Market Criteria for new product: foreign markets strategy
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Describe two criteria used to assess a market's potential for a new product.
Based on these criteria, what are the steps the managers 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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Solution Summary
The answer describes the two criteria to assess market potential for new product in foreign market and also factors to be considered for assessing the market potential.
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Describe two criteria used to assess a market's potential for a new product.
Based on these criteria, what are the steps the managers 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?
The criteria used to assess the market potential for a new product are:
1. Evaluation of customer base (that is size of the market and its growth potential, spending patterns of customers), their needs, expectations about the product's quality, its price etc.
2. Existence of level of competition in the foreign market.
The managers of the global company on the basis of the above two criteria need to take the following ...
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