What is product standardization?

Product standardization refers to the process of maintaining uniformity and consistency among the different iterations of a particular good or service that are available in different markets. Products may be either standardized or customized to a targeted consumer base.

What is 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. Making the product more appealing to a foreign customer base by changing its packaging, size, price or even the entire brand.

What are the factors of standardization and adaptation?

The important factors that influence the exporting firm decision in favor of product standardization and adaptations: Customer Orientation….Customer orientation encompasses following elements:

  • Purchasing power.
  • Tastes, preferences and habits.
  • Socio-cultural factors.
  • Literacy and education levels.

What is the difference between standardized and customized products?

A “one size fits all” standardized approach to global marketing may ensure efficient, but might not resonate with local customers. By contrast, customization can greatly enhance the customer experience and engagement by catering to local customers’ tastes, but can be challenging to scale.

What is standardization example?

An example of standardization would be the generally accepted accounting principles (GAAP) to which all companies listed on U.S. stock exchanges must adhere. Standardization ensures that certain goods or performances are produced in the same way via set guidelines.

What are the types of standardization?

There are at least four levels of standardization: compatibility, interchangeability, commonality and reference. These standardization processes create compatibility, similarity, measurement and symbol standards.

What is product adaptation example?

One form of adaptation is when a product is changed or altered to appeal to different customers. For example, a restaurant may change its menus and serve a wider range of foods as customers’ tastes change. One example of this is the move by some restaurants to offer a larger range of vegan dishes.

Which is an example of an adaptation?

Adaptation is the evolutionary process where an organism becomes better suited to its habitat. An example is the adaptation of horses’ teeth to grinding grass. Grass is their usual food; it wears the teeth down, but horses’ teeth continue to grow during life.

Which is better standardization or customization?

Customization is preferred more by the consumers than standardization when it comes to online marketing. Customization provides the customers to demand their own preferences by using the latest innovation of web designing.

What are examples of standardized products?

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.

Why do we need 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 is the difference between adaptation and standardization?

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’s the difference between customization and Product adaptation?

The international firms attempt to retain their country-of-origin (CoO) image and market, at least the packaging product component, with little customization. Making changes in the product in response to the needs of the target market is termed as product adaptation or customization.

How to drive a successful product adaptation process?

In order to drive a successful product adaptation, there are steps to be followed. The first and obvious one is for companies to research the new market and determine how different it is from the current market. This involves learning the needs, attitudes, cultural believes, and desires of the consumers in the new market.

Which is the best definition of product standardization?

Product standardization refers to the process of maintaining uniformity of products and services sold in different markets or in other words setting identical characteristics for a particular good or a service.