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Product Decisions

Product Decisions. Chapter 11 Global Marketing. Product Concepts. A product is a good, service, or idea Tangible Attributes Intangible Attributes Product classification Consumer goods Industrial goods. Consumer Goods Classification. Buyer orientation

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Product Decisions

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  1. Product Decisions Chapter 11 Global Marketing

  2. Product Concepts • A product is a good, service, or idea • Tangible Attributes • Intangible Attributes • Product classification • Consumer goods • Industrial goods Keegan and Green, Chapter 11

  3. Consumer Goods Classification • Buyer orientation • Amount of effort expended on purchase • Level of risk • Level of involvement • Product life span Keegan and Green, Chapter 11

  4. Buyer Orientation Based Product Classification • Convenience • Preference • Shopping • Specialty Keegan and Green, Chapter 11

  5. Life Span Based Product Classification Durable Non-Durable Disposable Keegan and Green, Chapter 11

  6. Brands • Bundle of images and experiences in the customer’s mind • A promise made by a particular company about a particular product • A quality certification • Differentiation between competing products • The sum of impressions about a brand is the Brand Image Keegan and Green, Chapter 11

  7. Brand Equity • The added value that accrues to a product as a result of investments in the marketing of the brand • An asset that represents the value created by the relationship between the brand and customer over time Keegan and Green, Chapter 11

  8. Global Products and Brands • Global products meet the wants and needs of a global market and is offered in all world regions • Global brands have the same name and similar image and positioning throughout the world Keegan and Green, Chapter 11

  9. Branding • Combination or tiered branding: allows marketers to leverage a company’s reputation while developing a distinctive identity for a line of products • Sony Walkman • Co-branding features two or more company or product brands • Nutrasweet and Coca-Cola • Intel Inside Keegan and Green, Chapter 11

  10. Brand Extensions • Brand acts as an umbrella for new products • Example: The Virgin Group • Virgin Entertainment: Virgin Megastores and MGM Cinemas • Virgin Trading: Virgin Cola and Virgin Vodka • Virgin Radio • Virgin Media Group: Virgin Publishing, Virgin Television, Virgin Net • Virgin Hotels • Virgin Travel Group: Virgin Atlantic Airways, Virgin Holidays Keegan and Green, Chapter 11

  11. The Most Valuable Brands Keegan and Green, Chapter 11

  12. Global Brand Leadership • Using organizational structures, processes, and cultures to allocate brand-building resources globally, to create global synergies, and to develop a global brand strategy that coordinates and leverages country brand strategies Keegan and Green, Chapter 11

  13. Guidelines for Developing Global Brand Leadership • Create a compelling value proposition • Think about all elements of brand identity and select names, marks, and symbols that have the potential for globalization • Research the alternatives of extending a national brand versus adopting a new brand identity globally • Develop a company-wide communication system Keegan and Green, Chapter 11

  14. Guidelines (cont.) • Develop a consistent planning process • Assign specific responsibility for managing branding issues • Execute brand-building strategies • Harmonize, unravel confusion, and eliminate complexity Keegan and Green, Chapter 11

  15. Self-actualization External/Internal Esteem Social Safety Physiological A Needs-Based Approach: Maslow’s Hierarchy of Needs Keegan and Green, Chapter 11

  16. Status Admiration Affiliation Safety Physiological Maslow’s Hierarchy: The Asian Equivalent Keegan and Green, Chapter 11

  17. Strategic Alternatives in Global Marketing • Extension – offering product virtually unchanged in markets outside of home country • Adaptation – changing elements of design, function, and packaging according to needs of different country markets • Creation – developing new products for the world market Keegan and Green, Chapter 11

  18. Global Product Planning: Strategic Alternatives Product Communication Same Different Strategy 2: Product Extension Communication Adaptation Strategy 4: Dual Adaptation Different Same Strategy 3: Product Adaptation Communication Extension Strategy 1: Dual Extension Keegan and Green, Chapter 11

  19. Factors Affecting Choice of Product/Communication Strategy • Product • Market • Costs of adaptation Keegan and Green, Chapter 11

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