Introducing New Product into Foreign Market
Essay Preview: Introducing New Product into Foreign Market
Report this essay
Here at American Interests United, we believe in great food products. AIUs marketing department has brought to our attention an opportunity to expand our market place internationally.
The target country we will discuss is Puerto Rico. Puerto Rico is a commonwealth of the Unites States. All island residents are US citizens. The legal system is based on Spanish Civil Code and its within the US Federal system of justice. The economy is encouraged by duty-free access to the US and by tax incentives. Also the US minimum wage law applies and their monetary currency is the US dollar bill.
The current population of the island of Puerto Rico is approximately 3.9 million residents. The age structure is composed primarily of middle aged people. This age group comprises of 65.5% of the population. The 0-14 age group makes up the second largest group which is 22% while senior citizens make up for 12.4%. 80.5% of the population is derived from Spanish decent and I believe this could work towards our advantage in the introduction of corn and flour tortillas to the market.
I strongly believe there will be minimal cultural concerns. On the other hand, there are several cultural commodities. For example, we would be introducing corn and flour tortillas into another Hispanic culture. We would also give Mexicans the joy since this product is not found in Puerto Rico. Corn and flour tortillas are nowhere to be found in Puerto Rico. However, Puerto Ricans eat a lot of bread and we could introduce tortillas as an alternative to bread. For example, businesses could now offer tortilla chips or bread rolls as an entrйe as opposed to just bread rolls. Also marketing tortillas could pave the road to introduce other products such as jalapeÑos, green salsa and red picante salsa just to name a few.
The target markets for our tortillas are Mexican restaurants, home cooks/consumers, and local bakeries. To appeal to Mexican restaurants we can express the quality of our unique home made product. As well as mention its great use in authentic Mexican plates like flautas, enchiladas, quesadillas, and tacos. Supermarkets could also be interested in our unique home made product and open a way to deliver our product to consumers. For bakeries could offer the product in different sizes for breakfast tacos, quesadillas, and burritos as an alternative to