It is a highly profitable company nearly 100 years old. Services. If you decide on the adaptation strategy, you will use different strategies in foreign markets that satisfy the unique characteristics of each market. These products are sometimes internal products or they can be also competitors' product. Explain with an example. Globalization has helped in reducing the differences between countries. However, as with all successful global brands, Ikea takes the time to understand its international audiences. There are many price determinations technique which should be prior taken into consideration that is before launching the product in the foreign market. In this part of the product component model, the company like Trish McEvoy takes care of the trademark, brand name, Price, Quality, styling and Package. Methodology and Sampling We used a descriptive single holistic case study to describe standardization and adaptation international marketing activities of a firm by following the procedure of Yin (2003). Study.com has thousands of articles about every Review Question Answers. 38 chapters | functional features, performance) being the easiest (Doole/Lowe 2012, p. 253). Visit the Intro to Business: Help and Review page to learn more. Whereas for adaptation, a company would change their methods such as the price, promotion, packaging and/or the product itself in order to fit the needs and preferences of the market or a particular country. The promotion should be cost effective as if a particular company is getting cheap promotional tool then there should be not much spending on the promotional tools instead they should invest in some other place where results could be improved. There will be small investment in both the tools where both the tools are online. A short quiz follows the lesson. The documentation which is required while entering the foreign market is to provide print production and dates cannot be altered after the fact. The two distribution channels are –. Factors a) Standardisation - Economies of scale Product adaptation occurs when a company modifies a product for a foreign market. Mobile Internet is also gaining market share for marketing where more than 11 million mobile phone users are residing in UAE. Working Scholars® Bringing Tuition-Free College to the Community, To comply with foreign laws and regulations. The transportation cost in UAE is much lower as compared to other countries as fuel rates are also one of the important factor. Abstract The Coca-Cola Company is the world’s leading beverage company, with markets in over 200 countries and over 1,100 brands under their portfolio. As you will see from this website, product is a focal element of the marketing mix. The possibilities and pressures for standardising product elements in the international context differ, with adaptation being most necessary for augmented product features and standardisation of the core product (i.e. (What is Product Component Model, 2012), We have discussed about the marketing strategies which should be applied by the company like Trish McEvoy in order to setup existing international brand in the luxurious foreign market of UAE. Last but not the least there is description related to price determination where the roles of transportation costs, handling expenses, insurance costs, custom duties and retail price are discussed. This is the second promotional tool where 31% of UAE customers accepted that they have used online shopping for the products which were not available on the offline shops. Join Doug Ladd for an in-depth discussion in this video, Product adaptation and development, part of Marketing Foundations: International Marketing. 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