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Name Proffesor Course Title Date of Submission Global Marketing Cultural Analysis and Economic Analysis Introduction The introduction of new innovative products bears high financial risks. Indeed, according to one major American company 1 out of 100 product ideas in the market succeed.
In addition as will soon be explained, a given amount of innovation is deemed important in all companies operating within competitive markets. While planning to introduce new product in the market, factors such as culture should be put into consideration. For instance Vimto in the Middle East has taken its roots deeper than the founding place. It has gone to an extent of operating independently. At the time of introducing the product they discovered that in Arab, they like sweeter thing and so the sugar content was raised to be higher than that of UK. Also before introducing a product in the market, check the availability of similar products in the market and their packaging design, sugar levels, available flavours, price and stocks movement rates. The Momentum to Innovation In 1960's, the BCG growth share matrix came into existence as a tool of analysis to be used in assessing organizational performance. Portfolio analysis concentrates upon the growth rate of a market where an organization participates and the commanding power of that organization in that particular market, as measured by its share of the total sales volume of the market. Therefore, the Analysis of Boston Portfolio takes the shape of a growth share matrix where market share is plotted against the growth rate of the market where it is invested. ...
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