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Global Business Environment

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Marketers must learn to do solid research in support of upcoming projects. The Unit 1 IP is a research paper and should address the following:

What challenges does a company face when launching new products in the global economy? Describe selected challenges using examples of at least 3 product/service launches. Resources MUST include articles from the library's full-text databases.
After having discussed the challenges of new product launches, how has technology assisted in the effort? Report on at least 3 situations in which technology supports the marketing effort. Resources MUST include articles from the library's full-text databases.

Legal and ethical implications loom large in today's business environment. Describe selected challenges using examples of at least 3 legal/ethical faux pas in marketing that hit the media. The Marketing Scene devotes a section to Controversy in Ads, which may give you some ideas for your research. Resources MUST include articles from the library's full-text databases.

The assignment requires the use of ARTICLES from the library's full-text databases. Articles are found in periodicals. These are not to be confused with eBooks or Reference Books. The most popular databases in marketing are: ABI Inform Global, Academic Search Premier, and Business Source Premier.

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Solution Summary

The response addresses the queries posted in 1791 words with references.

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The response addresses the queries posted in 1791 words with references.

// Launching a new product in a global economy is a crucial task for an organization. There are various challenges, which are faced during product launch. Some of the challenges have been discussed in the given paper. The paper will focus on different problems related to product launch with real examples.//

Abstract

This paper includes the challenges faced by the companies, while launching new products. It also includes how technology supports the marketing efforts and its examples. This paper also explains about the legal and ethical implications of new product development process.

Introduction

In this global world, the companies launch several new products from time to time for sustaining successfully in today's competitive market. Many products are launched by the companies in order to increase the number of customers in the market, and thereby, providing them several benefits related to the product and services (Page, 1993).

Challenges in New Product Launches

The companies have to face several challenges while launching new products in the global economy. The challenges are as follows:

Market competition

Launch of new products in the competitive world is not an easy task for the companies because there are a large number of competitors existing in the global market. So, market competition is the biggest challenge for the companies while launching new products in the global economic market. While launching new products in the market, the companies have to analyze the existing market competitors of the company (Page, 1993).

Analysis of market competitors is necessary in new product launch because it provides food for thought to make a successful marketing plan, for launching a new product in the market. In order to successfully launch new products in the global economy, the companies have to search for the activities being opted by other market players in product marketing, so that the companies can decide what strategy will be beneficial for them, while launching a new product. Searching for other players' strategies and activities regarding product marketing helps the companies in providing best products to the customers, according to their demand. It also helps in product positioning (Page, 1993).

Addressing the Cost for new products

Cost is an important aspect for marketing the products in the market because the cost of product can increase the sales of the product as well as decrease its sales. If the cost of product is too high, then less number of customers will purchase the product; thus, it will decrease the sales of the product. If the cost of product is affordable to the customers, then it will lead to increase in the sales of products (Page, 1993).

While launching new products in the international market, deciding a price for the product is the biggest challenge ...

Solution provided by:
Ashish Sharma, MBA (IP)
Education
  • MBA (IP), International Center for Internationa Business
  • BBA, University of Rajasthan
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