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Challenges in developing new Products in a Global Economy - Essay Example

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Author : vandervortjeff

Summary

The world has become a global village due to advancements in communication technologies and this has given rise to a global marketplace…

Extract of sample
Challenges in developing new Products in a Global Economy

Another major challenge is to anticipate the changing needs of consumers as this is essential for the success of any product launch (Chen, 2011). Consumer needs in a global market are changing rapidly and this is why it is difficult to keep up in a rapidly changing market. Because of this positioning of the product in the market becomes important. The launch of Apple’s I Pad is a very good example of how difficult it is to launch and market a product in a global marketplace. There are some many things happening in the world that it is difficult to garner the attention of the customers and this is a significant challenge. This is essentially why Apple creates a buzz on the internet before its product launches with rumors and speculations. The product launch is telecasted on the internet so that the global audience can have access (Friedman, 2012). While announcing a new product, Apple also focuses on exclusivity and invites only a limited number of technology experts. All this depicts the challenges that a firm face while launching a product for a global market. The launch of Samsung Galaxy S4 Smartphone is also an example of how firms are challenged when dealing with a global clientele. ...
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