Abtuillak It is now November 2023 and you have been a college graduate for a few
ID: 1111893 • Letter: A
Question
Abtuillak It is now November 2023 and you have been a college graduate for a few years working at a company where you suspect the higher level of management might not be too smart. The company manufactures various food products and has developed a new product that it is ready to begin selling in the U.S. and in other countries. One of the managers comes to you and begins talking about how great the new product will do but also expresses some doubts. You ask if they have considered the economic aspect of the new product and how it will behave in the U.S. and foreign economies. In reply, you receive a blank stare. Later you are in a meeting where you have been asked to share your thoughts about what the management should have been asking itself while preparing to launch the new product. What questions about economics would you ask the management team? Why would you ask each one? Develop a list of questions with reasons supporting each question.Explanation / Answer
Q.1) What is the new product to be launched?
The company should know about the new product to be launched and how it will be accepted in other countries.
Q 2) Is the new product in match with other countries' and USs' environment??
The company should study how the people of other countries react to a new product, will the climatic condition or the peoples' mentality accept it.
Q 3) Is there any other similar product in the market?
The company should do a research of the market where it has decided to sell the product that if any other similar product already exists or not because that will decdide the future of the said new product.
Q 4) How much share in the new market it is expecting?
The company should know what it is expecting out of the profits and how much other country market can provide.
Q 5) What is the impact of competition level?
New markets should be explored well but the new company should be well aware of the already existing products there and the impact of competition there.
Q 6) What are the taxes of other economies?
Each country has its own taxation policies, the new product to be introduced should not attract large amount of taxes as it will increase the value of the product.
Q 7) What is the price of the new product in the new market?
The price of the new product to be launched should be well determined early keeping in mind various aspects of other economies as that will decide how long the product will stay.
Q 8) How can it pave its way to another country by using the newly launched market as its way?
The company should also try to enter into other markets throuhg the currently launched market using the connections there and the different policies.
Q 9) For how long is the current government going to exist in that country and what are the laws and polices of them?
The current government and its rules and polices play a major role in the establishment of any new product in any country so the company should know the existence of the government and it rules.
Q 10) Had it made the research activities?
The company should be well versed about all aspects related to the launch of the new product, therfore, it should be able to do all research in a very detailed manner.