the product mindset 2012 summary
DESCRIPTION
The Product Mindset is conducted annually to help businesses better understand the growing concerns and priorities of their diverse constituents and the impact perceptions have on making, selling, buying and consuming products. The 2012 study is based on quantitative research of manufacturers and consumers in China, India, Germany and the U.S. This year’s study uncovers the Forces creating uncertainty and shaping the market; the Attitudes that have shifted from last year’s optimism to a new realism and sophistication; Priorities like safety, quality and the environment that address fundamental demands; and the Impact created by the supply chain, globalization and traceability that defines how the priorities are delivered.TRANSCRIPT
© 2011 Underwriters Laboratories Inc.
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THE PRODUCT MINDSET 2012
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DOWNLOAD THE PRODUCT MINDSET AT UL.COM/PRODUCTMINDSET
DOWNLOAD THE FULL REPORT
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EXTENSIVE PRESS COVERAGE FROM 2011
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KEY FINDINGS
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1 FORCES
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FORCES
This year, external forces have created a growing uncertainty around the world. From economic and political to social and environmental issues, pervasive instability, volatility and turbulence are causing a shift in the collective mindset.
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FORCES
This year, external forces have created a growing uncertainty around the world. From economic and political to social and environmental issues, pervasive instability, volatility and turbulence are causing a shift in the collective mindset.
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2 ATTITUDES
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OPTIMISM GIVES WAY TO REALISM
Manufacturers express confidence in their performance related to product safety, reliability, sustainability and innovation
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OPTIMISM GIVES WAY TO REALISM
This year, only a few manufacturers feel truly ahead of the curve
PERCENT OF MANUFACTURERS WHO FEEL THEY NEED NO IMPROVEMENT IN
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Two to three times as many consumers want manufacturers to prioritize safety improvements for food and home building materials than they do for high tech and or smart appliances
A MORE NUANCED AND SOPHISTICATED CONSUMER UNDERSTANDING OF SAFETY
THINK SAFETY SHOULD BE MOST PRIORITIZED BY MANUFACTURERS FOR THE FOLLOWING PRODUCT CATEGORIES
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Consumers express safety concerns across all categories, in each case demonstrating a nuanced understanding of distinct safety issues
A MORE NUANCED AND SOPHISTICATED CONSUMER UNDERSTANDING OF SAFETY
THE TOP TWO CONSUMER SAFETY CONCERNS BY CATEGORY
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3 PRIORITIES
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QUALITY IS IMPERATIVE
Manufacturers see quality as the most important driver of success today and tomorrow
STRONGLY AGREE THE FOLLOWING CONSIDERATIONS IMPACT THEIR ABILITY TO COMPETE
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QUALITY IS IMPERATIVE
Consumers primilarly make purchase decisions based on quality
QUALITY IS MOST IMPORTANT DRIVER OF PURCHASE DECISIONS
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SAFETY CONTINUES TO BE FUNDAMENTAL
Manufacturers believe safety continues to play a critical role today
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SAFETY CONTINUES TO BE FUNDAMENTAL
They also agree that the definition of safety is becoming broader
MANUFACTURERS IN EACH COUNTRY WHO AGREE THE DEFINITION OF SAFETY IS BECOMING BROADER
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THE ENVIRONMENT ADVANCES
Consumers believe manufacturers are not prioritizing the environment enough
BELIEVE THAT MANUFACTURERS ARE NOT PRIORITIZING ENVIRONMENTALLY FRIENDLY MANUFACTURING PROCEDURES OR PRODUCTS
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THE ENVIRONMENT ADVANCES
Manufacturers see sustainability as critical to their ability to compete effectively
AGREE THAT THE FOLLOWING CONSIDERATIONS IMPACT THEIR ABILITY TO COMPETE IN THE MARKETPLACE
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4 IMPACT
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THE ESSENTIAL SUPPLY CHAIN
Manufacturers see a need to get more from their supply chain
HIGHLY SATISFIED WITH THE FOLLOWING ASPECTS OF THEIR COMPANY’S SUPPLY CHAIN PERFORMANCE
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THE ESSENTIAL SUPPLY CHAIN
Manufacturers are looking more to global sourcing
Global Sourcing continues increase
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INGREDIENTS MATTER
Manufacturers believe consumers want to know what goes into their products
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INGREDIENTS MATTER
Consumers understand the importance of knowing what goes into the products they buy
BELIEVE IT IS VERY IMPORTANT TO KNOW WHAT INGREDIENTS OR COMPONENTS ARE IN THE PRODUCTS THEY BUY
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ORIGIN IS CRITICAL
The majority of consumers are aware of which country the products they purchase are manufacturered in
BELIEVE THEY KNOW THE COUNTRY OF ORIGIN FOR PRODUCTS THEY PURCHASE
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Manufacturers think developed countries have a better reputation for the quality of their products
ORIGIN IS CRITICAL
RATE COUNTRIES AS VERY GOOD/EXCELLENT AS A SOURCE FOR THEIR INDUSTRY
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Today, we are more intertwined, interdependent and intervulnerable. With supply chain complexity growing and global trade increasing at unprecedented rates, it appears Navigating the Product Mindset is essential to better understand the shifting dynamics of a changing world—a world that is more connected today than ever before and an ecosystem where information, dialogue and interdependencies occur with greater frequency and greater impact.
CONCLUSION
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METHODOLOGY
UL employed an independent research firm, ORC International, to conduct a global quantitative survey among 1,201 consumers and 1,202 manufacturers across four countries: China, Germany, India and the United States. To meet the objectives of the survey, manufacturers across high-tech, food, household chemicals and building materials sectors were interviewed by phone and consumers were interviewed through an online survey.
Manufacturers were director level and above and specialized in management, research and development, marketing and sales, quality control, product management, or design.
Consumers were a representative mix of age, gender, education and income. Data tabulations among subgroups have been tested for statistical significance at the 90% and 95% confidence levels.
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