Nation Branding And Place Marketing Ii The Product

Nation Branding and Place Marketing II. the​ Product
II. the​ Product
What products do countries offer and market and how are they tailored to​ the​ needs of​ specific market segments?
In a​ marketing mix,​ the​ first and foremost element is​ the​ product. No amount of​ savvy promotion and blitz advertising can disguise the​ shortcomings of​ an inferior offering.
Contrary to​ entrenched misinformation,​ the​ role of​ marketing precedes the​ development of​ the​ product. the​ marketer gathers information regarding the​ expectations of​ the​ target market the​ customers. in​ the​ case of​ a​ country,​ its clients are its citizens,​ investors both foreign and domestic,​ tourists,​ export destinations,​ multilateral organizations the​ international community,​ nongovernmental organizations NGOs,​ and neighboring nationsstates.
The marketer communicates to​ statal decisionmakers what features and benefits does each of​ these disparate groups desire and suggests how to​ reconcile their competing and often contradictory needs,​ interests,​ preferences,​ priorities,​ and wishes.
The marketer or​ brand manager then proceeds to​ participate in​ the​ design of​ the​ countrys products its branding and public relations campaigns both within and without its borders,​ its investment laws and regulations,​ the​ development and presentation of​ its tourist attractions,​ the​ trumpeting of​ the​ competitive or​ unique qualities of​ its export products,​ the​ tailoring and monitoring of​ its mutuallybeneficial relationships with neighbors,​ NGOs,​ and international organizations.
In designing its products and,​ thus,​ in​ acquiring a​ brand name,​ a​ country makes use of​ and leverages several factors
1. Natural Endowments
The countrys history,​ geographical location,​ tourism sites,​ climate,​ national mentality hard working,​ forward looking,​ amicable,​ peaceful,​ etc.
2. Acquired Endowments,​ Public Goods,​ and Externalities
Level of​ education,​ knowledge of​ foreign languages,​ quality of​ infrastructure,​ the​ court,​ banking,​ and public health systems
3. Risk Mitigation
International standing and the​ resolution of​ extant conflicts political risk,​ the​ countrys laws,​ regulations,​ and favorable international treaties,​ its credit history,​ insurance available to​ investors and exporters
4. Economic Prowess
Growth promoting policies,​ monetary stability,​ access to​ international credit,​ the​ emergence of​ new industries
Governments can influence many of​ these factors. Granted,​ there is​ little they can do about the​ countrys past history or​ climate but pretty much all the​ rest is​ up for grabs. Aided by input from its brand managers and marketers,​ a​ country can educate its population to​ meet the​ requirements of​ investors and exporters. it​ can improve infrastructure,​ reform the​ court system,​ pass growthpromoting laws,​ cut down red tape,​ support monetary stability,​ resolve conflicts with the​ international community and so on.
It is​ important to​ understand that the​ products and brand name of​ a​ country are not Godgiven,​ unalterable quantities. They can and should be tailored to​ optimize the​ results of​ the​ marketing and branding campaigns.
Maintaining the​ countrys brand name and promoting its products are ongoing tasks not one off assignments. They require a​ constant infusion of​ financial and human resources to​ conduct research and development to​ evaluate the​ shifting sentiments of​ the​ countrys clients. States and regions are no different to​ corporate entities. They,​ too,​ must gauge and study their markets and customers at​ every turn and respond with alacrity.
Exactly like commercial outfits,​ political entities seek to​ extract a​ price for their offerings and products. Increasingly,​ the​ price they can obtain is​ settled by highly efficient global markets in​ perceptions,​ goods,​ and services. as​ competition stiffens and the​ number of​ stateplayers increases,​ the​ barriers to​ entry become more formidable.

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