Respond to the following in a minimum of 275 words: Review “Case: Ford Fusion” in Ch....
-
Respond to the following in a minimum of 275 words:
- Review “Case: Ford Fusion” in Ch. 14 of New Products Management.
- Discuss pros and cons of customization of products relative to geographical markets, versus standardization across all geographic markets. Use examples from other product categories as needed.
Homework Answers
Customization
Customization of products means the designing of products to meet the requirements of customers. Customization helps in satisfying the tastes and preferences of customers which results in greater customer satisfaction. Customization can also address the requirements of customers belonging to a particular geographical location too. For example, the American fast-food giant McDonald's signature standard product is Big Mac beefburger, but in India, they came up with a new product named Chicken Maharajah Mac because of the reason that most of the Indians do not consume beef. Aloo Tikki Burger is another customized burger for the Indian market by McDonald's, it is an Indian burger that contains favorite ingredients of Indians such as mashed potatoes, peas, and Indian spices. The following are the pros and cons of customization of products relative to geographical markets, versus standardization across all geographic markets.
Pros of customization
- It helps companies to improve the retention rate of customers as their needs are satisfied.
- The production process can be fastened by using customization.
- The efficiency of the production process can be improved.
- More price can be charged for the customized products compared to the standard product in a geographical location. It helps a company to improve their profit.
Cons of customization
- It is very difficult to maintain the required level of stock.
- Forecasting of sales is difficult in the case of customization.
- It is very difficult to meet a sudden surge in demand for customized products.
- More time may be taken for order-taking and shipment of customized products to customers.
- Extra investment may be required for the production of customized products apart from the standard products.
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