This week: Take your product and sell it in another country: Choose a country an
ID: 1208157 • Letter: T
Question
This week: Take your product and sell it in another country:
Choose a country and give some answers to these questions:
1. What are the postives and negatives or doing business in that country? Try to find what you think are some very breif positives or negatives, 2 each, or your opinion.
2. How would you localize your product, different from in Korea, to be successful in that country.
To localize means to change a product or service as needed to fit a country's culture or society.
3. How would you localize your marketing, different from Korea, to be successful in that country.
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Product Specifications: Coffee Mug with in-built thermostat to heat it continuously
Target Audience: College Students; IT Professionals; Office Canteen
Why is it a good product: It is a Good and useful product because people these days keep very busy. Many a times, it has been noticed that you order for coffee or make yourself a cup of coffee and then get busy in your work and your coffee gets cold. With the coffee mug with a thermostat, the coffee will remain hot. The mug will be charged by a small battery whose slot would be at the bottom of the cup concealed. The person using this coffee mug will not be required to throw the same away or put it for re-heating again which mars the taste of the same.
Marketing Strategies: Advertisement through pamphlet distributed in college canteens, or hostels or dormitories, or office canteens. Marketing of the same through facebook social media marketing. Since our target audience is young college going crowd, the pricing needs to be kept at a level which is affordable by them. An offer for one plus one can be given or a discount scheme on recommending a colleague or friend who in turn purchases the same.
Explanation / Answer
1. What are the positives and negatives or doing business in that country? Try to find what you think are some very brief positives or negatives, 2 each, or your opinion.
Answer 1: United States: If we select United states (US) as a target country:
the positives would be that: 1. The country itself is a developed country & they would love to accept the new concept & innovation. 2. The people in US are busy & always on the run so it would be beneficial to them.
the negatives would be that: 1. US itself develops many products and therefore the cost & timing has to be right to enter into a developed market. 2. At time cultures are reluctant or have a mindset regarding products & goods from other country which discourages them to try or adopt even a good product.
2. How would you localize your product, different from in Korea, to be successful in that country.
Answer 2: The innovation team has to try & develop a product which is versatile & accepted generally else they will need to setup a location based production to produce a product suitable for that particular region or country. There may be products which will be accepted in Asia but would fail drastically in Europe or America as their mindset & thinking may differ as per their culture & society.
3. How would you localize your marketing, different from Korea, to be successful in that country.
Answer 3: Each region & culture has different thinking's & it also depends on the environment which makes the marketing of the product easy or difficult. The thermostat mug which is meant for college and young crowd, will need to be focusing on areas nearing to the target crowd instead of places where there are old crowd who would not feel the need for this product or would not appreciate a electronic device for their drink.
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