Scribd
Upload
65 views14 pages

International Marketing and Consumer Behavior

The document discusses three main topics: 1. It defines what a product is and notes that every product has a life cycle and may need to be reinvented over time. 2. It describes the international product life cycle model, noting products typically originate in developed countries and move through introduction, growth, maturity, and decline stages both domestically and abroad. 3. It outlines the new product development process, emphasizing the importance of understanding customer needs, defining the product, and identifying market issues and development approaches.

Uploaded by

kd
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
65 views14 pages

International Marketing and Consumer Behavior

The document discusses three main topics: 1. It defines what a product is and notes that every product has a life cycle and may need to be reinvented over time. 2. It describes the international product life cycle model, noting products typically originate in developed countries and move through introduction, growth, maturity, and decline stages both domestically and abroad. 3. It outlines the new product development process, emphasizing the importance of understanding customer needs, defining the product, and identifying market issues and development approaches.

Uploaded by

kd
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
You are on page 1/ 14

INTERNATIONAL

MARKETING AND
CONSUMER BEHAVIOR
3RD INTERNAL ASSINGMENT

TOPIC : PRODUCT
• International Product Life Cycle
• New Product Development

PRESENTED BY : KULDEEP AHIR


ROLL NO : MFT/17/1955
CONTAINS
 What is Product ?

 International Product Life Cycle

 New Product Development


What is product?
Definition: A product is the item offered
for sale. A product can be a service or an
item. It can be physical or in virtual or
cyber form. Every product is made at a
cost and each is sold at a price. The
price that can be charged depends on
the market, the quality, the marketing
and the segment that is targeted. Each
product has a useful life after which it
needs replacement, and a life cycle after
which it has to be re-invented. In FMCG
parlance, a brand can be revamped, re-
launched or extended to make it more
relevant to the segment and times, often
keeping the product almost the same.
.
International product
life cycle

The international product lifecycle (IPL) is an


abstract model briefing how a company evolves over
time and across national borders. This theory shows
the development of a company’s marketing program
on both domestic and foreign platforms.
International product lifecycle includes economic
principles and standards like market development
and economies of scale, with product lifecycle
marketing and other standard business models.
Introduction

Most new products are produced in and exported


from developed countries because of their
combined demand conditions and labor skills.
Many reasons account for the dominant position
of developed countries, including competition,
demanding consumers, the availability of
scientists and engineers, and high incomes.

Growth
As sales of the new product grow,
competitors enter the market. At the same
time, demand is likely to grow substantially in
foreign markets, particularly in other
developed countries.
  Maturity

In this stage, worldwide demand begins to


level off, although it may be growing in some
countries and declining in others. There is often
a "shake-out" of producers such that product
models become highly standardized, making
cost an important competitive weapon.

Decline
As a product moves to the decline stage, those
factors occurring during the mature stage continue
to evolve. The markets in developed countries
decline more rapidly than those in developing
countries as affluent customers demand newer
products. By this time, market and cost factors
have dictated that almost all production is in
developing countries, which export to the declining
or small-niche markets in developed countries.
NEW PRODUCT
DEVELOPMENT

New product development is the process


of converting an idea into a workable software
product.

The New Product Development (NPD) process


is about grabbing the market opportunity that
revolves around
customer needs, checking the idea’s
feasibility, and delivering working
software.
NEW PRODUCT DEVELOPMENT
PROCESS
New product development
strategy

With a well-considered new product development (NPD) strategy, you


can avoid wasting time, money and business resources. An NPD
strategy will help you organise your product planning and research,
capture your customers' views and expectations, and accurately plan
and resource your NPD project.

Define your product

An accurate description of
the product you are planning
will help keep you and
your team focused and
avoid NPD pitfalls such as
developing too many
products at once, or
running out of resources
to develop the product.
Identify market needs

Successful NPD requires a thorough knowledge of your target market


and its needs and wants. A targeted, strategic and purposeful
approach to NPD will ensure your products fit your market.

Ask yourself:
•What is the target market for the product I am proposing?
•What does that market need?
•What is the benefit of my proposed new product?
•What are the market's frustrations of existing products of its type?
•How will the product fit into the current market?
•What sets this product apart from its competition?
Identify key issues and approaches

There are many tasks involved in developing a product that is


appropriate for your customers. The nature of your business and
your idea will determine how many of these steps you need to take.
You may be able to skip or duplicate certain stages, or start some
of them simultaneously.
Key tasks include:

 generating and screening ideas


 developing and screening concepts
 testing concepts
 analysing market and business strategy
 developing and market testing products
 implementing and commercialising
products.

You might also like

pFad - Phonifier reborn

Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


Alternative Proxies:

Alternative Proxy

pFad Proxy

pFad v3 Proxy

pFad v4 Proxy