Emerging Markets in New Product Development Manager Toolkit (Publication Date: 2024/02)


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Discover Insights, Make Informed Decisions, and Stay Ahead of the Curve:

  • Why cannot you build expectations about new products and new markets into your cash flows and value?
  • What have been the major new markets that have developed over this period and what new markets appear to emerging?
  • Which level of development of markets are most beneficial investments for the portfolio?
  • Key Features:

    • Comprehensive set of 1507 prioritized Emerging Markets requirements.
    • Extensive coverage of 123 Emerging Markets topic scopes.
    • In-depth analysis of 123 Emerging Markets step-by-step solutions, benefits, BHAGs.
    • Detailed examination of 123 Emerging Markets case studies and use cases.

    • Digital download upon purchase.
    • Enjoy lifetime document updates included with your purchase.
    • Benefit from a fully editable and customizable Excel format.
    • Trusted and utilized by over 10,000 organizations.

    • Covering: Supplier Innovation, Competitive Advantage, Quality Control, Technology Strategies, Metrics And Feedback, Mass Market, Patent Filing, Action Plan, Product Differentiation, Prototype Development, Intelligence Strategy Development, Scaling Up, Leadership Development, Big data utilization, Unique Selling Proposition, Growth and Innovation, Market Segmentation, Market Needs, Self Development, Process Reconfiguration, Customer Retention, Competitor differentiation, Beta Testing, Investment Research, Customer Service, Agile Methodology, Emerging Markets, Market Expansion, Financial Models, Sustainability Impact, Consumer Research, Product Experimentation, Product Benefits, Claim disputes, Performance Tracking, Interdepartmental Communication, Trademark Registration, Market Analysis, Value Proposition, New Product Line, Customer Loyalty Program, Product Features, Product Diversification, Product Presentation, Product Launch, Information Technology, Licensing Agreements, Product Upgrades, Risk Assessment, Line Extension, Minimum Viable Product, Line Expansion, Supplier Integration, Performance Quotas, Prototype Testing, New Product Development, Social Media Marketing, Process Flexibility, Product Maintenance, Benchmarking Success, Design Optimization, Product Life Cycle, Influencer Networking, Material Selection, Manufacturing Process, Market Trends, Joint Ventures, Cost Analysis, Path Delay, Team Strategy Development, Brainstorming Techniques, New Product Design, Customer Acquisition, Usability Testing, Advertising Campaign, Distribution Channels, Pricing Strategy, Revenue Projections, Sales Strategy, Game development, Supplier Development, Product Strategy Alignment, Intellectual Property Rights, Supplier Quality, Supply Chain Management, Return On Investment, Target Costing, Project Management, Risk Management, Target Market, Brand Expansion, Product Improvement Cycle, Application Development, Alpha Testing, Packaging Design, Product Positioning, Product Customization, Data Center Design, Competitors Analysis, Concept Development, Niche Market, Product Ideas, Packages Development, End Of Life Strategy, Obsolescence Plan, International Market, Speed To Market, Lean Management, Six Sigma, Continuous improvement Introduction, Brand Extension, New Development, New Feature Development, Knowledge Sharing Platform, Idea Generation, PPM Process, Lean Startup Approach, Innovation Strategies, Bleeding Edge, Customer Insights, Face Recognition, Product Variations, Continuous Improvement, Sales Training, Product Promotion

    Emerging Markets Assessment Manager Toolkit – Utilization, Solutions, Advantages, BHAG (Big Hairy Audacious Goal):

    Emerging Markets

    Emerging markets are unpredictable and constantly changing, making it difficult to accurately forecast future cash flows and value of products and markets.

    1. Conduct thorough market research to identify potential customers and their needs in the new market.

    Benefits: Allows for a deeper understanding of the target market and their preferences, leading to better product development.

    2. Develop a strong value proposition that appeals to the specific needs and wants of the emerging market.

    Benefits: Attracts and retains customers by providing a unique advantage over competitors.

    3. Establish strategic partnerships with local businesses and organizations to gain insights and establish a presence in the new market.

    Benefits: Leverages existing networks and resources, reducing costs and increasing market penetration.

    4. Implement a flexible pricing strategy that considers the purchasing power and preferences of the target market.

    Benefits: Allows for competitive pricing and better positioning in the new market.

    5. Advertise and promote the new product using culturally-relevant messaging and platforms in the new market.

    Benefits: Builds brand awareness and establishes a connection with the target market, increasing the chances of successful product launch.

    6. Localize the product to cater to the specific needs and preferences of the new market.

    Benefits: Increases the product′s relevance and appeal to the target market, leading to higher adoption rates.

    7. Streamline distribution channels to reach customers efficiently and effectively in the new market.

    Benefits: Reduces logistics and operational costs, making the product more accessible to customers.

    8. Train and educate local staff to understand the product and its potential benefits to effectively communicate with customers.

    Benefits: Ensures a high level of customer service and satisfaction, leading to positive word-of-mouth and repeat business.

    9. Continuously gather and analyze data and feedback from the new market to make necessary adjustments and improvements to the product.

    Benefits: Allows for continued innovation and adaptation to meet the needs of the new market.

    10. Develop a long-term strategy for sustained growth and expansion in the new market.

    Benefits: Maintains a competitive advantage and ensures success in the long run.

    CONTROL QUESTION: Why cannot you build expectations about new products and new markets into the cash flows and value?

    Big Hairy Audacious Goal (BHAG) for 10 years from now:

    In 10 years, our company will become the leading provider of renewable energy solutions in emerging markets. We will have successfully penetrated markets in Asia, Africa, and Latin America, providing sustainable and affordable energy options to millions of people.

    Our goal is to have an extensive portfolio of renewable energy projects, including solar farms, wind turbines, hydroelectric plants, and biomass facilities, in various emerging markets. These projects will not only provide clean energy sources but also create job opportunities and stimulate economic growth in the communities where they are located.

    We envision our company′s revenue to surpass $1 billion annually, with a strong presence in the top emerging markets. Our brand will be synonymous with sustainability, innovation, and social responsibility.

    To achieve this goal, we will heavily invest in research and development to continuously improve our technologies and make them more cost-effective. We will also establish strategic partnerships with local governments, businesses, and communities to ensure our projects′ success.

    Furthermore, we will leverage our strong financial position and access to capital to acquire and integrate smaller renewable energy companies in emerging markets. This will help us expand our reach and enter new markets quickly.

    By achieving this BHAG, not only will our company experience significant financial success, but we will also leave a lasting positive impact on the world by helping to combat climate change and providing sustainable energy solutions to those in need.

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    Emerging Markets Case Study/Use Case example – How to use:

    Client Situation:
    A global technology company, XYZ Inc., has been operating in developed markets for several years and has seen significant success in terms of revenue and market share. The company is now looking to expand into emerging markets, specifically in countries like India, Brazil, and China. The senior management team is excited about the potential growth opportunities in these markets, but they are also concerned about the risks and challenges involved. They have approached a consulting firm to help them understand the key factors that can affect the success of their expansion into these new markets.

    Consulting Methodology:
    The consulting firm analyzed the client′s situation and proposed a three-step methodology to address their concerns. Firstly, a thorough analysis of the target markets was conducted to gain a better understanding of their economic, political, and social factors. This involved conducting extensive desk research using various sources such as consulting whitepapers, academic business journals, and market research reports. The second step was to assess the client′s internal capabilities and resources to identify any gaps or strengths that could impact their entry into these markets. Finally, a detailed strategic plan was developed to guide the client on how to best enter and succeed in the emerging markets.

    1. Market Analysis Report: This report provided an overview of each target market′s economic, political, and social landscape, along with an assessment of the major players, current market trends, and growth potential.

    2. Internal Capabilities Assessment: The consulting firm conducted a SWOT analysis of the client′s internal capabilities and resources to identify areas of improvement and determine their readiness to enter into new markets.

    3. Strategic Plan: A comprehensive strategic plan was developed, which outlined the recommended entry strategy, including product positioning, pricing, distribution, and communication strategies.

    Implementation Challenges:
    The journey of entering into a new market is filled with challenges, and it is no different for emerging markets. Some of the major implementation challenges faced by the client were:

    1. Cultural and Language Barriers: The client had to navigate through language barriers, cultural differences, and consumer preferences of the target markets.

    2. Infrastructure Limitations: Emerging markets often have inadequate infrastructure, which can hinder the client′s operations and distribution capabilities.

    3. Regulatory and Political Risks: Policies and regulations in emerging markets can be unpredictable, and the changing political landscape can impact the client′s business operations.

    KPIs (Key Performance Indicators):
    To measure the success of the expansion into emerging markets, our consulting firm proposed the following KPIs for the client:

    1. Market Share: This metric measures the percentage of the total market that the client captures in each target market.

    2. Sales Revenue: The revenue generated from sales in the emerging markets would indicate the demand for the client′s products in these markets.

    3. Customer Acquisition Cost: This metric calculates the cost of acquiring new customers in the target markets and helps measure the efficiency of the client′s marketing and sales strategies.

    Management Considerations:
    There are a few key management considerations that the client should keep in mind while expanding into emerging markets.

    1. Long-Term Investment: Entering into emerging markets is often a long-term investment, and it may take some time to see significant returns. The client should be prepared to make this commitment and have a long-term growth plan in place.

    2. Adaptability: The client must be adaptable and willing to make changes to their product, pricing, and promotion strategies to fit the specific needs and preferences of each target market.

    3. Risk Mitigation Strategies: As emerging markets can be volatile and unpredictable, the client must have risk mitigation strategies in place to minimize potential losses.

    In conclusion, it is challenging to build expectations about new products and new markets into cash flows and value due to the various risks and uncertainties involved in emerging markets. However, with a thorough market analysis, proper strategic planning, and considerations of key KPIs and management strategies, the client can successfully navigate these challenges and achieve their expansion goals in emerging markets.

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    Gerard Blokdyk
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    Ivanka Menken
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