Chat with AIExam 9: Global Product Services
________________, the use of brand names which are source and/or target blank may be an effective strategy in transferring brand names across national borders.
(38) 
VerifiedD
What is the first step in the process of global product development?
(36) VerifiedC
Identify two strategies open to the firm (i.e. the owner of the intellectual property) to combat the negative impact of counterfeit production.
(46) 
Answered by Examlex AI CopilotTo combat the negative impact of counterfeit production, a firm that owns intellectual property (IP) can employ several strategies. Here are two effective approaches:
1. **Legal Enforcement and Litigation:**
The firm can take legal action against counterfeiters by enforcing its intellectual property rights. This involves:
- **Monitoring the Market:** Regularly scanning the market for counterfeit goods, possibly by hiring specialized agencies or using software that identifies fake products online.
- **Working with Authorities:** Collaborating with local and international law enforcement agencies to crack down on the production and distribution of counterfeit goods. This may include customs and border protection agencies to prevent the import and export of counterfeit products.
- **Civil Litigation:** Filing lawsuits against individuals or companies that are found to be manufacturing or selling counterfeit versions of the firm's products. This can lead to injunctions, which are court orders that stop the counterfeit activity, and potentially monetary damages.
- **IP Registration:** Ensuring that all intellectual property is properly registered in all relevant jurisdictions, which is a prerequisite for legal action in many countries.
2. **Proactive IP Protection and Consumer Education:**
In addition to legal action, the firm can take proactive steps to protect its IP and educate consumers:
- **Anti-Counterfeiting Technologies:** Implementing advanced packaging and labeling technologies such as holograms, QR codes, RFID tags, or blockchain-based tracking systems that make it more difficult to replicate products and easier for consumers to verify authenticity.
- **Consumer Awareness Campaigns:** Launching educational campaigns to inform consumers about the differences between genuine and counterfeit products, the risks associated with buying counterfeits (such as safety hazards or lack of warranty), and how to report suspected counterfeit goods.
- **Building a Strong Brand:** Creating a strong brand presence and loyalty can make consumers less likely to purchase counterfeit products. This can be achieved through quality products, excellent customer service, and consistent branding.
- **Supply Chain Management:** Tightening control over the supply chain to ensure that only authorized manufacturers and distributors handle the products. This may involve regular audits and requiring suppliers to adhere to strict anti-counterfeiting measures.
By combining legal enforcement with proactive protection and consumer education, a firm can significantly reduce the impact of counterfeit production on its business and maintain the integrity of its intellectual property.
In considering the decision to customize or standardize its products the global marketing firm must consider the nature of the product. Some products such as steel, fertilizer and agricultural equipment tend to be less _________________ than products such as food.
(44) A number of criteria are used by firms in the screening of new product ideas. Identify three criteria used by firms to screen new product ideas and state why they are important.
(30) The factors that drive the need for product adaptation may be classified as:
(40) Product modifications are often required when entering foreign markets. One approach is to build country specific product features on a global platform. This strategy is known as _______________ and allows the firm to cater to the needs of customers in various markets while controlling production cost.
(31) Fade-in/Fade-out and Forewarning are two brand changeover strategies available to the multinational firm. What is the difference between these two strategies?
(36) Which of the following (if any) is NOT a reason that counterfeit production is problematic for the firm?
(34) The product modifications firms utilize when entering foreign markets may be classified as either localization or adaptation. What is the difference between these two types of product modification?
(42) Global, highly standardized products may not appeal very well to any particular consumer segment in any country and are said to be _____________
(37) When a firm develops a drastically simplified version of a product due to lack of purchasing power in a foreign market the process is referred to as:
(26) Unlike multi-domestic and mass customization product strategies a global product strategy assumes that the firm is targeting homogeneous customer segments.
(37) ______________________ is a brand changeover strategy that involves the company informing consumers in advance that their local brand will soon be known by its new global name.
(31) In modifying products for international markets firms may employ a multi-domestic product strategy or a mass customization product strategy. Distinguish between these two alternative strategies.
(33) 
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