Assignment: Product Analysis (2000 words)
Analyze the product you are using in this project in the context of the korea country. Marketing success depends on the demand for the product and demand is driven by 5 major determinants:
- People’s taste for a particular product or service.
- People’s income
- The availability of complements which are other products that need to be used with the primary product. Gasoline, for example, is a complement to an automobile.
- The availability of substitutes for the product.
- Price expectations. There will be less demand if people expect a price to fall. More demand will exist if people expect prices to rise.
These demand determinants need to be considered along with some of the following:
- What product features would appeal to people in this country/culture?
- Are there supply chain issues?
- Are key resources available and competitively priced?
For data reasons choose a country from the IBIS world database in the library to do your product analysis. It has a lot of depth of data that will make this project more manageable. You are the free to choose any product and use other resources but the level of your analysis should be as good as that offered for products covered by IBIS World.