Good afternoon, everyone. So we are now in the learning objective 3 which focuses
on
Compare the way consumer and industrial products and services are modified for
international sale.
So why do we modify types of product for international sale?
A company has to modify its product to in order to conform to government regulations,
geographic and climatic conditions, buyer preferences or standards of living.
**here we define Product modification is enhancing existing products by making
essential modifications to their qualities. Be it nature, size, packaging, and color,
among other things, to respond effectively to changes in market demand.
(product modification means gina enhance/ gina improve and isa ka product by its
packaging, colo, size and nature in accordance sa market demand)
*** we have here Modifying 4 Types of Products
1. Industrial Products
2. Consumer Products
3. Services
4. Foreign Environmental Forces
So lets talk about
1. Industrial Products
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Industrial products are the least exposed to cultural differences
many industrial products can be sold unchanged worldwide.
Memory chips, for example, are used wherever computers are manufactured,
and there is no cultural content in nuts and bolts.
Adaptations are occasionally necessary to meet local legal requirements, such
as those that govern noise, safety, or emissions. To avoid the need to change
the product, some manufacturers design it to meet the most stringent laws even
though it will be overdesigned for the rest of its markets.
Adaptations are occasionally necessary to meet local legal requirements,
To avoid the need to change the
product, some manufacturers design it to meet the most stringent laws even
though it will be overdesigned for the rest of its markets.
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Importing computer parts from China may require Federal Communications
Commission (FCC) certification due to emitted electronic signals. In most
cases, FCC certification applies to finished parts rather than components. Also,
Chinese computer parts fall under section 301 tariff regulations to help offset
the cost of goods.
**FCC certification is required for any electronic device that can oscillate above
9 kHz. Manufacturers must make sure that their products will neither interfere
with other products nor cause risk and harm to the public
2. Consumer Products
Dunkin Donuts now has thousands of stores in more than 30 countries. How
has a donut chain become so successful on a global scale? They adapt their
donuts to appeal to local tastes. In China, they serve up pork and seaweed
donuts, in India, it’s saffron and pistachio donuts. If your budget allows for it,
customize your offerings to match unique regional tastes.
3. Services
services are distinguished from products mainly because they are generally
produced at the same time as they are consumed, and cannot be stored away
or taken. An enhanced marketing mix needs to be deploye
As a conclusion, globalisation is a phenomenon that proliferates deeply in the
field of
accountancy. It affects accountants by the rise of multinationals, thus increasing
opportunities and job mobility for accountants. It intensifies the need for uniform
accounting standards in the form of the IFRS. It accelerates the innovation of
accounting
software and mobile digital devices. It fosters increased competition, which in
turn
compels accountants to move up the value-chain and acquire professional
qualifications.
Lastly, globalisation increases the importance of keeping abreast with global
issues and
adapting to any changes that may occur
4. Foreign Environmental Forces
sociocultural
The social/cultural environment
The cultural environment consists of the influence of religious, family, educational, and
social systems in the marketing system. Marketers who intend to market their products
overseas may be very sensitive to foreign cultures.
The washing machines in United Kingdom, USA and India are tailored according to the
living habits of their local peoples demand. The products sold in UK and USA is
comparatively high in quality and price to the ones sold in India. Countries like USA
and UK, where the awareness of energy saving and eco-friendly products are higher,
Whirlpool markets its front loader washing machines which uses less power and water.
These products are better in design, technology and carry a much higher price tag
than products marketed in Asia. On the other hand, the company is still marketing
traditional top loader washing machines which consumes way more power and water,
but are available at a low price to consumer. India is one of the fastest growing
countries but there is not much awareness regarding eco-friendly products. People in
India prefers low price and durable products as buying power is very low. Having a
wide range of products in market helps Whirlpool to maintain its high market share
(IBEF, 2011a)
Chevrolet created a car called the Chevy Nova. This car was very popular in the
United States, but when they tried to sell them in Spanish speaking countries, they
seemed to have problems because NO VA means ‘no go’ so they thought the car
would not move. If companies are going to sell their products internationally, they need
to think about what their name means in the countries where they want to sell them.
Legal
The Canadian Consumer Packaging and Labeling Act requires that all labels be
bilingual in English and French, and that the following information appear on the
package/label of consumer goods sold in Canada:
Product Identity Declaration: describes a product’s common or generic name, or its
function. The declaration must be in both English and French.
Net Quantity Declaration: must be expressed in metric units of volume when the
product is a liquid or a gas or is viscous; or in metric units of weight when the product
is solid; or by numerical count. Net quantity may also be expressed in other
established trade terms.
Dealer’s Name and Principal Place of Business: where the prepackaged product was
manufactured or produced for resale. In general, a name and address enough for
postal delivery will be acceptable. This information can be in either English or French.
Exporters of food products face additional challenges because of different rules
regarding the types of health claims that can be made on labels and different nutrition
standards, such as recommended daily allowances of vitamins.
Saudi _All fresh meat and poultry products must be labeled with the production and
expiration dates, metric weight, the necessary storage temperature or range of
temperatures, and attestation that the product meets Halal slaughtering requirements