Question

2) Compare the three product strategy choices a firm like General Electric has when selling in foreign markets.

(short and concise plz)

Answer 1

General Electric used generic strategy for attaining the competitive advantage and the intensive marketing strategy to gain the product acceptance in the global market. The product positioning strategy they use is -

a) Product uniqueness - GE focuses on product development to gain competitive advantages over the competitors in the global market. They focus on cutting-edge technologies to stand out in the market.

b) Market penetration - GE introduce the product in the global market by low-cost product and gain the attention of the mass customer, slowly gaining the growth that aims customer loyalty and customer addition. Thus the GE penetrates the market slowly but steadily.

c) Diversification of product - Entering into multiple markets same time and gaining attention from different parts of the world. Diversification can be adding new markets or adding new products to the same market.