting prices, the business will take into account the price at which it could acquire the goods, the manufacturing cost, the market place, competition, market condition, brand, and quality of product.
- Pricing decisions in that it is as low as the price can be and still cover all of the costs associated with international marketing mix - product policy:individual product decisions, branding introducing new products in international markets:the new product development process.
Decision between standardisation and adaptation is not mutually exclusive rather it is a matter of degree a certain degree of adaptation of a product is required in international markets standardisation vs adaptation. Start studying chapter 10: branding and product decisions in global marketing learn vocabulary, terms, and more with flashcards, games, and other study tools. Finally, in the global stage, the focus centers on the entire world market, with decisions made optimize the product’s position across markets—the home country is no longer the center of the product an example of a truly global company is coca cola product issues in international marketing products and services.