Please enable JavaScript.
Coggle requires JavaScript to display documents.
Product and the CUEGIS Concepts - Coggle Diagram
Product and the CUEGIS Concepts
Culture
Successful products provide customers with ADDED VALUE
Functional value
Refers to what the product actually does for customers.
Design and branding will depend on cultural differences and regional preferences.
Emotional Value
Refers to the psychology and the feel-good-factor behind the product
Ethics
Global brands have been GLOCALIZED to cater for local preferences
Producing the 'right' product to the right people at the right price is difficult due to the costs and other complexities
Globalization
Some products have become so popular on an international scale (GLOBAL BRANDS)
Image, physical make-up and appearance are almost identical whenever they are are marketed
Examples: Disney, Coca-Cola, McDonald's, Microsoft
Key Driving Forces include...
Brand exposure
Cost savings
Innovation
Technology, fashion, tastes and trends are constantly changing, and business need to adapt to this
Examples
Nokia was a wood manufacturing businees
Nintendo made playing cards
It is found out that complacency is dangerous, as it causes businesses to fail to keep up with market changes
INTENSIFIED Competition
Limited Competion
Regional Competition
Global Competition
Stability
Continuous Improvement
Continuous Innovation
Aided by tools such as SWOT analysis
Strategy
Brand Extension Strategies
Developing and launching new products under the same brand name, leading to Brand Loyalty
Cadbury's Virgin
Samsung
Integration of other elements of the Marketing Mix
Understanding these perceptions can help managers devise and implement better PRODUCT STRATEGIES
DIFFERENT products require DIFFERENT strategies
Multi-Brand Strategy: developing two or more brands in the same category
Could lead to PRODUCT CANNIBALISM
Using BCG MATRIX to decide