Page 142 - DMGT547_INTERNATIONAL_MARKETING

Unit 7: Product Strategy for International Markets

World product and standardized product may some time be confused with each other. A Notes
world product is designed for the international market. A standardized product is product
develop for one national market and then exported with no change to international market.

7.11 Keywords

Behavioural Segmentation: It focuses on whether people buy and use a product, as well as how
often and how much they use it.

Demographic Segmentation: It is based on measurable characteristics of population such as age,
gender, income, education, and occupation.
International Products: Products that are offered in multinational, regional markets.

National Products: Products that are offered in a single national market.
Psychographic Segmentation: It involves grouping people in terms of their attitudes, values
and lifestyles.

Trade-off: A trade-off means that more of one thing necessitates less of another.

7.12 Review Questions

1. Differentiate between national and international products. Give examples.
2. How important is product testing, while preparing to launch a new product in the
international market?
3. What are product objectives and how should they be decided?
4. What do you mean by product standardization? How is it useful?

5. Is there a difference between product and service marketing? Justify your answer.
Answers: Self Assessment

1. True 2. False
3. False 4. False
5. True 6. False
7. Triability/Divisibility 8. Secondary

9. World 10. Standardized
11. Power 12. Decline
13. International 14. Adaptation
15. Standard

7.13 Further Readings

Books Cateora and Graham, International Marketing, McGraw Hill, 2007

Charles W.L. Hill, International Business Competing in the Global Marketplace,
4th Edition, Tata McGraw-Hill Publishing Company Limited

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