What is the difference between product standardization and product adaptation?
Adaptation is an approach of detailing the differentiation that exists between products and services. Standardization of product is the approach for increasing commonality of product in the supply chain management.
Which is better standardization or adaptation?
Standardization is very cheap and efficient although it doesn’t have as good a chance of penetrating the new market as adaptation does. It is vital to note that a certain degree of adaptation is inescapable due to local regulations.
What is product standardization?
Product standardization is a process and strategy of manufacturing and selling products or services consistently. It involves making sure that a product upholds certain standards for item quality, service delivery or appearance in every market.
What are the five factors that promote standardisation and adaptation?
According to Vrontis et al. (2009), the extent of standardisation in international marketing depends on the following five factors: target market, market position, nature of product, environmental and organisational factors.
What is a standardized product example?
Examples of standardized products include agricultural products (such as grain and milk), most mined minerals, and fish. A buyer of wheat cannot tell who produced the bushels of wheat. Furthermore, the buyer does not care because the grains are identical.
What are the advantages of product standardization?
Advantages of standardization
- Rationalize different varieties of products.
- Decrease the volume of products in the store and also the manufacturer cost.
- Improve the management and design.
- Speed up the management of orders.
- Facilitate the exportation and marketing of products.
- Simplify purchasing management.
What is the product adaptation?
Product adaptation is the process of changing a product to meet the needs of customers in a market other than the one in which it is made. This can be an important part of a company’s strategy for selling in a foreign country.
What is the importance of product standardization?
The standards ensure that goods or services produced in a specific industry come with consistent quality and are equivalent to other comparable products or services in the same industry. Standardization also helps in ensuring the safety, interoperability, and compatibility of goods produced.
What are the benefits of product standardization?
What are the advantages of product adaptation?
Advantages of Having a Good Product Adaptation Strategy A strong product adaptation strategy allows the company to make the core product available in many markets. This helps the company to expand globally because it allows it to target different countries and consumer markets.
What is product adaptation with example?
Examples of Product Adaptation Some vehicles are left hand drive in countries like USA, France, Germany etc whereas right hand drive cars are available in India, UK, Australia etc. Hence the same car brand & model is adapted as per the laws.
What is a product adaptation?
What are the types of product adaptation?
The different types of product and marketing modification include: Tangible adaptation – modifying the product’s physical elements. Intangible adaptation – modifying the product’s intangible elements to the foreign market. Promotional adaptation – altering the types and methods of advertising and the media used.
What is the difference between product standardization and Product adaptation?
This article will help you to differentiate between Product Standardization and Product Adaptation. Product standardization refers to marketing a product in the overseas markets with little change except for some cosmetic changes such as modifying packaging and labelling.
What is adaptation and standardization in supply chain management?
Adaptation is an approach of detailing the differentiation that exists between products and services. Standardization of product is the approach for increasing commonality of product in the supply chain management. Unique aspects in product result in different in quality thus increasing cost of production and lower economies of scale.
What are the different product adaptation strategies?
There are several product adaption strategies that an entity can use such as product, target market, package and design, ingredients, language, culture, religion etc.
How to adapt a product to market requirements?
Adaptation of a product may vary from major modifications in the product itself to minor alterations in its packaging, logo, or brand name. A thorough market research needs to be conducted so as to identify the customers’ requirements in the target market.