Products and Services: Branding Decisions in International Markets
1. Please Give the overview of Chapter 7
2. Please describe Global Standardization:
3. What are the types of standardization strategies:
4. Please mention Regional Standardization:
5. Please complete the following terms:
b. Brand Name Counterfeiting:
c. Core Product Strategy:
d. Country of Manufacture:
e. Country of Origin:
Refers to the standardization of products across markets and the standardization of the marketing mix worldwide. The term is often used interchangeably with globalization, or adopting a global marketing strategy.
The five types of standardization strategies are: global standardization, regional standardization, global localization, mandatory adaptation, and local non-mandatory adaptation.
Refers to the use of a uniform marketing strategy within a particular region.
This strategy is becoming more appealing as regional market integration is gaining strength with emergence of unified markets like the European Union. Companies also benefit from economies of scale by concentrating certain marketing activities regionally.
Adaptation: The strategy of altering a product to better meet the needs of a local market
Brand Name Counterfeiting: Selling counterfeit products as brand name originals.
Core Product Strategy: The strategy of using the same standard core product/service worldwide, but varying certain aspects of the offering (product ingredients, advertising) from market to market.
Country of Manufacture: The country in which a particular product is manufactured.
Country of Origin: The country with which a particular product or service is associated.
6.False Multiple Choice