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Int Pdt Line Mgt & New Pdt. Dev.

Int Pdt Line Mgt & New Pdt. Dev.

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Published by sujeetleopard

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Categories:Topics, Art & Design
Published by: sujeetleopard on May 29, 2010
Copyright:Attribution Non-commercial


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What is a Product?A Product is anything that can be offered to a market for attention, acquisition, use, or consumption and that might satisfy a want or need. (Product: a need-satisfyingoffering of a firm.)Includes:Physical ObjectsServicesEventsPersonsPlacesOrganizationsIdeasCombinations of the aboveConsumer-Goods ClassificationProduct Line DecisionsTwo-Way Product-Line Stretch: Marriott HotelsProduct Mix
7. Managing International Product LinesExample : Procter & Gamble Product-Line
Product-Line LengthLine StretchingDownmarketUpmarketTwo-wayLine FillingLine ModernizationLine Featuring & Line Pruning
Managing International Product Lines
Deciding on the right individual product for world markets is only one aspect of  product policy.The next step is to decide what family of products should be offered
International Product Line Planning
The foreign product line is frequently
than the domestic line because of financial and market limitations.By introducing a limited product line into foreign markets the firm can
test themarket
 before taking a bigger plunge.
European Consumer Preferences Regarding Private Labels
European Households Judging Credibility of Private Labels
Product Packaging and Labeling
Why Package Crucial as a Marketing ToolSelf-serviceConsumer affluenceCompany & brand imageOpportunity for innovationLabels
Developing New Global Products
Five Stages of the New Product Development Process
 Idea Generation
Local subsidiaries are likely to have some ideas from their respective marketsand new technology is a common source of new product ideas
 Preliminary Screening 
The most immediate evaluation of an idea is whether it is compatible with thecompany objectives, strategies, and resources.
Concept Research
Focus Groups offer the development team a chance to hear spontaneousreactions to a new concept and hear suggestions for improvement.
Developing New Global Products
Concept TestingA more formal approach to selecting product attributes is using techniques suchas trade-off analysis or conjoint analysisSales ForecastThe appropriate sales forecast approach is based on the product life cycle (seeCh.4)Test MarketingOnce the sales forecast looks promising, the new product is usually placed inproduction and test marketed.Alternative Strategies
The Testing of New Product ConceptsTesting for performance and customer acceptance is the final stage of productdevelopment.Testing ranges from reliability tests to mini-launchesReasons that new international products failRelying on instinct or hunch rather than testing and researchLack of product distinctivenessUnexpected technical problemsMismatch between functionsInternational Product Testing TechniquesLimited product launch in one country market.
Laboratory test markets to capture consumer reactions in a controlled environment.Microtest marketing uses a permanent panel of consumers and assesses their willingness to buy after exposure to media and purchase incentives.Forced distribution tests rely on the continuous report of consumer reactions to new products already in the marketThe Global Product LaunchIntroducing the product into countries inthree or more regions within a narrow timeframe.Managing the Brand PortfolioA strong brand is a global marketing asset.CobrandingA strategic alliance where two or more brands are combined in an offer.Brand strategy decisionsUse of the corporate nameFamily brands for a wide product lineIndividual brands for each item in the product linePrivate (store) brandingUmbrella branding with the intermediary’s nameSeparate brand names
Timing of Product Introductions inForeign Markets
Waterfall Strategy product is introduced into foreign markets one at a time (IPLC model approach)Useful when:lifecycle of product is longhigh fixed costs of entry into individual marketsforeign markets are not equally developedsome customization is neededfirms have little foreign experienceSprinkler Strategysimultaneous introduction of the product in multiple marketsUseful when:short product life cyclehigh R&D costs in product developmentcompetition is very strong (pre-emption of markets)firms have existing presence in target countrieshomogenized preferencesGrey MarketingGrey (or parallel marketing)Products are imported outside of the established distribution channel – undercuttingthe authorized channel pricingUsually results from high imported prices

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