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International Business: Product Definition & Scope

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International Business: Product Definition & Scope

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Questions and Answers

What is the primary challenge in international marketing?

Standardization vs Adaptation (correct)

New product development

Product elimination

Finding new uses for existing products

How many forms of product development are there in international/export marketing?

Three

Four (correct)

Two

Five

What is the purpose of product adaptation in international marketing?

To eliminate products

To reduce costs

To customize products to foreign markets (correct)

To increase sales

Why do companies often standardize products?

To reduce costs Signup and view all the answers

What is product strategy in international marketing?

Policy regarding product adaptation or standardization Signup and view all the answers

What is the benefit of product standardization?

Reduced costs Signup and view all the answers

What is the purpose of new product development?

To create new products Signup and view all the answers

What is product elimination?

Removing a product from the market Signup and view all the answers

Why do companies adapt products in international marketing?

To customize products to foreign markets Signup and view all the answers

What is the goal of finding new uses for existing products?

To find new markets for existing products Signup and view all the answers