Question

Using the internet or our library for research, find three examples of product problems that companies have faced during marketing in global markets, then describe these problems and how these problems could have been avoided.

Answer 1

The three product problems companies have faced during marketing in global markets are -

1. Knowing the Target Audience

Every product that gets launched is not for every individual. There is a specific group of people termed as target audience who would buy that product.

Businesses have faced the biggest failures when they could not decide the target audience.

2. Invisibility of Business

The present era is of Digital Marketing. Your product needs to have some online visibility to attract good number of customers across the globe.

Having a good website and quality content online is mandatory in present day situation.

3. Deciding the price of the product.

You need to decide whether you want to have more number of customers with small profit percentage or higher profit percentage with less number of customers.

Avoiding these issues -

1. Don't try to market your product to everyone. Try to use BTL activities for marketing. This saving your money on marketing.

2. Have a good digital marketing team maintaining your website and all the social media platforms.

3. Always focus on the number of customers. Over the point of time business will grow because of these customers working as your advocates.