Market Potential for a New Product
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Describe two criteria used to asses a market's potential for a new product. Based on these criteria, what are the steps the manager of a global company will need to take in order to decide whether a foreign market is a viable market in which to introduce a new product?
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This solution describes several criteria used to asses a market's potential for a new product and, based on these criteria, the steps the manager of a global company will need to take in order to decide whether a foreign market is a viable market in which to introduce a new product.
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RESPONSE:
1. Describe two criteria used to asses a market's potential for a new product.
Some of the criteria listed in the marketing research are as follows:
1. User base: Why will anybody buy our product/service?
2. Brand Users: Why will anybody buy our version of this product or service instead of competitors' offerings?
3. Competition: How soon could the competition copy our product?
4. Price/cost: Can we effectively create and promote our product?
(http://www.uwa.com/compadv_b_001.asp).
Arnold (2003) suggests the following two criteria used ...
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