In this era of extreme and rapid globalization, business firms and companies have to keep up with the local and international trends if they aim to expand and survive. Moreover, entering international markets has great benefits, generating more revenue, competing for sales, decreasing costs, procuring fresh talent, etc. However, one needs to follow a few pathways for this purpose. To make sure you succeed globally, you need to have a product design or an international market. Product design for international markets a different than a local market.
Developing a product for sale is an art as well as a science. The art of product design— the act of creating a new product for a company to sell. It is a process with many steps. The basic goal of this process is to produce a product that combines forms and function. And also turns the concept into an appreciable item that has the potential to sell.
Launch of the Design
A product design project is introduced as a response to a hurdle or a question. moreover, as a blank slate intended to generate something completely new. In the first case, there can be a customer need that has to be met or a problem with decreasing sales of a product that needs addressing.
In the latter case, people are mostly focused on the next breakthrough, looking to revitalize the company’s product portfolio.
Considerations Of Product Design
There are numerous indicators to observe within the product design process
- Customer Requirements: As we often hear “Customer is always right”. So the expectations of the customer with regards to quality, durability, safety should be kept on top
- Production Ability: For new tangible items production, the existing infrastructure will need to be able to make them happen. That requires capital investment.
- Raw material availability: The business should have reliable sources of raw material.
- Cost and price: There should be ample understanding of the estimated cost to produce the product and the potential revenue that it generates. Comparing the cost to competitors can help improve product design.
Product Design For Global Market
Business establishments that function in multiple markets have many other factors to observe within the process. A single product cannot fit into multiple markets. Global markets vary for several factors. Distinct cultures, priorities, economics, laws and regulations, and logistics means that a product that succeeds in Europe might not bear fruit in Asia.
The company needs to be well aware of the fact that different areas require different things. And then produce accordingly to the area’s needs. However, having myriads of product portfolio’s in a company comes with complexity and a cost that rarely succeed
The globalization of a product often starts by recognizing a core platform product and then giving variations on that main product for a variety of target markets. This will ensure a balance between streamlining and customization. the product contributing to the brand image can become the reason for the worldwide fame of the company
International Marketing Strategy
International marketing strategies must always include the following:
- Uniform brand names: This strategy helps build a strong central image in all the regions
- Identical packaging: This provides ease in production
- Standardized adverts: The concept behind the ads in all regions shall be the same
- Standardized pricing: Prices must be regulated centrally
- Similar products: The products offered will be region-wise variations of the same product rather than completely different lines for each area.
The ideal way to ensure a product will be effective and successful in the International market is to observe the aforementioned issues early on. Thus, it will make sure there is a clear idea of the product that can be introduced in all regions.