Marketing products and services

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Information about Marketing products and services
Business-Finance

Published on January 13, 2009

Author: aSGuest10399

Source: authorstream.com

MARKETING PRODUCTS AND SERVICES : MARKETING PRODUCTS AND SERVICES Slide 2: I - INTRODUCTION Companies that brand their products have various options when they sell their goods in multiple countries. More and more companies see global (or at least regional) branding as a must. Slide 3: II - Global Branding Strategies One of the major tasks that international marketers face is the management of their company’s brand portfolio For many companies the brands they own are their most valuable assets A brand can be defined as a name, term, sign, symbol, or a combination of them. Brand equity: a collection of assets and liabilities Slide 4: How do we strike the balance between a global brand that shuns cultural barriers and one that allows for local requirements? What aspects of the brand policy can be adapted to global use? Which ones should remain flexible? Which brands are destined to become “global” mega-brands? Which ones should be kept as “local brands”? How do you condense a multitude of local brands into a smaller, more manageable number of global brands? How do you execute the changeover from a local to a global brand? A – Concerns Slide 5: III - Global Brands A key strategic issue that appears on international marketer’s agendas is whether or not there should be a global brand. See Table 12-1 What is the case for global branding: a) economies of scale. The development costs for products launched under the global brand name can be spread over large volumes. b) Global brand has much more visibility than a local brand. Easier to develop brand awareness c) Prestige Factor. It signals that you have the resources to compete globally. Global brands that can claim worldwide leadership in their product category have even more clout Slide 6: Causes for Inter-Country Gaps in Brand Equity a) History b) Competitive Climate c) Marketing Support d) Cultural Receptivity to Brands e) Product Penetration Slide 7: IV - Local Branding There are also substantial benefits of using a local brand: a) Legal Constraints: localization b) Cultural barriers c) Patriotism d) Keeping the local brand can be preferable to changing it into a global brand Slide 8: V - Global or Local Brands ? Although there is often a drive to build up global brands, there are solid reasons to make an in-depth analysis before converting local brands into regional or global ones. See Figure 12-2 and Figure 12-3 Checklist for Analyzing Globalization Propositions: - What is the cost of creating and maintaining awareness and associations for local brand versus a global one? - Are there significant economies of scale in the creation and running of a communication program globally Slide 9: - Is there value to associations of a global brand or a brand associated with the source country? - What local associations will be generated by the global name? - Is it culturally and legally doable to use the brand name, symbol, slogan across the different countries? Slide 10: VI – Brand Name Changeover Strategies When the case for a transition from a local to a global (or regional) brand is made, the firm needs to decide on how to implement the changeover. Three broad strategic options exist: a) Fade-in/Fade-Out: The new global brand name is somehow tied with the existing local brand name. After a transition period, the old name is dropped b) Transparent Forewarning: Alerts the customers about the brand name change c) Summary Axing: The company simply drops the old brand name and immediately replaces it with the global name. Slide 11: VII – Private Labels (Store Brands) Several Factors Explain the success of private labels: a) Improved quality of private label b) Development of premium private-label brands c) Shift in balance of power between retailers and manufacturers d) Expansion into new product categories e) Internationalization of retail chains Slide 12: VIII – Protecting Brand Names How? The most common way to seek protection is by legal registration There are several international agreements: a) Paris Convention for the Protection of Intellectual Property b) EU What should be protected? a) Name, b) The translation of the brand name or transliteration – representations in the local language that have the same sound c) Slogans, jingles, visual aspects Where? Slide 13: IX – Managing Multinational Product Lines The product assortment is usually described in two dimensions: a) Width: refers to the collection of different product lines marketed by the firm b) Length: refers to the number of different item within a given product line Thus, the product mix for a MNC could vary along the width and or length dimension across the different countries where the firm operates. Slide 14: Most MNCs have aproduct mix that is partly global and partly home-grown Several drivers impact the composition of a firm’s international product line - Customer preferences - Competitive Climate - Organization Structure - History Slide 15: X – Product Piracy Product piracy is one of the downsides that popular global marketers face. Strategic Options Against Product Piracy - Lobbying Activities - Legal Action - Product Policy Options (holograms, redesign) - Communication Options Slide 16: XI - Country of Origin (COO) Stereotypes There is ample evidence that shows that for many products, the “Made in” label matters a great deal to consumers. Key findings: a) COO effects are not stable; perceptions change over time b) In general, consumers prefer domestic products over imports c) The critical factor appears to be the place of manufacture rather than the location of the company’s headquarters d) Demographics makes a difference e) COO effects depend on the product category Slide 17: Strategies to Cope with COO Stereotypes Country image stereotypes can either benefit or hurt a company’s product a) Product Policy; Select a brand name that disguises the country-of-origin or even invokes a favorable COO b) Pricing: low or high price c) Distribution: companies could influence consumer attitudes by using highly respected distribution channels d) Communication Slide 18: XII – GLOBAL MARKETING OF SERVICES Worldwide the service sector accounts for more than 60% of the world output. A – Challenges in Marketing Services Internationally - Protectionism - Difficulties measuring Customer Satisfaction Overseas B – Opportunities in the Global Service Industries - Deregulation of Service Industries - Increasing Demand for Premium Services - Increase Value Consciousness Slide 19: C – Global Service Marketing Strategies - Capitalize on Cultural Forces in the Host Market - Standardize and Customize - Central Role of Information Technologies - Add Value by Differentiation - Establish Global Service Network

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