the diffusion of new products
This essay focuses on the diffusion of new products. Many firms realize that they must adapt existing product or service models when introducing them into a foreign
the diffusion of new products
. Following instructions: Understanding the influence of culture on the consumer decision process is an important part of a marketer’s job. Cultural norms and values, along with consumer perceptions, family, and group influences, are all factors that can significantly impact the diffusion of new products or services. Many firms realize that they must adapt existing product or service models when introducing them into a foreign market. First, you’ll read the Global Opportunity box titled “Fast-Food Rulers in China”.
It in Chapter 8 of your textbook (attach under additional instructions). Then, you’ll examine the two different strategic approaches adopted by the fast-food chains KFC and McDonald’s. Firstly, regardless of how thorough your market research is, you cannot guarantee that people will buy what you are selling. Secondly, depending on your market entry method, you may have to invest. It is high capital or meet resistance from potential local partners who are unsure that the product will succeed.
By following your competitors should they succeed, you will know that there is a market for your business and it is much more likely that local companies will be willing to partner with you. However, you run the risk that local customers will have become loyal to your competitors’ brand and will not want to buy from another company.
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