The Pros And Cons Of Multinational Corporations

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After gaining more knowledge in the field of customer-driven marketing strategy decisions (segmentation, targeting and positioning), it is a must to delve deeper into marketing mix, since it was considered as the tactical tools that marketers use to implement their strategies and to create customer value as well as profitable customer relationships (Armstrong & Kotler 2008). Obviously, the product is usually the first and most basic marketing consideration in the marketing mix elements. In the context of globalization, more and more businesses have an ambition of creating global brands that take a huge advantage of cutting down operating cost. However, from the perspectives of most of Multinational Corporations (MNCs), a global marketing strategy…show more content…
In general, a product is anything that can be offered for sale that might satisfy a specific want or need. Broadly defined, products include more than just tangible objects, which could be other marketable offerings such as experiences, services, events, ideas and so on. Furthermore, a marketer should divide products and services into three different levels, namely core product, actual product and augmented product. The actual product, which focuses on the quality, features, a brand name and the design of a product, is the one that is physical while the augmented and core product are not. The core product is exactly the product's benefits that are valuable to the customers when they use this product. In addition, from my personal view, core product should be considered as the most directly related to the firm's core competencies. The augmented layer consists of several added values to the product that create customer value and the most satisfying customer experience, in other words, the measures that are taken to help the customers put the actual product to sustained use, for instance, product…show more content…
The reasons are that new products provide new value to the customers and also show an ability to improve customer society, for instance, innovative new drugs can be used to treat breast cancer. Furthermore, from a company’s view, new products support in continued existence as well as creation of new wealth by increasing their value in the market. However, it should be highlighted that not all new products are always successful, for some reasons such as incorrectly positioned or the actual product is poorly designed. Therefore, in my opinion, it can be said that NPD may be very risky for many MNCs, which requires the firms should gain insights into their consumers, markets, competitors and other factors that delivery value to customers. In other words, it is important to carry out a strong planning process with eight major steps that is described shortly

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