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Product & CUEGIS Concept - Coggle Diagram
Product & CUEGIS Concept
Globalization
Opportunities for multinational business
Product strategy difficult to operate on international basis
Global Brands
Popular product on international scale
Consistent Marketing
Similar marketing strategies in overseas market
Driving Forces
Brand Exposure
Cost Saving
Innovation
Intensifies Competition
Consumer Electronics Market
Shorten Product Life Cycle
Change
Business Complacency
Marketing Myopia
Product Change Complacency
Failure in Changing Markets
Product Strategy
Requires integration of marketing mix and market planning elements to succeed
Market segmentation and Customer Profiling To Measure & Cater Customer Needs
Position Mapping
Information Regarding Customer's Product Perception
Managers Devise & Implement Better Product Strategies
SWOT Analysis
Analyze Strength to be Developed
E.g., Brand Extension Strategies to Launch New Products
Highlight Weaknesses to be Addressed
Identify Potential Market Opportunities or Threats
Managers Decide Best Strategy Based on SWOT Analysis
Careful Product Strategy Whilst Managing Diverse Product Portfolio
Multi-Brand Strategy
(+) Beneficial to large scale company
Developing multiple brands in the same category
(-) Product Cannibalisms
Brands from same business compete
Different Product Require Different Strategies
Product Portfolio Analysis
Boston Matrix
Elements
Build
Investment to Gain Market Share
Low Market Share & High Growth Rate
Question Marks --> Stars
Harvest
Reaping Benefits (Profit) of Product
Requires large promotion and advertising
Stars --> Cash
High Market Share & Market Growth
Hold
Investment to Maintain Current Position
High Market Share & Low Market Growth
Divest
Low Market Share & Market Growth
Question Marks Removed If Unlikely to Turn Stars
Phasing Out/Selling Dogs
Removing Dogs
Main Users of Cash: Problem Child
Main Generators of Cash: Cash Cows
Optimal Product Portfolio
Take Advantage of Strengths (Stars & Cash Cows)
Develop Other Attractive Opportunities (Problem Child & Rising Stars)
Culture & Ethics
Glocalization
Cater Local Preferences
Cultural and Ethical Considerations
Retaining Global Brand Core Elements