Assignment 600words

Assignment 3 – This assignment refers to the 5 chapters 11-15 in the PowerPoint and videos. Read the chapters and articles through Powerpoint (Link bellow) and watch the videos. Based on your understanding explain how we can standardize or adapt the 4Ps of marketing. Refer to the text/articles or the videos, if needed, in writing the assignment.The write up should be more than 600 wordsSpecificity and relevance with respect to the question asked-40%Understanding of concepts discussed in the text/video, and, their application-40%Organization and quality-20%Video 14- A brief history of the European Union (5 minutes)https://www.youtube.com/watch?v=XgnXwrsMBUsVideo 15- The Great Euro Crisis BBC Documentary (59 minutes)https://www.youtube.com/watch?v=Z1LCBp0twLEVideo18-Alibaba Story-Inside China-CNBC International (9 minutes)https://www.youtube.com/watch?v=VAh__GGYJHwVideo19- Branded: A Phil Knight/Nike Documentary 1996 (40 minutes)https://www.youtube.com/watch?v=D-LC3TGngGAVideo 20- Big Mac Inside the McDonald’s Empire (45 minutes)https://www.youtube.com/watch?v=J4a4r-Iyf10Video 21- Global Market Entry Strategies Explained (8 minutes)https://www.youtube.com/watch?v=GSyYo4ph3hMVideo 21- The Product Life Cycle of a Barbie Doll (9 minutes)https://www.youtube.com/watch?v=_lvM8v36kTs
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Chapter 11
Product
Management and Global Brands
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Product Variables
• Product/service – Complex combination
of tangible and intangible elements
distinguishing it from others in the
market
• Core product of a firm may be similar to
that of competitors
• Differentiation can be achieved with the
augmented features of the product
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Exhibit 11.1 – Elements of a Product
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Product Variables
• Standardization versus adaptation
• 4 basic alternatives for international markets
• Selling the product as is in the international
marketplace
• Modifying products for different countries or regions
• Designing new products for foreign markets
• Introducing a flexible global product
• Product standardization is increasing
• Differences still exist depending on the products
marketed and the places they are marketed in
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Exhibit 11.2 – Factors Affecting
Product-Adaptation Decisions
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
The Market Environment
• Government regulations
• Nontariff barriers
•
•
•
•
Product standards
Approval procedures
Subsidies
Bureaucratic red tape
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
The Market Environment
• Customer characteristics, expectations,
and preferences
•
•
•
•
•
Local behavior
Tastes
Attitudes
Traditions
Positioning: Consumer perception of a
particular brand compared with competitors’
brands
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
The Market Environment
• Economic development
• As a country’s economy advances, buyers
demand better products
• Companies adapted a new process called
reverse innovation to meet demands of
different countries
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
The Market Environment
• Competitive offerings
• Provides a baseline for measuring the firm’s
resources
• Climate and geography
• Product has to be protected against longer
transit times and longer shelf life
• Care must be taken to ensure that no
nonallowed preservatives are used
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Product Characteristics
• Product constituents and content
• Should not be in violation of legal
requirements or religious or social customs
• Branding
• Name, term, symbol, sign or design used by a
firm to differentiate its products from those of
its competitors
• Trademark – Legally protected part of the
brand
• Indicated by the symbol ®
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Product Characteristics
• Packaging
• Protection
• Promotion
• User convenience
•
•
•
•
•
Appearance
Method of operation
Quality
Service
Country-of-origin effects
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Company Considerations
• Product adaptation depends on the firm’s
ability to:
• Control costs
• Correctly estimate market potential
• Secure long term profitability
• Decision to adapt should be preceded by
a thorough analysis of the market
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Global Product Development
• Essential for catering to new or changing
customer needs on a global basis
• Worldwide planning at the product level
provides a number of tangible benefits
• Build adaptability into products and
product lines to achieve worldwide appeal
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Global Product Development
• Stages of the product development
process
•
•
•
•
•
Idea generation
Screening
Product and process development
Scale-up
Commercialization
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Global Product Development
• Sources for idea generation
• Company
• Customers
• Lead users: Companies, organizations, or
individuals who are ahead of trends
• Procurement requisitions from governments
and supranational organizations
• Advertising agencies or market research
organizations
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Global Product Development
• Open innovation: Enables organizations
to solve their key problems by connecting
them to diverse sources
• Global companies have an advantage in
being able to utilize resources from
around the world
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Global Product Development
• Computer aided design (CAD) allows
inexpensive adaptation of the product
designs for future markets
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Exhibit 11.5 – Global Program
Management
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Global Product Development
• Time lag between product development
and introduction into the market depends
on:
•
•
•
•
•
•
The product involved
Degree of newness
Customer characteristics
Geographic proximity
Firm-related variables
Degree of commitment of resources
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Global Product Development
• Reasons for investing in R&D activities
abroad
• Aids technology transfer from parent to
subsidiary
• Develops new and improved products for
foreign markets
• Develops new products and processes for
simultaneous application in world markets of
the firm
• Generates new technology of a long-term
exploratory nature
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Global Product Development
• Center of excellence: An organizational
unit that incorporates a set of capabilities
• The set of capabilities have been identified as
an important source of value creation
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Global Product Development
• Organization of global product
development
• Product development activity is undertaken
by specific teams to:
• Subject new products to tough scrutiny at specified
points in the development cycle
• Eliminate weak products
• Guide promising prototypes from labs to the market
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Global Product Development
• Representatives of all the affected functional
areas serve on each team to ensure the
integrity of the project
• Multidisciplinary teams in an organization
• Maximize the payoff from R&D by streamlining
decision making
• Reduce development time of a new product
• Reduce overall material costs
• Trim manufacturing processes
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Global Product Development
• Companies focus on reducing the language
and cultural barriers among R&D teams
• R&D consortia have been established to
develop technologies ranging from artificial
intelligence to those in semiconductor
manufacturing
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Global Product Development
• Testing of new product
• Final stage of product development
• Ranges from reliability tests to mini-launches
• Undertaken to avoid high rate of product
failure
• Reasons for product failure
• Lack of product distinctiveness
• Unexpected technical problems
• Mismatches between functions
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Global Product Development
• Market testing techniques
• Controlled market tests: Assesses an
item’s sales potential in a real-world
environment
• Simulated test markets: Offer simulation
under realistic conditions from a 360°
marketing vantage point
• Vitality lab: Provides a directional gauge of
the initiative’s potential with real consumers
making real purchases
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Global Product Development
• Global product launch
• Introducing the product into countries in
three or more regions within a narrow time
frame
• Measures undertaken for successful launches
• Involvement of country managers
• Pre-launch attention to localization and translation
requirements
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Global Product Development
• Benefits of a successful global launch
• Permits the company to showcase the product
• Removes old models at once
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Managing the Brand Portfolio
• Managing the brand portfolio
• Branding is one of the major beneficiaries of a
well-conducted portfolio analysis
• Brands help to:
• Shape customer decisions and create economic
value
• Influence the purchasing decisions of B2B and B2C
consumers
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Managing the Brand Portfolio
• Co-branding – Two or more brands are
combined in an offer
• Global marketers have three choices of
branding
• Use of the corporate name
• Use family brands for a wide product line
• Use individual brands for each item in the product
line
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Managing the Brand Portfolio
• Brand strategy decisions
• Global brands: Reach the world’s
megamarkets and are perceived as the same
brand by consumers and internal constituents
• Some are completely standardized, but some
elements may be adapted to local conditions
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Managing the Brand Portfolio
• Characteristics of global brands
• Carry a strong quality signal and compete on
emotion
• Cater to the need of feeling cosmopolitan
• Reflect the professional and personal status of the
user
• Use their monetary and human resources to benefit
society
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Managing the Brand Portfolio
• Brand strategy decisions
• Three main implications for the marketing
manager to consider:
• Avoid hiding globality by communicating the
features of a brand to consumers
• Tackle home-country bias
• Satisfy the basic quality and aspiration associated
with brands
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Managing the Brand Portfolio
• The SBU and general management establish a
planning policy document with respect to:
•
•
•
•
Brand positioning
Labeling
Packaging
Communications platform
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Managing the Brand Portfolio
• Carefully crafted brand portfolios allow
marketers to serve defined parts of specific
markets
• The brand portfolio needs to be periodically
and regularly assessed
• Before disposing a brand, managers need to
assess it in terms of current sales, loyalty,
potential, and trends
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Managing the Brand Portfolio
• Private brand policies
• Private brands: Intermediaries’ own branded
products or “store brands”
• Methods used for private branding:
• Umbrella branding with the intermediary’s name
• Separate brand names for individual products or
product lines
• Private brand goods have achieved significant
penetration in many countries
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Exhibit 11.8 – Private Brand
Strategies
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Product Counterfeiting
• Counterfeit goods – Goods bearing an
unauthorized representation of a
trademark, patented invention, or
copyrighted work that is legally protected
in the country where it is marketed
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Product Counterfeiting
• Types of actions that can be taken
against counterfeiting
•
•
•
•
Legislative action
Bilateral and multilateral negotiations
Joint private-sector action
Measures taken by individual companies
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Exhibit 11.10 – Measures to
Combat Counterfeiting
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Product Counterfeiting
• Companies are taking measures to help
protect their products against
counterfeits
• Legitimize offenders by converting them into
authorized licensees
• Maintain close contact with the government
• Retain outside investigators to monitor the
market and stage raids with the help of law
enforcement officers
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Chapter 12
Global Marketing of Services
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Differences Between Services and
Goods
• Goods are physical objects, devices, or
things
• Services are deeds, performances, or
efforts
• Goods are fixed in form and require
physical distribution
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Differences Between Services and
Goods
• Services differ from goods most strongly
in their intangibility
• Services are generally more intangible,
personalized, and perishable
• Linkage between services and goods
• Goods and services complement one another
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Differences Between Services and
Goods
• Stand-alone services
• Services are strong in their intangibility
where they are consumed rather than
possessed
• Services have high perishability
• Services present problems in matching
service capacity to variations in demand
• Production and consumption of services
requires customer involvement
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Differences Between Services and
Goods
• Services are custom-made
• Firms need to maintain some amount of service
consistency
• Quality perception of service customers is
largely determined by the behavior of the
employees they contact
• Market transparency: Details of the service are
clear, comparable, and available to all interested
parties
• Service heterogeneity – Services may never be the
same from one delivery to another
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Differences Between Services and
Goods
• Services require new channels of distribution
• Since services are perishable, traditional distribution
channels cannot be used
• Cultural sensitivity
• Services are delivered directly to the customer,
making them potentially more culture sensitive than
products
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
The Role of Services in the U.S
Economy
• Infrastructure services comprises of
telecommunications, insurance, banking,
and logistics
• Cross-border transactions: People,
information, and money crossing national
borders during the exchange process
• Total U.S. service exports grew from $6
billion in 1958 to $560 billion in 2010
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
The Role of Services in the U.S
Economy
• The leading U.S. services exported in
2010
• Business, professional, and technical services
(46 percent of services exports)
• Travel services (19 percent of services
exports)
• Royalties and license fee (19 percent of
service exports)
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
The Role of Services in the U.S
Economy
• The United States had a trade surplus of
around $132 billion in 2009
• Trade surplus: Positive difference between
exports and imports
• Trade deficit: Im …
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