Question

Read the Chapter 3 In Focus 3.1 Case - Marketing to Hispanics in the United States • Discuss the importance of adapting your products to fit! customer preferences Due no later than Sunday at 11:59 p.m. ET

Answer 1

Adaptation of the product is the process of modifying an existing product so that it is suitable for different clients or markets. For companies exporting their goods, an adaptation strategy is particularly important, since it ensures that the product meets local cultural and regulatory requirements. For businesses that want to introduce new products but do not have the funds or resources to create completely new goods, adaptation is also necessary.You'll need to focus your adaptation approach on consumer needs analysis. You will recognize differences and opportunities to improve the appeal of the product by contrasting the features that consumers consider important to your current product specification. Comments on product review sites or through interaction with social media could help you identify customer preferences. It is also possible that your sales representatives can recommend changes that customers have requested.

An important strategy for expanding your company can be to customize export goods. Through entering new markets for your existing products it gives you the opportunity to increase revenue. To be effective, however, you need to perform thorough research into the markets that you are exploring and the potential impact on your company in terms of the time and expense of adapting goods. Export territorial adaptation strategies must take into account a number of factors including cultural preferences, price, quality standards, measuring systems, service, and support.

Adaptation of goods is also an important strategy for addressing competitive challenges. When competitors introduce new products that surpass your bid, they can take market share from you. Through studying the product specifications of the rivals, you will define ways for development of your own products. You can also respond to competitive challenges quickly, instead of taking the time to develop new products.