Advantages Of Global Product Strategy
Q2: WHAT NEW HAVE LEARNT WITH RESPECT TO GLOBAL PRODUCT STRATEGIES AND LAUNCH MANAGEMENT?
Global product strategies
Firm should always make the product strategies before launching any new product to market. The global product strategy involves four factors mainly the competitive situation, local and international environment, firm’s commitment, customers’ needs and competitive price. Further firm also needs to study and decide on the required degree of local adaption and expected globalization benefits of the product, use of internal resources or acquire the resources, the location of the product launch.
Example: Global Product Microsoft product (office).
Global competitive advantage
The product competitiveness is very important. Higher the
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The prelaunch includes study of market, consumer-buying behaviour, existing competitors, expected product price, performance and place. Company also needs to have the commitment for the resources on work force and finances. Global product launch involves coordinating with various launch teams for the common goal. Sometimes it requires education to consumers if the product is of high technology.
Example: Global product launch of W31 engine (Wartsila engine). Before making the product, Wartsila spent almost a year to understand the market requirement and developed the product considering all the requirements. Today it is one of the best marine engine in the world and got the Guinness book of record for the highest efficiency in the world. This product was launched in last year globally through various exhibitions and online launch. I am proud be an active members of this product launch.
Controlling the global
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Hence new channels are emerging, such as catalogue retailing, telephone ordering, TV shopping and Internet shopping. It also can be say that the E-shopping channels are increasing and also becoming more and more important. In China, Internet Channel is the main channel for the people who are doing business. Consumers also have learnt that buying the goods through the internet is cheaper. And it is also helping the producers to make the goods in cheaper as less overhead and middle man
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