What Challenges Does A Company Face When Developing New Products In The Global Economy? Describe Selected Challenges Using Examples Of At Least 3 Product/service Launches. Resources MUST Include Articles From The Library's Full-text Databases.


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Connor Sephton Profile
Connor Sephton answered
Today, a company must do careful market research before unleashing a brand new product in the global economy. Launching products on an international scale can be extremely expensive. The main challenge of launching products in multiple countries is to understand the culture and economies of these different nations.

Examples Of Global Product Launches

• Launching an iPad in a rich country like Switzerland may be far easier than launching an iPad in a very poor region, such as India's Calcutta. Every country and region is different; what sells in one place will not sell in another place. The marketing experts at Apple would have looked at demographics and economic information about every world market before they planned the media campaign that launched their new iPad device. By focusing their biggest launch efforts on New York City's Times Square, they found the perfect, urban audience for their new invention.
• McDonalds adjusts their product lines to reflect the needs of consumers in different nations; for example, they will not serve "taboo" foods in countries where certain foods are avoided; they will also use sauces that reflect the specific tastes of countries. Again, market research helps McDonalds to decide exactly what will work where. For global product launches, such as the annual McRib sandwich promotion, they will adjust ads to show in every language, and use different models that reflect the ethnicities of different regions.
• Beauty product launches, such as perfume launches, will be coordinated in different countries through department store tours with celebrity or supermodel spokespersons. One example of this is Reese Witherspoon's campaign for Avon. Using a celebrity who is world-renowned is a great way to tie a global product launch together for an international audience.

Market research and a corresponding comprehension of world economies are vital to a perfect global product launch of any product.
anne roberts Profile
anne roberts answered

Challenges Faced by Company in Developing New Products Development of
new product is defined as the process of bringing a completely new
product or service to the market. This process involves on the whole
process of strategy, administration, generation of concept, creation of
product and marketing plan, assessment and commercialization of a latest
product. The present global economy is characterized by the spectacular
changes in the patterns consumption and consumer, which pose a great
pressure on the development of new product. Not only this, expansion in
the international mega brand of products has also contributed a lot in
imposing a burden on NPD (New Product Development).

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