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International Marketing: Product Policy and Planning

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International Marketing: Product Policy and Planning

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Questions and Answers

What is the fundamental decision in international marketing that relates to product policy and planning?

Product decisions

What are the two potential errors in product decisions that an international marketer can make?

Imposing a global standardized product where it is inapplicable and attempting to sell products into a country without considering cultural needs

What are the three options an international marketer has when it comes to product strategy?

Exporting the home market product, adapting the home market product to meet foreign customer needs, or developing new products for foreign markets

What is the process required for selecting a product strategy in international marketing?

A careful analysis of foreign market needs, appraisal of market opportunity, and detailed product planning Signup and view all the answers

What is the term used to describe the elements of product, price, promotion, and place decisions?

The Marketing Mix Signup and view all the answers

What is the product decision dilemma that international marketers often face?

Whether to sell globally standardized or adapted products Signup and view all the answers

What are the key factors that companies need to consider when selling in foreign markets?

Different languages, cultures, laws, rules, regulations, and requirements. Signup and view all the answers

Why is it essential for companies to research a new market before entering it?

To carefully research the potential opportunity and create a market entry strategy. Signup and view all the answers

What is the term used to describe markets outside of a company's own country?

Foreign Markets. Signup and view all the answers

What is the purpose of creating a market entry strategy?

To successfully enter a new market. Signup and view all the answers

What do companies need to consider when creating a market entry strategy?

The potential opportunity and the unique characteristics of the foreign market. Signup and view all the answers