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Product and CUEGIS Concepts - Coggle Diagram
Product and CUEGIS Concepts
Innovation
Has intensified competition in many industries
Might lead to global competition and further business strategies focusing on continuous innovation.
Strategy
SWOT Analysis
Highlights the product's weaknesses
Analysis helps managers develop next product or next strategies
Highlights the strengths in the product
Identify market opportunities and threates to pick the correct target in the market and to maximise profits by removing threats
Multi-brand strategy
Strategy where a company has multiple brands of the same products to gain a higher market share
A company like Nesle uses this strategy by having companies such as nescafe and kitkat, to gain a higher market share.
Boston Matrix, strategizing tool which helps managers plan a product portfolio.
Build - This strategy helps gain market share by investing necessary resources.
Harvest - This strategy reaps the profits of a product. Turn stars into cash cows by investing in advertising.
Cash cows - main source of cash
Problem children - main users of cash
Hold - This strategy invloves investing enough resources to keep product in current BCG Matrix segment.
Divest - This strategy involves phasing out, freeing up resources that can be used in other areas.
Globalization
Provides many opportunities for multinational businesses. However, strategies become more complicated and hard as companies are now operating on a global scale.
Global brands such as Disney, Microsoft and Apple usually have consistency in their strategies and marketing as a single market approach helps to save advertising money.
It can make an object so popular around the planet that it can be labeled as a global brand, increasing overall company popularity and profits.
Ethics
Focuses on local needs of overseas consumers.
Global brands have been glocalized to cater to these customers while retaining with core elements of the company
An example is KFC, how KFC adds menus depending on the country's local taste, to cater to the local customers wants, while still maintaining their very own original product.
