Innovative product marketing strategy: multinational companies in Bangladesh

Abstract

PurposeThis paper aims to deal with international marketing of products, analyzing how adaptation/standardization and network development are achieved when marketing products in Bangladesh.Design/methodology/approachBy applying a qualitative method, the study was conducted at four multinationals, British American Tobacco, Perfetti Van Melle, Tetrapak and Reckitt Benckiser, operating in Bangladesh. Data were collected through semistructured interviews, direct observation and official documents. The analysis was conducted through construction of themes that were identified from the data set.FindingsThe study demonstrates that business relationships related to a local market should be adapted to customer preferences. The research suggests that a balanced combination of product quality and development of new, innovative products adapted to the needs of the market and the customers establishes trust and networks. Cultural and market context were found to influence multinational companies (MNCs)s to standardize the quality of the products and adapt marketing mix components to the needs of consumers.Research limitations/implicationsThe paper contributes to international marketing literature with a model of product marketing based on context, trust, networks and adaptation/standardization. The model introduces the cultural dimension of femininity/ masculinity and the innovation of products and market structure. The study is limited to one emerging market. Further studies should explore other emerging market economies and MNCs.Practical implicationsThe results suggest that to meet the challenges of emerging market economies and achieve success, managers should take people and market needs into consideration.Originality/valueThis paper extends product marketing literature by presenting a context-based model for MNCs’ product marketing.