Product Development for Exports

Let’s learn more about Product Development for Exports.

Few products these days are revolutionary which means that companies need to be innovative in every aspect of their business in order to keep one step ahead. Most often new products refresh or reinforce a product range by complementing the existing offer as opposed to being a catalyst for business change. Companies should bear in mind that the time needed to copy products is shortening and as such fast and cost-effective simultaneous launch of new products across multiple markets can be prudent.

The process used to develop products for international markets is similar to that for domestic markets. The main steps include; idea generation, market screening, business analysis, product development, market testing, marketing and product launch. The major difference is the increased requirement to analyse a product’s suitability for launch as several countries are to be targeted as opposed to one. In depth research and reliable local knowledge is crucial to ensure that local product needs are met and for products to be positioned correctly from the beginning.

This module covers the following: