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Product Strategies: Basic Decisions & Product Planning

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Presentation on theme: "Product Strategies: Basic Decisions & Product Planning"— Presentation transcript:

1 Product Strategies: Basic Decisions & Product Planning
Chapter 10 Product Strategies: Basic Decisions & Product Planning

2 Chapter Outline What Is a Product? New Product Development
Market Segmentation Product Adoption

3 Chapter Outline Theory of International Product Life Cycle
- Stages and Characteristics - Validity of the IPLC - Marketing Strategies Product Standardization vs. Product Adaptation - Arguments for Standardization - Arguments for Adaptation

4 Chapter Outline A Move Toward World Product: International or National Product? Marketing of Services - Importance of Services - Types of Services - The Economic and Legal Environment - Marketing Mix and Adaptation - Market Entry Strategies

5 Product a bundle of utilities or satisfaction Bundling vs. unbundling

6 New Product Development
generation of new product ideas screening of ideas business analysis product development test marketing full-scale commercialization

7 Factors Influencing Product Adoption
Relative advantage (+) Compatibility (+) Trialability/divisibility (+) Observability (+) Complexity (-) Price (-)

8 Theory of International Product Life Cycle (IPLC)
Stage 0--Local Innovation Stage 1--Overseas Innovation Stage 2--Maturity Stage 3--Worldwide Imitation Stage 4--Reversal

9 Product Standardization vs. Product Adaptation
Arguments for Standardization - simplicity and cost - consistent company or product image - musical recordings and works of art - industry specifications - cultural universals

10 Product Standardization vs. Product Adaptation
Arguments for Adaptation - big-car syndrome - left-hand-drive syndrome

11 Mandatory Product Modification
Government regulations Electrical current standards Measurement systems Operating systems

12 Optional Product Modification
Physical distribution Local use conditions Climatic conditions Space constraint Consumer demographics as related to physical appearance

13 Optional Product Modification
User's habits Environmental characteristics Price Limiting product movement across national borders (gray marketing) Historical preference or local customs and culture

14 International Product Strategies
Standardized Product Domestic product introduced internationally, with minor or no modification Efficient but not effective Localized Product - Domestic product adapted for foreign markets Product designed specifically for foreign markets Effective but not efficient

15 International Product Strategies
Global Product - Product designed with international (not national) markets in mind - Product having universal features Product being adaptation-ready, when necessary Both efficient and effective

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