From the course: International Marketing Foundations
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Market development in a new geography
From the course: International Marketing Foundations
Market development in a new geography
- I want you to imagine you work in the marketing department of a company that makes men's razors. Your company has a long history of making product improvements and has successfully captured the dominant share of the premium razor market in the U S where men are willing to pay $20 per month. But you've just been told that you need to create a plan to get more growth from developing economies. As you start your research, you learn a couple of big challenges to this plan. One is that the developing market customer is not willing to spend $20 per month on razors. What's more, the market research shows men in these countries may only shave once per week or less. For example, success will require a plan to get men in these countries to shave more often. This is referred to as market development. Is the type of challenge many companies face due to the economic, societal, and technical factor differences they find between their…
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