According to the statement of Timothy Mahea (B. Com, MBA, MMSK, MPRSK) written in the LinkedIn, the role of marketing is too important to be ignored in today's world. Big companies and startup businesses compete along the same marketplace currently, and the victors were the most groundbreaking and proactive. Today, the economic growth has recognized the potential of smaller efforts to improve their growth even more. As more than just a result, the continued existence of a business depends on its wise marketing efforts, together with financial transactions within its structural system.
Let us first know the marketing concept. Meeting and exceeding the customer needs more than the competition to achieve the company's objectives. The concept of marketing, directing customers' corporate activities focuses on satisfying customers and comprehensive effort. All employees accept responsibility for meeting their customers' objectives. The conviction that company objectives can be achieved by satisfying customers, and the concept of marketing is meeting and exceeding customer requirements and expectations better than the competition in achieving corporate objectives. We all know that marketing revolves around the Marketing Mix, which is the Product, Place, Promotion and Price with the extension of Process, People and Physical Evidence.
The Evolution of Marketing Concept is the following:
1.) Marketing Orientation-integrated customer focus and long-run profits through customer satisfaction. It flows from customers’ needs, to potential market opportunities, to marketing products and services and going to end-user or consumer.;
2.) Sales Orientation-focus on promotion and short term gains in profit through sales increases.
3.) Product Orientation-production and assembly line refinement and profits through production controls.
It flows from production capabilities, manufacturing the products, to the aggressive sales effort and to the end-user or the consumer. As with many other things, there are limitations to the Marketing concept. First, the marketing concept as an ideology, marketing to its society, next is as a constraint on innovation and, lastly, marketing as a source of dullness.
In developing ties between consumers and organizations offering to the consumer, marketing plays a vital role. Throughout contrast to circumstances in which products enter the market without publicity, it gives us the confidence to want to try a new product.
As a result, whether the organization is for profit or not, the marketing function is critical in every organization. Products associated a public productivity, how people tend to associate the firm's goods or services, and gives people trust in their goods or services. Therefore, The Marketing function also collects the company's branding, advertising, form of marketing interaction. Each launch of products starts with marketing and ends with marketing, in which the company defines the needs of consumers after the products have been introduced and tries to determine if client needs are being met.
The factors are important in the standardization versus adaptation product decision process:
Offering a common product on a worldwide platform is what standardization entails. Nevertheless, a product's export potential in one market may be enormous, whereas the identical product in another market may be completely ignored. The following are possible explanations:
Various physical conditions
There are several functional needs
Various cultural elements
Different preferences
Different stages of technical advancement and skill sets
Because of the aforementioned characteristics, a product would need to be modified in order to be sold in another market. To be successful in different markets, the product must be adaptable in terms of design, color, size, flavor, packaging, and so on. Product adaption is the term for this transition process. Offering different product versions to fulfill the individual needs of each of its several global marketplaces is what adaptation entails.
Customer Orientation
Customer orientation, or the customer's reaction to the product, is the most essential aspect influencing the exporting firm's decision in favor of product standardization and adaption. The elements of customer orientation are as follows: Tastes, interests, and habits, as well as purchasing power. Factors such as socio-cultural background, literacy, and educational attainment Customer orientation has the following implications for product design: Product range, Size, Brand name or mark, Labels, Package color, and Use instructions.
Market Development Stage
Another aspect influencing a company's decision to standardize or adapt is the stage of market development. The following factors define the stage of market development: Infrastructure support facilities, such as transportation and communication, are available. Maintenance, Level of technical skills Product design will be influenced by the stage of market development in terms of product form, packaging, product simplification, and after-sales service.
Legal Considerations to Think About
For specific commodities, a number of countries have established product, packaging, and labeling requirements. In all situations, such regulations must be obeyed. The following are legal considerations: Patents, safety regulations, commercial terms, and control needs are all things that need to be considered. In terms of brand name/mark, label, language, measuring units and sizes, packaging, and directions for use, legal issues have an impact on the product.
Conditions of the Climate and the Physical Environment
The climatic conditions and physical surroundings of foreign countries can impact product decisions. Hot or cold climates, plains or hilly places, living conditions in the home, and so on make up the physical environment. Packaging protection, package size, and product storage are all influenced by the physical environment.
The principle elements of the product:
A product marketing strategy must include six key elements. Here are six key components of a successful product marketing strategy:
1. Finished product
It may seem self-evident, but having a strong product is the first step in developing a strong product marketing strategy. Before you begin planning your strategy, double-check that the product was designed with the customer in mind and meets their needs. Individuals also do not want to buy things; they would really like to find solutions to their problems. So, consider what problem your product solves for your target market. How will it better their situation? Addressing this issue will assist you in determining the best messaging for future promotion.
2. The target audience
Your strategy should be developed with your target audience in mind, just as your product should be. To do so, you must first gain a thorough understanding of the people in your audience and learn everything you can about them. Begin by conducting research and gathering as much information as possible about your target audience, such as their age, gender, marital status, educational level, and occupation. Better yet, conduct an interview with your customers. Arrange phone calls or meetings with them and inquire about their preferences. Pay attention to how they speak and the words they use. This can aid in the development of your story.
3. Communication
It's not enough to consider your target market when developing a product. You must interact with your audience. According to Customer Thermometer, when consumers are emotionally connected to a brand, they are more likely to trust it, and that emotional connection is formed through your messaging. A narrative should be the foundation of your product inway to get your audience to connect with your product.
4. Individuals
A multi-team effort is recommended to produce and promote a product. Keeping multiple teams on the same page, on the other hand, is a difficult task. Product marketers must act as a link between sales, marketing, engineering, and development departments. They must unite the teams and ensure that everyone on the same page. Only 35% of participants believe they understand their role in delivering a branded customer experience, according to The Chartered Institute of Marketing. The product marketer is in charge of educating and informing the entire team and organization so that everyone understands their responsibilities.
5. Promotional opportunities
The work doesn't end with a great product and a well-thought-out strategy. You can't expect your audience to rush out and buy your product if they haven't heard of it. You'll need to use strategic promotion to get the word out. According to CEB, 58 percent of consumers have tried a new brand they didn't know about a year ago in the last three months. Customers were able to learn about those brands because they invested in promotion. Your marketing strategy should focus on getting your message in front of the right people at the right time. You shouldn't have any trouble identifying the right audience if you've done your homework and created buyer personas.
6. Determination
The product marketing plan should be strategic and operative. You can't possibly expect accurate result from your strategy, but you can learn from them if you track them. Only 48% of marketers measure brand, consumer, and non-financial success metrics consistently, according to the Chartered Institute of Marketing. After you've put your promotion plan into action and your product has hit the market, you'll need to keep an eye on it and listen to see how successful you've been. Track e - mail clicks, website form submissions, reach, share of voice, and, of course, conversions.
The following are some of the most essential product communication strategies used in international marketing:
A product can only be sold abroad with the help of a communication plan, which is what communicates the promotional topic to international customers, allowing them to create perceptions about the product and, as a result, stipulating quantitative and qualitative sales for the producers. International marketers can choose from five key product communication strategies defined by Keegan to convey the message to clients in various foreign regions.
Strategic Option 1:
Extension of Product and Communications - At one extreme, a business can decide to promote a standardized product through a consistent communications strategy. This is a common strategy used by early entrants into the international arena. It is also preferred by small businesses with limited resources. Because of economies of scale, a standardized product policy combined with a standardized communication approach can save a lot of money. This strategy is primarily focused on the product rather than the market. The disadvantage is that it is likely to alienate foreign clients, who may switch to a local or foreign competitor that is more suited to their needs.
Strategic Option 2:
Product Extension – Communications Adaptation: Because of cultural or competitive differences, the same product is frequently used to provide benefits or functionalities that are vastly different from those available in the home market. Companies use advertising campaigns to advertise their products because of the disparities between the foreign and domestic markets. Although it maintains production economies of scale, the company foregoes significant advertising cost savings. Levi's, a clothing company, employs this strategy. Although the well-known Levi's brand name has clout in many areas of the world, and the essentials of manufacturing and distribution are handled by Levi's in a fairly uniform manner, there are significant disparities in the company's communication strategy within different regions.
Strategic Option 3:
Product Adaptation - Communications Extension: Firms could, on the other hand, alter their product while marketing it using a standardized communications strategy. The case for product adaptation is frequently favored by local market circumstances. The company's expansion. Many companies expand their product line by acquiring local businesses. The local brand is frequently preserved to exploit the purchased brand's existing brand equity. Even though these factors lead to product adaption, consumers with similar basic beliefs and purchasing habits may present an opportunity for a coordinated communications approach. n plan is another source of product adaption.
Strategic Option 4:
Product and Communications Adaptation - Dual Adaptation: The cultural and physical circumstances of different countries necessitate a twofold adaption strategy. In such conditions, adapting the company's product and communication strategy is the most realistic alternative for worldwide expansion.
Strategic Option 5:
Product Invention- Genuinely global marketers aim to figure out how to make items that are worldwide in scope rather than just for a single country. Rather of just adapting current products or services to local market conditions, they focus on global market prospects. Black & Decker is an excellent example of a corporation that approaches foreign market expansion through product creation. To manage its worldwide product development process, Black & Decker intends to bring out new products that respond to shared requirements and opportunities around the world. Black & Decker established a global household board.