How New Products Are Developed And How Existing Products Are Managed For International Markets

Product Development for International Markets

Topic: How New Products Are Developed And How Existing Products Are Managed For International Markets

The idea of product development refers to the procedure of bringing innovation to different targeted and esteemed customers from concept to testing through distribution in various markets around the global society. In most cases, the need to develop new products arises when the revenue platforms of existing business flatten or decline (Urquhart, Gebka, and Hudson 2015, p.135). The idea of creating new products comprise of different styles that can consist of improving the current products, creating new products, testing the market and adjust, and developing prototypes established on research, among other considerations. However, the idea of managing current products for international markets deals to obtain new techniques or ways to promote the available products to the public. The concept of promoting existing products in most cases is a great challenge in most organizations. According to research by Marketing-Insider (2020), the idea of managing existing products comprise of the techniques of making meaningful changes in outcomes that result in an increase in the number of new customers or increase benefits realized by existing customers. Some of the efficient ways that the business organizations can use to manage their existing products can include updating the appearance of products, rethinking over packaging, selecting products of best quality for exports, and ensuring that the products are attractive, among other techniques. Therefore, this research paper explores how development of new products can be attained alongside how to manage existing products for international markets.

Several strategies can be used to improve the process of developing new products in business organizations for international markets. Such an approach is often based on the idea of modifying existing products within the company so that they can appear new and offering those products to current or new marketplaces (Liu 2015, p.231). The purpose of developing new products has to cover the complete procedures of ringing the latest products to the international market. All steps that are implicated in the development of new product expansion for a global market always aim at bringing the original product idea to the market. However, these steps of developing new products tend to differ by industry. These steps comprise of generation of idea, screening of idea, together with concept advancement with testing. As stated by Bhasin (2020), other actions that are vital in course of developing new products within business organization comprised of business and marketing plan creation, product expansion, and assessing marketing alongside commercialization.

Strategies to Develop New Products for International Markets

The concept of creating new product depends on idea of generation as its initial stage. The operators can be able to attain insights from different sources and use them in creating a large pool of thoughts to help in improving the development of products that suit the desires of markets and consumers. Some of the sources that are vital in obtaining ideas consist of internal sources that allow companies to offer enticements to their workers to create practical ideas (School 2020). The SWOT analysis is another source of view that helps business organizations to review their strengths, opportunities, weaknesses, thereat, alongside chances, and to establish the appropriate, feasible idea. Besides, a market survey is a vital source for purposes that enable the organization to continually review the changing wants, desires, and trends within the market. Moreover, other sources of ideas being generated can include customers that company uses their reviews and feedback to create new product ideas.

Ideas for creating new products can become e diverse, although useful ideas are limited. Therefore, this step involves the process of obtaining those appropriate and practicable ideas and removing those that are inappropriate for operations (Edwardlowe.org 2020). Some of the factors that are put into consideration during this stage comprise of the company’s strengths and weaknesses, needs of clients, ongoing trends, affordability of the products, and expected ROI.

It is the step that comprises of developing the practical concept that contains a detailed strategy of the idea of blueprint version. In most cases, when the design is created in each aspect to make it presentable, it leads to the essential concept. All opinions taken into consideration that pass through the screening stage are changed into thoughts for testing (Liu 2013, p.235). Hence, different clients from the targeted group are selected to examine the concept. Vital data is given to them to assist them in the process of visualizing the products before they are asked to understand their feeling regarding the idea.

The idea of testing during the creation of new products helps the business operators in the process of establishing the final concept to be created into product. After a company finalized idea, there is need to analyze as well as decide the branding, marketing, and other effective strategies of businesses that might e utilized (Zhang, Silva, Elo, and Minto Coy 2019, p.1). Hence, this step helps in estimating the profitability of the product, marketing mix, and different product strategies for the decided products.

Creating Ideas for New Product Development

After all plans are accepted, the concept of product is turned into a real tangible yield. Appropriate the idea of developing new product lead in creating of sample or the restricted creation replica (Bhasin 2020). All the branding, together with other policies, is decided previously, are applied as well as tested in this phase.

Unlike concept testing, the prototype is introduced for survey and reaction in the phase of test marketing. Feedback from clients is considered and further changes, if needed are made to the product. Hence, his process is deemed to be of utmost significance as it helps in the process of validating the entire concept of creating new product for international marketplace, and organization is ready for launch (Liu 2013, p.237). The final decision of the original product developed is decided for the product to launch in different global markets.

Management of existing products for internationalization can focus on adjusting the strategy of marketing to suit the changing customer tastes, domestic as well as foreign rivals, and economic conditions, alongside technological advances.  However, the idea of revamping the company’s marketing plans can make the business and sales of existing products to increase (Rodríguez-Jeangros, Hering, Kaiser, and McCray 2016, p.2429). The company needs to focus on building its inventory appealing to new demographics or enhancing the product in different ways that make it more appealing to targeted customers around the international marketplaces.

The idea of enhancing the organization’s product without actually changing its contents offers a new opportunity for marketing. Changing how products are branded is an effective way to manage existing products for international markets to attract more clients (Market Research Blog 2020). For instance, when a company that deals with the sale of electronics changes the sizes or colors of appliances, then they can be able to make their products more appealing, leading to an increase in sales.

The idea of adding new features to products of an organization can be significant in making such products to be attractive to different consumers. Such an approach can help in enhancing the marketing efforts of the organization around the international markets (Urquhart, Gebka, and Hudson 2015, p. 137). For instance, companies that deal with production and marketing of chewing gum can add few new flavors of tropical fruits like pineapple to their inventory with commercial that reflect different images can effectively improve the marketing and sales of their products in international markets.

Developing and Testing of New Product Concepts

When the given existing product of the company has several uses, there is a need to make customers to be aware of that fact, mainly if some of its applications are not widely known. The organization needs to focus on that their operations blender not just makes delicious smoothies but that it comprises of blade sharp enough to create government gazpacho or grind nuts to utilize as the desert topping (Bhasin, 2020). Besides, when organizations market their existing products, they need to ensure that they do effective adverts on their usage to make consumers feel as though they are getting a significant deal on the product they had already entrusted.

Conclusion

Process of aiming at developing new products for international markets always focus on enhancing existing products to invigorate the current marketplace or generate new products that global and local market seeks. Ideas to deal with the development of new products and management of existing products within operations of business organizations for international exchanges are some of the operations that are given more attention by the administration. The appropriate consideration given to these two aspects helps in the creation of active brands leading to enhancement of marketing operations. Therefore, the establishment of proper new product development and effective management of new products make operations of organizations to effectively and maintain brands within the international brands.

References

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Zhang, X., Silva, S., Elo, M. and Minto Coy, I., 2019. Diaspora networks in international marketing: How do ethnic products diffuse to foreign markets?. European J. of International Management, 1(1), p.1.