International Product Launch
What is an international product launch?
International product launch also known as global marketing is when companies launch new products globally to increase their market value and raise their profits and chances of success. This procedure can be thrilling as well as a nerve wracking experience. The Oxford University Press has defined global marketing as “marketing on a worldwide scale reconciling or taking commercial advantage of global operational differences, similarities and opportunities in order to meet global objectives.” (Oxford University Press’ Glossary of Marketing Terms)
Steps involved to launch a product include logistics, target specific advertising, focused marketing strategy and proper product placement. Marketing is at the core of an international product launch. A successful product launch would mean higher sales and production, whereas a launch that fails to market the new product effectively will cause a significant loss to the company.
Companies face a number of problems and challenges in the process of launching their product. These obstacles do not stop at only national companies but are more evident and cause for concern in global launching. The most common and significant challenge in an international product launch would be the existence of varied cultures and the intra development of multi cultural nations today. To increase cost effective value, durability and lifetime of products, companies speed up commercialization and face the challenging everyday economic changing trends. To help you launch your product with ease, to help in real decision making, is a site called Transware.
Transware- Website for integrated globalization services
This site, a part of Welocalize, offers solutions, helping face ‘international product launch challenges’. Transware solutions has jotted out some of the problems. The biggest challenge in a global product launch according to them is ensuring the delivery of accurate and current products, marketing the materials to the correct distribution channels, to sales groups, and to retailers, cost effectively and securely. Some of the other challenges faced are:
▪ Supporting public relations across multiple markets
▪ Ensuring of consistent testing and qualification
▪ Addressing costs which are associated with decentralized ‘in country’ model
▪ Ensuring that international requirements of products for marketing, QA, sales and engineering are met
▪ To plan Press tours in multi language along with presentations, training sessions and seminars.
▪ Meeting the growth targets while there is a change in consumer demographics or in circumstances of an increase in competition in the mature markets. Meeting the growth target is also a challenge when there is an increase in the spending of services while there is a rise in private labels and a low rate of the success of new brands.
Successful international product launch
A successful international product launch involves the following:
▪ Pre and post production
▪ Tracking of sales force and involvement opportunities
▪ Recruitment advertising
▪ Communication technologies
▪ Site selection
▪ Content development
▪ Event management at several locations
▪ Online registration
▪ Audience feedback
In an international product launch, through the entire process from designing the product to building and post sale services, the managing of development and support of services and complex products is vital. Besides this, there is also importance given to being the first among other similar launches, to market a product globally. Other than being the first product in the market, innovative ideas and services of products is also a plus point to success. Product life cycles are continuing to decrease while at the same time there is a rise in introduction to new products along with product complexity making international product launch develop into a bigger challenge everyday.
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