What Is The Product Strategy Of A Company To Enter Foreign Market?


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Foreign Market

Product:-

 

  1. Straight extension means introducing the product in the foreign market without any change. The CO. must however determine whether the formers in the foreign country use that product or not. Such a strategy has been successful with cameras, consumer electronics, machine tools etc. This strategy is advantageous since it involves no additional R & D expenses or promotional modification.

 

  1. Product Adaptation involves altering the product to meet local conditions or preferences.. There are various levels of adaptation. A company can produce a regional version of its product such as north Indian, South Indian or can produce a country version., retailer versions while products are frequently adapted to local tastes and preferences, in some cases they must be adapted to local superstitious and beliefs –Feng Shui.

 

  1. Product invention:- Consists of creating something new. Background invention is reintroducing earlier product forms that are well adapted to a foreign country’s needs. Forward invention is creating a new product to meet the needs of another country. There is an enormous need in less developed countries for less-cost, high protein and co’s as Quaker Gats Swift and Monsanto ate researching over new formulas.

 

 


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