Marketing Case

Introduction

Developing a new product involves countless hours of research, development and testing. The question is what challenges do businesses face when developing a new product, how does technology as well as the global environment effect the new product development over time as well as what are some of the legal and ethical challenges that can come of developing a new product? These are all questions a business must ask to be able to have a successful product.

Challenges in New Product Launches

Some challenges that lie in wait for a new product consist of technological and market uncertainty, product and production complexity, as well as geographical and organizational dispersion of the product (Lakemond, 2013). On top of all the work that goes into an new product these areas must be considered. These challenges can keep a product from being successful much like a fire pyramid. In a fire pyramid one must have heat, oxygen and fuel to create a successful fire. The same type of rational can be applied to a new product. If one takes certain considerations, such as a stable market, simple product and production, and a well-organized global distribution the product can be a success.

Challenges: example number 1.

One global challenge that a business may face when developing a new product would be the legal aspects of globalization(Beckmann, 2010). With globalization different countries as well as the different governments control what products are allowed in and or out of the respective country. Through embargos and other laws and sanctions it can put a critical halt to a product due to social and governmental matters as well as any technological aspects of the product ranging from the way it is developed to the technology the product may hold. An example of this is the current embargo on Cuban products. This has nothing to do with how the