Define in detail each term and give an example in international markets for each term The key terms used in chapter 13 of our class textbook are as follow: Quality Product Homologation Green Marketing Innovation Diffusion Product Component model Global Brand Attached - chapter 13  

Quality is the degree of goodness or badness of something in relation to other things. However, some people define quality as a state of being free from defect (Market Business News, 2021). In business quality places a huge role as higher quality is the best choice for many consumers. Quality products come with advantages of durability, sustainability and low maintenance making them the most preferred by consumers. Therefore, a business to survive maintaining quality is necessary. For example, Rolex watches have the highest quality.

Product homologation is the process by which a good or services undergoes tests to establish its safety and security standards. Once this process is complete the product receives a certificate to verify legitimacy. Products in any company must undergo this procedure to avoid lawsuits and injury to customers. Product homologation also reduces the occurrence of counterfeit products in the market as this certification involves rigorous processes by certified organizations. For example, a car engine in the homologation process undergoes testing for the amount of emission and for drugs the side effects on the user.

Green marketing is a practice of developing and advertising products in with how they relate to their environment (Jason, 2020). For example, a company advertising engine with low carbon emissions. This form of marketing tries to capture the social and environment factors of advertising. This form of marketing is bringing some advantages such as a population that values a green environment. However, when products in this marketing strategy fail to achieve the expected goal there is a lot of criticism from the public. Companies face operational changes and reduction in investments after such a failure. An example of this marketing is Starbucks.

Innovation is a word of Latin origin meaning renew. Innovation means the improvement or replacement of a product or service (Innolytics.ag, 2021). In business innovation refers to the process by which a product or service undergoes renewal through application of new processes, ideas and techniques to create new value. Innovation is a vital tool in companies since its an adaptation tool to changes in the market environment. Innovation requires high creativity and clear strategies to become successful. In addition, a company seeking to apply an innovative idea must be ready to take risks and have a different mindset.

Diffusion in business refers to how new ideas or products spread through an organization or market. In addition, diffusion refers to how consumers interact with new products or services in the market. Diffusion offers a platform for organizations to observe perceptions of their products to consumers. A company introducing a new product must acknowledge the different tastes of consumers. Consumers react in as; innovators, early adopters, early majority and late majority. The differences in class reflects how fast a consumer adopts the new product or service as innovators being the earliest embracers (Maximilian, 2017). For example, the acceptance of the Rolls Royce Cullinan across the globe.

Product component model refers to the most important features a product possesses. This model contains four major parts; core product, brand name, additional features and packaging (Smriti, 2021). The core product refers to the benefit a consumer is seeking by purchasing the product. For example, purchasing a Rolex watch that gives quality. Additional features include the shape, taste, color or fragrance of the product. Brand name on the other hand, is the producer of the product. For example, Gucci. The packaging is the how the brand presents the product. Today packaging play an important role as labelling the product gives it a sense of identity.

Global brand is an organization recognized in many regions across the globe. Examples of these brands include Mercedes, Coke, Fendi and Addidas. These brands have consumers in every part of the world. The reason for global brand success if their ability to provide quality, unique and attractive products to consumers (Stewart, 2021). These brands have a clear understanding of the needs of their customers.