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CRITICAL - Essay Example

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International Marketing Name: Tutor: Course: Date: Determining the effects of country-of-origin on willingness by consumers to pay more for a favorable country image Introduction The equity theory was utilized by Koschate-Fischer, Diamantopoulos, and Oldenkotte who sought to investigate the means by which products ultimately affect the prices that the end consumer is willing to pay…
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CRITICAL

Download file to see previous pages... Moreover, the authors also seek to draw a level of inference with regards to the overall impact that brand familiarity has upon the relationship. As a means of performing such a level of inference into these determinants, the authors set out to perform three separate yet complementary experiments in order to test the hypothesized relationship in a setting of low and high involvement. Ultimately, what can be said concerning this understanding is that consumers are oftentimes willing to pay a premium for commodity prices from a nation that had a favorable country image as compared to one that had a lower level of favorability. In such a way, the reader can see that brand familiarity does not heavily impact upon the COO effect. Conversely, it can and should be understood that the COO effect impacts heavily upon the WTP; especially when the consumer is not aware of or familiar with the product. (Howard 2009). Focusing on actual behavior provides fresh insight more than the previous research examining buyers’ intentions and attitudes because it demonstrates the impact of the COO cue on buyer’s actions. The take away from all of this leads the reader/researcher to draw several managerial implications with respect to the price setting structure and origin of goods as have been described. Firstly, the outcome of the studies helps to confirm that the origin of the good has a vital role in informing a sense and appreciation of WTP within the mind of the end consumer. Moreover, the findings also provide information on how the COO influences buyer’s WTP pertaining to the level of consumer involvement as reflected in the category of the product at hand. This is particularly useful for decisions about pricing and/or communication strategy (e.g. price differentiation) and is also of great concern to the organization considering the transfer of production facilities. Theoretical and hypothetical background of International Marketing In the Journal of Marketing research, Schooler (1965) gave way to several definitions of a products’ country-of-origin and determined that reputation also a product’s nationality bias. About five years later, Akria Nagashima gave a definition which was widely accepted. He commented that the “Made In” image concocted the mental picture, stereotype, and the reputation that businessmen and consumers connected to products of a country. The product image provided variables like representative products, economic and political background, national features, traditions, and history that impacted heavily upon image as well. He asserted that this has a significant influence on the behavior of consumers in the international market; which is connected to views of national opinion leaders, mass communication, and personal experience. This was in agreement to a previous research by Granzin and Olsen (1974); which showed that the image attached to the country of origin played a huge role in consumers' product perception. It is agreed that country of origin is the signal that enables consumers to arrive at instant decision. From the above proposition, it can be learned that consumers relies on signals when more consistent research is unavailable. In another divergent view, Reierson (1966) proffered in the Journal of Retailing that foreign products were ultimately national stereotypes; however, as globalization advanced, the notion ...Download file to see next pagesRead More
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