Product Invention is a global marketing strategy that involves creating entirely new products or services specifically for foreign markets. This strategy is used when existing products are completely unsuitable for the target market.
Product invention can take the form of reinvention (e.g., adapting an existing product for low cost in developing countries) or creation of an entirely new product (e.g., developing unique solutions for local needs). The risk and costs are high, but the potential rewards are significant.
