Please enable JavaScript.
Coggle requires JavaScript to display documents.
Product and CUEGIS by: Claire 11T - Coggle Diagram
Product and CUEGIS
by: Claire 11T
Culture and Ethics
brands are
glocalized
to cater for local preferecnes
products focus and
adapt to on needs of customers globally
, which vary according to local culture and ethical views
Example:
McDonald product adaptations in Indonesia
Indonesia is a Muslim country, therefore, McDonald's adapted to the needs of the population by
replacing pork with fish
in their products
McDonald's outlets in Indonesia
serve rice
since Indonesians prefer rice over bread.
Globalization
expansion opportunities
for the marketing of products internationally created
allows for an
increased exposure
and customer base (global brands)
cost saving through
marketing consistency
of products
Example
: Coca-Cola's similar branding and packaging globally
Innovation
increased competition
hence products must be modified and adapt accordingly
Example:
Kodak's camera films were quickly overthrown due to
continuous innovation
, leading to the
presence of new digital technologies
that were becoming more affordable as innovation leads to more cost-effective production as well
shortens
product life cycle
Strategy
Marketing Mix
the marketing mix supports a product to ensure it is marketed sufficiently and efficiently to
ensure the success of a product
in various diverse markets
products
need all the other elements of the marketing mix
so the product can succeed in a competitive market. Pricing that is too high for example might discourage consumers or marketing a place that does not market to a large audience, might not be effective
BCG Matrix
gives insight into
ways to deal with products
that are classified as stars, cash cows, problem children and dogs
1. Build --
strategy to
turn question marks into stars
involving added investment in resources to gain market share
2. Harvest --
gaining the most benefit
out of a product, involving large amount of advertising to turn stars into cash cows
3. Hold --
maintaining
the position of a product such as a cash cow through minimal yet sufficient investment
4. Divest --
selling off
unprofitable products (dogs) of the business to allocate resources elsewhere
Position Mapping
gives information regarding a
customers view and perception
of a product, therefore allowing businesses to plan and allocate resources accordingly
SWOT
enables managers to
analyze strengths, weaknesses, opportunities, and threats
for the business. This allows them to determine the
market suitable
for their products and what
products would likely succeed
Product Portfolio
to
remain competitive
, businesses must have a
DIVERSE
product portfolio
diverse product portfolios
mitigate risks
and increase likelihood of striving through change
multi brand strategy to market the different products with different strategies
might result in
product cannibalism
when brands from the same business compete with each other
Example
: Coca-Cola has other brands such as Fanta and Sprite to gain
greater shares of the soft drink market
(dominate the market)
Change
products
must change
according to customer needs to succeed
in particular, products must
adapt to current tastes and trends
such as in technology and fashion
Example:
Nintendo used to sell playing cards but since then has produced many games
the
market is dynamic
, hence products
cannot be stagnant
due to complacency
Successful products
provide added value
functional value:
what the product does for a customer
emotional value:
psychology or feel good factor of having the product
value through product strategy such as
design and branding,
which
depends on culture and preferences
of a specific region
foster brand loyalty
allows for the success of new products under the same brand name
(brand extension strategies)
Example:
Samsung has an
array of different products
such as TVs, smartphones, washing machines and more.