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

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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. Samsung used different acts or plays to make it easy for the consumers globally as to how the phone can be used in performing day to day functions. One of the main challenges in marketing communication is to create a global message. This challenge was overcome by Samsung by using a medium (acting) that is understandable all over the world. Samsung is mainly a design oriented company that focuses on innovative designs that suits the needs of the consumers (Jones, McCormick, & Dewing, 2012). This was communicated to the consumers by playing daily life situations on the stage. Another major challenge for brands is to build a positive association in the international market before the launch of the new product. This is where power of branding comes into play. Positive associations and branding is so important that Research in Motion decided to change the name of its company to Blackberry in order to build a positive association in the minds of consumers before the launch of its highly anticipated BlackBerry 10 device (The Berkshire Eagle, 2013). By doing this RIM tried to associate itself with BlackBerry in the eyes of the public because BlackBerry had become a household name. How technology Assist in Development and Launching of New Products? Technology has assisted a lot in marketing of new products to global consumers. Internet has redefined communications industry and has dissolved geographical borders. People all over the world can stay connected with each other and this has done wonders for the marketing world. Now marketers can use innovative techniques to attract a large target market without spending too much money in a more targeted way. All this is possible because of the advent of internet and advancements in communications technology. Apple used internet to broadcast its launching all over the world which is a good example of how technology can assist in marketing of new products (Friedman, 2012). The company used technology to market its product to consumers as there was no other way to make sure that consumers all over the world can watch the launching ceremony easily. This is how technology can ...Show more

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The world has become a global village due to advancements in communication technologies and this has given rise to a global marketplace…
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Challenges in developing new Products in a Global Economy essay example
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