Brand Names Versus Generics

Paper Summary:

In light of the globalization phenomenon, this paper attempts to apply Raymond Vernon's International Product Life Cycle theory to determine why and under what conditions are people more likely to buy brand names rather than their generic counterparts.

Outline
Introduction
The International Product Life Cycle Theory
Introduction Stage
Growth Stage
Maturity Stage
Decline Stage
Conclusion

From the Paper:

"According to Vernon's theory, introduction of the new product takes place in the highest-income, highest wage country where the products found their first demand. More often than not, this is in industrialized countries because "they have demanding consumers, scientists and engineers and high incomes". Hart (1998, p.8) is of the opinion that the inhabitants of developed countries are the major consumers of branded goods. In light of this, it is therefore safe to say that one of the conditions under which people would buy brand names of products in the introduction stage would be if they are living (and working) in a developed country."

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