Int. Mkt Ch. 7 Flashcards
A bundle of attributes/satisfactions that provide value for exchange partners. Can be either a good or a service.
Product
3 Key Dimension of a Product
1) Core Product
2) Packaging
3) Auxiliary Dimension
product iself that remedies or satisfies a basic need
Core Product
Include post-sale service, training (if applicable), warranties, instructions, company contact information (including social media interfaces), brand image
Auxiliary Dimension
Elements of product used to communicate the brand name, logo, trademark, price as well as to protect/contain/present the product
Packaging
the global economy has largely shifted toward a services base. They are the largest part of the US economy, especially in exports. Services are intangible produts based around some act or performance that delivers value.
International Service
States that a new product is first developed, produced and consumed in a lead innovation nation such as the US or Japan; then is exported other developed nations or regions; finally production shifts to lesser developed or developing nations. Today, especially with technology, products may be designed and developed in innovation nations, but actually manufactured in developing nations such as China
Product Cycle Theory
All benefits that result from being the first mover in a market
Pioneering Advantage
Product Life Cycle
1) Introduction 2) Growth 3) Maturity 4) Decline
items purchased spontaneously with no preplanning for the enjoyment that the purchase provides
Impulse products
goods that are used regularly and tend to be replenished often, such as sugar, flour, rice, millet, salt, and soap.
Staples
T/F: Consumers compare several brand an more carefully consider prices
True
T/F:Marketer typically employ selective distribution strategies for shopping products, which means retail outlets are chosen for each GEOGRAPHIC region
True
Groups of of similar products within particular category
Product Lines
The total numbers of products that a firm carries
Product Mix
Cultural factors don’t affect design of labels, use of art, color, images and wording.
False
Elements such as shape, color, font usage, and pictorials help to communicate brand meaning to customers and differentiate the product from the competition.
Visual Elements
The package transmits vital and legal information regarding the contents of the package and the product.
Marketers should ensure that the language and metrics used on the package will be suitable for the selected target market.
Information Elements
Protect the product, and some elements, such as plastic, must be carefully considered by international marketers due to regional restrictions and sustainability issues.
Protective Elements
Package shapes and features that help the consumer recognize the brand . Helps convey desired imaged to others
Symbolic Elements
Some International Business Products are
Raw Materials; Maintances, Repair, and Operating supplies; Components Parts, Accesory Equipment; Business Services; Process Materials; Installations
provides standards that guide management practice as it relates to quality management and assurance
ISO (International Organization of Standardization )
An alternative strategy for successful market penetration, in which changes the perceptions of the product in the minds of consumers.
Repositioning
