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The introduction of a new product in the market is the headache of every manager. With planning, it can be effectively achieved. It is however affected by many factors. These factors can be internal and manageable within the organization. However there are factors which affect the introduction of these factors which prevent the effective launching of the new product. These factors that go beyond the disposition of the company are known as macro factors which are subdivided into three major factors:
The first is called PEST-G factors. In analysis it means political, economic, social, technological and green factors. These factors affect all organization operating business. Under political, this is the governance enjoyed within a country. In a political stable country it is easy to conduct business, and increase your sales considerably. Economic factors affect a company based on stability and existence of desirable monetary policies which does not undermine money value and currencies.
Social factors extend to the beliefs, religion and culture of individuals of the society. The beliefs and culture can be individually or collectively. When collectively the new product will be scrutinized, collective decisions will be made as well. For a person to successfully get approval for their product they need to understand the social aspect of the new market. Technology is another factor affecting many business ventures. Currently the world has…