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MARKETING Challenges faced by a company when developing new products in the global economy The need to explore new business ventures drives enterprises into designing new products as well as introducing their existing products into new markets. Existence of barriers into markets however exists posing challenges to the development of new products in international markets.
Global challenge 1 One of the challenges that an organization is most likely to face in developing and launching its products in the international market is its management efficiency with respect to the production process. This challenge was particularly identified in the development of Hexopater. Management of the production process of a product, whether a locally marketed product or one that targets the international market, has many impacts on the quality of the product to be produced as well as the reliability in the continuous flow of the product into its market. An effective management of a production process begins with development of aims of the production as well as the features of the product, a stage that is crucial and defines the destiny of the product. Inability to develop focused goals that can yield a successful production as well as failure to identify captivating features that will attract customers therefore forms a significant challenge to product launch in the global market. This is because a challenged set of development goals, coupled with poor specification may lead to poor standards that may not be acceptable for clearance across borders (Kumar and Addie, 2006). ...
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