Describe the factors that should be considered in developing new products for international markets with particular emphasis on the consequences for not adequately testing new products.
Developing new products for international markets
For the international market, it is critical to developing a new product carefully. Many depart in the companies are responsible for testing new products. Three factors managers should undertake on a routine basis. 1- Ensure the continuous tapping of relevant resources for the new ideas of goods from both external and internal resources. 2- Screen careful all ideas that help for the identification of further investigation and identification of potential candidates. 3- Ensure the availability of adequate organizational resources for the development of potential ideas. When it is ensured with supporting evidence that idea has a good potential, it should be examined for the aspects including market size for the products of various prices, market potential, expected competition, estimate demand and compatibility of the idea with the goals and objectives of the corporation. After getting the answers to these questions product should be tested. It should realize that new product subject to interact with the chemicals, humans and other mechanical elements. That is why prior to full-scale introduction product should be tested. Otherwise, failure to assess the actual condition will lead top big surprises for the company. For instance, P&G lost the opportunity in European market due to the presence of ingredients that are incompatible with the prevailing circumstances.