Page 129 - DMGT547_INTERNATIONAL_MARKETING

International Marketing Neha Khosla, Lovely Professional University

Notes Unit 7: Product Strategy for International Markets

CONTENTS
Objectives
Introduction
7.1 Products: National and International
7.1.1 National Products
7.1.2 International Products
7.2 New Product Development
7.3 International Product Planning
7.4 Product Adoption vs Standardization
7.4.1 Product Adoption
7.4.2 Standardization

7.5 International Product Marketing
7.6 Factors influencing Product Adaptation in International Markets
7.7 Trade-off Strategy
7.8 IPLC
7.9 Product Strategy
7.9.1 Why is a Product Strategy Important?
7.9.2 Elements of a Product Strategy
7.9.3 Creating your Product Strategy
7.9.4 Power of the Product Strategy
7.10 Summary
7.11 Keywords
7.12 Review Questions
7.13 Further Readings

Objectives

After studying this unit, you will be able to:

Differentiate between national and international products
Discuss concepts of new product development, product planning, and product adoption
and standardization
Discuss the concept of international product marketing
Explain the factors influencing Product adaptation in international marketing
Focus on trade-off Strategy, IPLC and Product Strategy

Introduction

A product can be defined in terms of its tangible, physical attributes – such things as weight,
dimensions and materials. Thus, an automobile could be defined as 3,000 pounds of metal or

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