By: Poonam Vartika Meghna Ankita Nikita

A product is any offering by a company to a market what serves to satisfy customer needs & wants.

It can be an object , service , idea, etc.

Can be tangible or intangible. Exchange value.

Customer Satisfaction.

Core Product Basic Product Expected Product Augmented Product

Potential Product

Consumer Product.. Convience Product Shopping Product Speciality Product

Industrial Product.. Raw Material Equipments Fabricated Materials Operating Supplies

Standardisation policy: offering a uniform version of a product in all of its foreign markets. Adaptation policy: offering a product to targeted foreign consumers altered to specific tastes, preferences and needs. Adaptation can concern all the characteristics of the product. 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.

PRODUCT STRATEGIES.

Begin a new market investigation with secondary research. Develop a customer segmentation model. Perform qualitative customer research.

There are 2 types of promotional strategies..:-

1. PUSH STRATEGY A push promotional strategy involves taking the product directly to the customer via whatever means to ensure the customer is aware of your brand at the point of purchase. "Taking the product to the customer. Examples: a. Direct selling to customers in showrooms or face to face. b. Packaging design to encourage purchase

2. PULL STRATEGY A pull strategy involves motivating customers to seek out your brand in an active process. "Getting the customer to come to you" Example: a. Advertising and mass media promotion b. Word of mouth referrals. c. Customer relationship management d. Sales promotions and discounts

1. 2. 3. 4. 5. 6. 7. 8.

Idea Generation. Idea Screening. Concept development & testing. Business Analysis.

Market Testing.
Technical Implementation. Commercialization. New Product Specialization.

International product life cycle:

Life cycle begins when developed country ,having a new product ,to satisfy its consumer needs want to exploit its technological break through by selling abroad. Other advanced nations soon start up their own production facilites,and before long LDCs do the same.

Efficiency /comparative advantage shifts from developed countries to developing nations. Advanced countries no longer cost effective starts importing from its former customers. -Moral of the story is that advanced nations become victim of their own creation.

There are distinct five stages (stage 0 to stage 4) in the IPLC.It can shown on the graph by three life cycle curves for same innovation. -one for initiating country -for other advanced nations -for LDCs As innovation moves by the time ,directions for curve changes by the time.

Stage 0 Local innovation Stage 0, depicts time 0 on left of the importing /exporting axis, represent Highly fimiliar,regluar PLC in its original market Innovations most likely to occur in developed nations because of relatively unlimited wants. Advanced nations have capital and technology to develop new products.

Stage 1 Overseas Innovation As soon as new product is developed. Local demand is adequately supplied , innovating firm look to overseas markets to expand sales profit and sales. First exported to other advanced nations like UK,Canada because of similar needs ,high income levels. Countries with same economic cultures are perceived less risky by exporters .

Competion from other US firms only as other nations have not much knowledge about innovation. Low production cost due to economies of scale. High pricing, high marketing for consumer awareness. More exports by US and imports by other developed countries.

Stage 2-Maturity . Govt. put restrictions to protect local infants still firms can survive in spite of relative inefficiency. Innovating firm sales does not suffer much and sales are kept constant. Introduction arisising need of product offsets decline in exports to other developed nations.

Stage 3 World wide Imitation Decline in exports ,no new demand cultivated anywhere. Low prices to gain more customers. AT the end of the stage US export dwindles Example US Automobile industry.

Stage 4-Reversal Major functional characteristics are . Product standardization and Comparative disadvantage. Product is no longer capital or technology intensive but labor intensive major advantage possessed by LDCs. Thus,LDCs last imitators start supplying in its own countries as well as export to US.

US firms are undersold in their own countries E.g.- Black and white televisions are no longer manufactured in USA because many Asian firms can much less expensively than any other US firm. Consumers price sensitivity exuberates problem for initiating country.

A brand is a name, term, sign, symbol, or design, or a combination of them intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors. Examples.

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Brand identity decision includes: Logos, names, colors, taglines, symbols.

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Features:

Distinctive Lack Poor Foreign Language Meanings Suggest Product Qualities Suggest Product Benefits Easy to Pronounce, Recognize, Remember
Zit (Chocolate from Germany) Koff(Beer)

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The company can introduce:1. Line Extension 2. Brand Extension 3. Multi Brand 4. New Brand 5. Co brand

Brand Building: The steps

Determine the current image with customers. Define the desired image Identify focus area for action: Product development/innovation Packaging/delivery system Advertising/ promotion Implement action plan with a monitoring programme Feedback to action plan

Brands can convey six levels of meanings:

1. Attributes- product brings to mind certain attributes. 2. Benefits- it must b translated so as to influence customer attention. 3. Values- it also tells something about producer values. 4. Culture- the brand may represent a certain culture 5. Personality- brand projects a certain personality. 6. User-the brand suggest the kinds of consumer who buys and uses the product.

Design, materials, size Critical as marketing tool

Self-service Company & brand image Opportunity for brand innovation

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Thank you..!!!