Product Adaptation For International Markets

Product Adaptation For International Markets

Stages:


1.SECONDARY RESEARCH
Example Activity

  • Government, trade and information databases for target country
  • That country’s companies in your local market
  • Fellow national companies already in that target country


2. PRIMARY RESEARCH
Example Activity

  • Mystery shop analysis via trade fairs
  • Depth interviews, initial focus groups


3. GAP/OPPORTUNITY ANALYSIS
Example Activity

  • High value/unique features identification
  • Short/medium/long-term development prioritisation



4. INITIAL CONCEPT/PRODUCT SCREENING CRITERIA GO/NO-GO
Example Activity

  • Initial concept screening criteria (examples below) are used to include/exclude features


Criteria:

Fit with your brand

  • Consistent with brand values
  • Enhances overall brand amongst target audiences?


Fit with existing product range/Relative profitability level

  • Perceived to add value to current offering
  • Minimises risk of product cannibalisation
  • Achieves minimum required profitability targets
  • Potential to generate additional cross-sales
  • Degree of competitive differentiation
  • Establishes a clear positioning for company in the marketplace
  • Not regarded as “me-too” by consumers and distributors


Level of competitive insulation

  • Not easy for the competition to match it easily or quickly
  • Maintains a competitive edge for company as long as possible


Speed of implementation/Relative flexibility

  • Ability to bring new products/services to market
  • Ease of upgrading or amending to suit changing consumer/commercial requirements


Perceived customer value

  • Meets (and exceeds) customer’s expectations
  • Customer unable to obtain better value for the same cost


Synergy with existing systems and capabilities
Ease of development and implementation by the company
Cost of acquiring necessary capabilities

5. CONCEPT/PRODUCT NEXT STAGE Development (Staff)

Build out the complete product specification

  • Internal (staff storm sessions)


6. CONCEPT/PRODUCT NEXT STAGE DEVELOPMENT (EXPERTS)

  • Panel of local and international experts to participate in a “delphi” research and development process


7.CONCEPT/PRODUCT NEXT STAGE DEVELOPMENT (CONSUMERS)

  • Qualitative research (focus and depth interviews)
  • Quantitative research (market sizing)


8.PRODUCT/CONCEPT REFINEMENT

  • Good bits, bad bits, improve its
  • Core, expected, augmented own promotional values


9.PRIORITY/IMPLEMENTATION

  • Feature(s) decision


10.PRODUCT “INTRODUCTION FILE” LAUNCH FILE AND SPECIFICATION

  • High-level product concept, positioning (seller, intermediary, partner and consumer), features and benchmarking


Pricing

  • Features/costing/assumptions

Process

  • Systems spec
  • AdministrationDocumentation
  • Training
  • Compliance
  • Service levels
  • MIS reports
  • Translation process


Promotion

  • Key customer/seller/intermediary/partner elements/messages
  • Communication strategy
  • Communication mix
  • Customer sales and service literature
  • Information literature
  • Training sales process
  • Data/database etc.


Place

  • Trialing
  • Sales process design
  • Sales budget
  • Launch/training
  • Campaign management
  • Competitor reaction/assessment etc.

 

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Sunday, 22 October 2017
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