QuestionWhat is the importance of international marketing for a newly developed product?
AnswerIf a business launches a new product and it has a limited domestic market for such a product, then international marketing can be very important for the success or failure of the product. By conducting international market research, a business will be able to discover what countries or regions are most likely to buy the new product. The business will then be able to identify the countries where they are likely to be most successful and as such can begin the process of targeting those particular foreign markets. By targeting the foreign markets where there is likely to be the highest demand the business will be more likely to successfully launch the new product. Another important factor to consider with regards to the importance of international marketing for new products is how the world’s population is now more interconnected through technology. The internet, and particularly social media are great examples of this. A successful marketing campaign that goes ‘viral’ can spread across the world in a very short time. If a new product is going to be launched that consumers don’t know about it is important to create a ‘buzz’ about the product, so that consumers are encouraged to try the new product. International marketing conducted through social media that goes viral can create this buzz, and if this buzz can be created it is more likely that the new product will be successfully launched.
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