In Class Assignment Product Development

Development of Products
In-Class Assignment
Student Name: Akshita Ramdas
Student Roll no: 100827173
1. List three reasons that motivate organizations to develop or adapt products.
Organizations are motivated to participate in the development of products and adaptation to:
 Increase market share- Market share increases are motivated by organizations to

develop or adapt new products to increase their market share. New products help a
company expand the market base of its customers. An organization is motivated to
develop or adapt new products by the need to attract more customers, which increases the
sales volume and profit generated.
 Become more competitive-Organization is motivated by the need to become more
competitive on the market to develop or adapt new products. The development or
adaptation of a new product offers a competitive advantage in the market for an
organization. The need to outdo the competitors drives an organization, which uses new
and innovative products as a strategy to win and retain customers.
 Relationship with distributors: Any organization which sells internationally must

maintain a strong relationship with distributors since distributors are purchasing the
product from the firm and selling it to their domestic consumers, as well as having good
local market knowledge and demand. Distributors have been wanting to see new or
tailored products as consumer needs change and become competitive on the local market
over a period of time. Therefore, it is motivating to adapt their products or develop
another product line to demand to maintain a good relationship with the distributors
selling their products organizations.
2. Select one of your organization's exported products. Explain the adaptations that you would
recommend be made to the product for export into a new market. Identify the market and
explain your recommendations.
Crude Oil and Petroleum Products : Canada is regarded as a major exporter of refined
petroleum products and crude oil around the world. The export commodity I'd want to look into
is prepared petrol oils, which ranked first among Canada's top revenue-generating industries at
the end of the fiscal year. The UK is a market I'd recommend for Canada's prepared gasoline oils
that are being exported (United Kingdom). Prepared petroleum oils are advised with the
accessibility of a prepared market since a big section of the UK urban communities are
metropolitan areas. Melted oil gas and kerosene oil are examples of these oil-based commodities.
Among all the measures, some of the other adaptions made to the product in order to export
would be
a) a) Piggybacking is a direct market approach in which one producer (the carrier)

contributes to the sale of another company's products by using its international
distribution networks (the rider). In this sense, the foreign corporation acts as a
salesperson for the trade company. This approach can be used by a trading firm to study
the market's idea and exploit the existing association's customers as the underlying clients
of your products.
b) Joint Venture: For exporters, there is also the option of joint venturing. This refers to the
development of business partnerships with existing businesses. Foreign direct
investments (FDI) or stock acquisitions should be able to accomplish this. The key
advantage of this approach is that it provides the Canadian company with the benefit of
specialized mastery from a partner who is well-versed in the UK (United Kingdom)
market. As a result, the meeting firm has saved money on advertising their new brand.
I would also advise the company to use the diversified component as a flexible measure
given that they have a strong brand recognition. As a result, by employing effective
advertising strategies, the company may inform the UK population that they are present in
their market. As a result, as a travelling enterprise, the firm should consider different
incentive offerings to attract clients and influence their purchasing power. Financing rewards
or advancements through consumer gifts is one example of such a technique.
CER – Crude Oil and Petroleum Products (cer-rec.gc.ca)
https://ceopedia.org/index.php/Piggyback_marketing
3. A Danish crystal company is sending a container of crystal glassware to a distributor in Rio

de Janeiro, Brazil through the container port of Esbjerg in Denmark. Describe three categories
of marks that should be on the shipment.
Three categories of markings are used for shipments: •
1. Customer identification code (shipper’s mark): It is the word, number, or symbol on

the freight to indicate the destination, destination, weight and associated information
an importation company constitutes a personal sign which must be used on all the
exporters shipped to it. e.g.:
 first letters from the recipient, the shipper, or the
 company name of the receiver
 Number of identifiers: e.g., order number of the recipient
 Total number of items in the entire delivery
 Package number in the delivery (e.g., 5/12 or 5 – 12)
 Destination site and port
2. Information mark
 Country of origin: country of origin must be indicated in conformity with

the specific country provisions. The country-of-origin declaration is often
compulsory. It is not desired in some cases and may even have to be
omitted if contractually agreed. If these agreements are not complied with,
then blacklisting is risky.
 Package weight indications: packages with weight details shall be indicated
from a gross weight of 1000 kg. In terms of the facility of transport,
handling and storage, weight from a lower threshold is also recommended
by corresponding standards.
 Package dimensions: standards indicate that measurements are given in
centimeters.
3. Special Marking: Packages may contain specific marks such as "fragile" or "use no
hooks." This can contribute to cautionary cargo handling
i. Whether the package is sensitive to heat or moisture must be determined.
ii. Determines if it is likely to break.
iii. Where the top and bottom are, and where the slung may carry the center of
gravity
Internationally standardized ISO symbols for package handling instructions (International

Organization for Standardization). The symbols should never be omitted because the language
issues in international transport operations are self-explanatory and thus overcome.

In Class Assignment Product Development

Uploaded by

Copyright:

Available Formats

In Class Assignment Product Development

Uploaded by

Document Information

Original Description:

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

In Class Assignment Product Development

Uploaded by

Copyright:

Available Formats

Development of Products

1. List three reasons that motivate organizations to develop or adapt products.

 Increase market share- Market share increases are motivated by organizations to

 Relationship with distributors: Any organization which sells internationally must

a) a) Piggybacking is a direct market approach in which one producer (the carrier)

CER – Crude Oil and Petroleum Products (cer-rec.gc.ca)

3. A Danish crystal company is sending a container of crystal glassware to a distributor in Rio

Three categories of markings are used for shipments: •

1. Customer identification code (shipper’s mark): It is the word, number, or symbol on

 first letters from the recipient, the shipper, or the

 company name of the receiver

 Number of identifiers: e.g., order number of the recipient

 Total number of items in the entire delivery

 Package number in the delivery (e.g., 5/12 or 5 – 12)

 Destination site and port

 Country of origin: country of origin must be indicated in conformity with

i. Whether the package is sensitive to heat or moisture must be determined.

ii. Determines if it is likely to break.

Internationally standardized ISO symbols for package handling instructions (International

You might also like