Product invention refers to create new products or services for foreign market. It consists of creating something new to meet the needs of consumers in a given country. For example, companies ranging from computer and carmakers to candy producers have developed products that meet the special purchasing needs of low-income consumers in developing economies such as India and China. Ford developed the economical, low-priced Figo model especially for entry-level consumers in India. And Cadbury, long known for its premium chocolate, is now developing products for less affluent consumers in India and other developing economies.
Definition