International Marketing and Production Strategies
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International Marketing
Key Concepts
Market Potential
The total number of units of a product that could be sold by all companies in a specific international market.
Sales Potential
The percentage of market potential a specific company expects to sell in a specific international market.
Market Types
Industrial Market
Companies purchasing equipment and machinery.
Consumer Market
Represents over 50% of GDP in developed countries.
Government Market
Similar to industrial markets, but focused on major projects.
Marketing Strategies
Marketing Research
Collects information at a specific time to aid marketers' decisions.
Standardization
Using the same marketing strategies internationally as domestically.
Adaptation
Using different marketing strategies internationally than domestically.
Glocalization
Combining standardization and adaptation strategies.
New Product Development
Key Steps
Concept Testing
Presenting a new product idea to a small international market sample for feedback.
Business Analysis
Projecting potential revenue and profit for a new product.
Market Testing
Developing the marketing mix for a new product.
Commercialization
Finalizing the product, marketing mix, and introducing it to the foreign market.
Product Life Cycle Management
Product Life Cycle
Depiction of sales and profits over a product's lifetime.
Product Elimination
Formal procedure to determine which products to discontinue.
Reverse Strategy
Developing a product for emerging markets first, then selling it in developed markets.
Production Systems
Types of Systems
Manufacturing System
Goods dominate the product's value.
Service System
Services dominate the product's value.
Production Elements
Production Facility
The site where production occurs.
Raw Materials
Materials used to produce components.
Production Stages
Steps in the production process.
Operations Management
Managing the direct resources involved in a business's production system.