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Product Components for Adaptation

Learn about the components of adaptation in products and services, barriers to entering international markets, and lucrative opportunities available. Discover essential insights for expanding your business globally.

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Product Components for Adaptation

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  1. Welcome to class of Services MarketingbyDr. Satyendra SinghProfessor, Marketing and International BusinessUniversity of WinnipegCanadas.singh@uwinnipeg.cahttps://abem.uwinnipeg.cahttps://www.abem.ca/conference

  2. Product Components for Adaptation

  3. Product Component for Adaptation • Support Services Component (increase life) • Repair and Maintenance • Instruction Manuals characters • Installation instructions audio

  4. Services • Product: value physical Appearance • Services (consumer/industrial): ValueProcess • Services are major of world business • Service/total export= 30% in UK--highest • CanadaAgri, eng, insurance, r&d, mgmt. Consulting… • Definition of Services • Intangibility • Insurance, dry cleaning, hotel • Inseparability • Production and consumption is simultaneous • Heterogeneity • Individually produced, slight variation • Perishability • Cannot be stored

  5. Barriers to Entering International Services Markets • Protectionism • Professional pass certification exam in local language • Recognition of foreign credentials • Restricted movement of people • Intellectual Property • Trade-Related Intellectual Property Rights (TRIP)/GATTimplemented • Piracy—India, China • Data Transfer Across Borders • Individual data e.g. consumer preferences, insurance • Cultural Barriers • Smile while serving, talking in the class, tip x% in the USA, round fig. In EU, No tip in China! Long vacation packages for Japanese (10 days) vs. Las Vegas – 4 days

  6. Opportunities in International Services Markets • Insurance • ATM • Cable TV • Sports Events • Beijing Toronto International Hospital • Higher Education Demand (MBA) in India • Call Centres • After-Sales Services (SAS) • Standard Aero– spare engine while plane under repair! • P&G train superstore mgrs – ordering cycles and shelf stocking • Firms need to be responsive • Multi-site service centre – industrial products • Include local firms to improve SAS

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