Product decisions marketing management
product – Market Management is focused on making the right decisions about the marketing mix starting with product decisions and communicating those decisions both internally and externally.
Products are, in general, classified on the basis of their characteristics like usage, durability and tangibility. Marketers use various marketing mix strategies for each product type
. Products are also classified depending on who the final purchaser is and how he uses them. They are thus divided into (i) consumer products- Consumer products are products that are bought by a consumer for personal, family, or household use.
(ii) industrial products.-Industrial products are products that are purchased to produce other products or facilitate the smooth functioning of an organization. They are purchased to satisfy organizational needs.
International marketing product decisions need to take 5 important characteristics into consideration. They are primary functional purpose, secondary purpose, durability and quality, method of operation, and maintenance.
Product design plays a key role in the success of global marketing. Product design decisions address questions, such as whether to design different products for different national markets or to design a single product for the global market. Four factors influence the product design decisions of international marketers: preferences, cost, laws & regulations, and compatibility.
International product mix is a set of all product lines & items meant for sale in overseas markets. The issues that need to be addressed while taking decisions on the international product mix are, the number of product lines, the degree of consistency in these product lines, and their length and depth.
The major characteristics of services are intangibility, inseparability, heterogeneity, and perishability. Many factors, such as innovation, excellence in customer service, and efficient operations contribute to the success of an organization at the global level. Before entering a foreign country, a service organization needs to check if it has sufficient resources to venture into the market, whether the mode of entry is appropriate, the demand in the market is adequate, the management style is appropriate, and it has the right people to deal with suppliers and the local authorities.
product – Market Management is focused on making the right decisions about the marketing mix starting with product decisions and communicating those decisions both internally and externally.
Products are, in general, classified on the basis of their characteristics like usage, durability and tangibility. Marketers use various marketing mix strategies for each product type
. Products are also classified depending on who the final purchaser is and how he uses them. They are thus divided into (i) consumer products- Consumer products are products that are bought by a consumer for personal, family, or household use.
(ii) industrial products.-Industrial products are products that are purchased to produce other products or facilitate the smooth functioning of an organization. They are purchased to satisfy organizational needs.
International marketing product decisions need to take 5 important characteristics into consideration. They are primary functional purpose, secondary purpose, durability and quality, method of operation, and maintenance.
Product design plays a key role in the success of global marketing. Product design decisions address questions, such as whether to design different products for different national markets or to design a single product for the global market. Four factors influence the product design decisions of international marketers: preferences, cost, laws & regulations, and compatibility.
International product mix is a set of all product lines & items meant for sale in overseas markets. The issues that need to be addressed while taking decisions on the international product mix are, the number of product lines, the degree of consistency in these product lines, and their length and depth.
The major characteristics of services are intangibility, inseparability, heterogeneity, and perishability. Many factors, such as innovation, excellence in customer service, and efficient operations contribute to the success of an organization at the global level. Before entering a foreign country, a service organization needs to check if it has sufficient resources to venture into the market, whether the mode of entry is appropriate, the demand in the market is adequate, the management style is appropriate, and it has the right people to deal with suppliers and the local authorities.
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