MCOM 2nd Year Contents Of Product Planning Study Notes MCOM Study Material Notes Question Answer Practise Model Papers
MCOM 2nd Year Contents Of Product Planning Study Notes | Index
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CONTENTS OF PRODUCT PLANNING
1. Design of a Product. The design of product should be determined in planning. The design of a product helps to use the product easily because it improves the look of product and makes it attractive. Many companies develop new design of product.
For example : The Institute of Ireland which name is Kilknney Design Workshop developed the new product for distribution in world market.
India also established the national design institute for making the product attractive and antique. Indian exporters want to increase their exports should take service of these institutes. Indian fashion designers and dress designers have made their space in world market.
2. Quality. Quality means the attributes which are included in product. The attributes of product are, hardness, thickness, length. The quality can be understood by seeing a product and sometimes it understood by use.
Before determination of a quality of the product for world market it should be considered what are the price sensitiveness of different market’s consumer. We can know this through market research. Usually the consumers of developed countries are more sensitive towards price and the consumer of undeveloped countries are less sensitive towards price. Different kinds should be determined according to price sensitiveness. The condition of Indian exporter is not good with regard to quality of products, Indian producers show the sample at the time of order and deliver inferior goods or bad goods. Indian exporter have not succeed in quality control. In 1983, central government has passed a regulation act for many products. It also includes electronic and engineering products. Quality control is compulsory for these products.
3. Colour. Colours have important place in human beings life to give them psychological satisfaction. Different countries attract for different countries. Indian customer likes sky blue coffee, coca-cola, pink, yellow, green, etc. bright colours.
Whereas American and European customer like light and simple colours instead of bright colours. They do not like Red, Green, etc. European customer loves light pink, light coral colours. Chinese likes red instead of white. It is clear that markets have difference because of colours. Which colour is favourite of one nation but the same colour may be unliked by other country.
4. Size. Size of product should also considered before planning for a world market. Size of product means quantity and shape. Size of product may be small, medium or giant. The size of product should be according to demand of customers. Some customers demand for small and some for giant or medium. Size depends on use of product. Some products should be giant or big for example: Refrigerator should be big because customer want to store more things in refrigerator and it needs more space another example is mobile phone people want small size phone because they have to take the phone everywhere to be connected with relatives and friends and for business purpose.
5. Brand Name. Brand name has a wide scope in the field of foreign marketing and product development. It includes any name, symbol, word, design. A foreign customer should be familiar with the product of exporter. The unique qualities of a product make the product different from after competitor product.
American Marketing Definition Association. A brand is a na symbol or design or a combination of these attributes which is int identify the goods or services of one group of sellers and to differentiate from others.
The brand name gives the information about a product. This brand name gives product separate identification.
BRANDING AND PACKAGING
Brand includes any term, symbol which intended to the identification of product. Today, customers are award for branded product. Every producer use brand name for their long-time marketing. Even product become famous by the brand name.
For example: In India, we take an example of Surf, which is cloth washing detergent and brand name of washing detergent. But customer asks for Surf (brand name) and shopkeeper give them washing detergent. It is very interesting that customer use Surf a brand name for other washing detergent.
So, it is clear from above example that how much a brand name may be famous or popular. Another example of brand name popularity customer use a brand name Colgate for every toothpaste.
IMPORTANCE OF BRAND
Brand name plays vital role in international marketing Marketer should select a brand name carefully. If a marketer becomes successful to establish a position of brand, he can earn more profit. Once a brand position established exporter can plan his sales efforts without falling in price competition. Price. competition reduces the profits. The good brand product makes the customers satisfied. A custoruer feels a proud in using product of good brand. Even a customer does not care for price because customer want total satisfaction. This condition is the objective of non-competitive price. A brand name helps to reduce price competition.