What are the steps the managers of a global company will need to take in an order to decide whether a foreign market is a viable market in which to introduce a new product?

I would say he/she first needs to do market research to see if it would even be profitable to introduce said product into that market. Second I would say he/she needs to look at all the expenses associated with selling the product in that foreign market. These costs can often differ greatly from costs associated with selling the product domestically. For example if you are an American company wanting to sell your product in the EU, you would have to realize that transportation costs would be significantly higher because of the higher cost of fuel in Europe. Also you would have to look at export/import tariffs and quotas. Thirdly you would have to look at the political environment of the foreign country as politically unstable countries have an increased risk of hostile takeovers (having your business taken over by the government without any consolation.) If the benefits outweigh the costs associated with introducing said product into this foreign market and it is expected to stay that way then I would say go for it.