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PRODUCT AND CUEGIS CONCEPTS - Coggle Diagram
PRODUCT AND CUEGIS CONCEPTS
Ethics and culture
Glocalized
cater local preferences
Additional products to cater to the culture of a certain country the business are opening in
Product
Successful products offers customers added value and customer loyalty which helps businesses to launch new products for the same brand
Boston Matrix
Emotional value refers to the feel good factor after purchasing a product
globalization
Although strategy might be much more difficult, it has helped many businesses to gain global recognition and be an MNC. Their products will be called global brands
Driving forces: brand exposure and cost savings gained from using 1 marketing startegy
Innovation
it intensifies competition in the industries
More fierce in the consumer electronic as products kept on evolving
Shortens the product life cycle
Product strategy
Other than products, other marketing mix complement each other
eg: marketing segmentation, consumer profiling, position mapping.
Producing different products and specified products for specified people is difficult due to its complex nature and costs
businesses have adapt by multi brand strategy. Developing one or more brands on one product category.
Problem: product cannibalism
Brands from the same businesses would directly compete with each other.
Large companies uitlize multi brand startegy
