A Managerial Approach to Marketing

NAME

University

MKT640 - A Managerial Approach to Marketing

Project Type: Unit 1 Individual Project

Sunday, November 11, 2012

ABSTRACT

Worldwide marketing would be one of the biggest challenges many companies have to face in the world market. The demise of distance has derived from a rapid growth with technology, which would undoubtedly be the key driver of the phenomenon. Companies not only face challenges of successfully reaching possible consumers worldwide, but how they can successfully market their products appropriately for different cultures.

Research

Introduction

Developing a product can be explained as the procedure of producing a new service or product into the marketplace. This includes the development of generating the concept, creating the product, a strategy, creation, marketing, administering, and assessment of the product. The current worldwide economy can be described by the pattern variations of the customer and utilization, which can put a lot of burden on developing a product. With this, expansion into an international brand has contributed to imposing burden on developing new products.

Challenges in New Product Launches

Adapting to mergers, transfers, collaborations, and acquisitions are now a part of growing trends that force companies to put importance on the procedure and organization of a product's growth. The trials faced in product growth can be discovered in the suppliers, R&D, innovation, development, marketing interface, and technology (Banerjee, 2009). In the global economy, there can be many challenges that effect the development of the product. Prior to unleashing a new product into the global market, a company should careful do market research. It can be exceedingly expensive for a company to launch products internationally. Some of the challenges are competition, research and development, and product line extension, which will be discussed below.

Challenges: example number 1.

Competition may be one of the most noteworthy problems that an organization may face because regardless if the product is developed internationally or nationally it will face competition. Competition is at each stage at and without it a business would not be able to assess their position (Winer & Dhar, 2011). The place can easily be computed by comparing it to others, as with product growth. When a product is established, other rivals are measured and a new launch may become ineffectual by others. By contemplating the competitor's strategy events a products growth can be complete and overcome challenges (Winer & Dhar, 2011).

Challenges: example number 2.

Another encounter organizations face is the shortage of development and research or if it's not done properly. There are times that the research performed may contain ineffective or inadequate data that could lead to incorrect interpretations causing challenges for the organization. These challenges can be dangerous for the external and internal growth of an organization. Innovation and invention are typically misunderstood by most companies. Many think of innovation as discovering a purpose for a creation (Banerjee, 2009).

Challenges: example number 3.

Executing product line addition in a way that adds to revenue generation can be problematic as any small incorrect decisions can produce profit margins to go down. There are several inherent challenges that relate to the innovation that can impact product develop, which will be discussed below.

Inherent technological uncertainty: Innovation includes indecisiveness on a technological level, therefore merely starting an innovational chase that doesn't allow the technological integrity to go into the last product and in the functions with related products. This aspect can add to the amplified risks linked with assets in the innovation (Winer & Dhar, 2011).

Inherent commercial uncertainty: Innovations can face disaster when it come commercial indecision despite having technological gain over the rivalry. Therefore the prospect of incident of marketable risk is extremely significant, which can be linked to the invention of the product and market. This is due to the marketplace uniqueness and the lack of knowledge (Banerjee, 2009).

Comparison cost and innovation: Great deal of companies face troubles with comparing the cost of innovation with their new product's growth.

Technology and New Product Development

Technology plays a critical part for the resources for the whole business, particularly in growing output and developing worldwide attractiveness. Technology involves the atmosphere component and improves part of the essential implicit information aspect. Corporations can stem vast benefits by conquering the technology field.

Technology can aid in spreading towards a consumer environment across current devices. It significantly upholds market attempts and aids in the process of the marketplace when determining the consumers' requirements and their paying capabilities by using data gathering founded on analysis tools. The technology can guide the supply of promoting the materials to the market spectators through advertising, online marketing, and associate marketing (Herbert and Grace, 2008).

Many companies have far sighted strategies where rewards that are associated with innovations can happen easily. Those companies are incapable of reaping the rewards related to innovation. Challenges that are linked with product growth in a global market includes the outside issues like awareness of the consumers, production of the product, government regulations, and the fast moving trends of consumers. Aside from that, internal tasks include encounters that are connected to the structure which occur because the continuous desires to innovate repeatedly and launch original products, while guaranteeing plans are being done in a timely manner, following regulatory aspects, and terms of agreements (Winer & Dhar, 2011).

Technology: example number 1.

For example, McDonalds reintroduced a product line, so that they could alter the menu with the culture, nation, and taste when growing globally. They made sure not to serve foods that were prohibited in other nations. The menu items were prepared to fit the taste of the culture, so the launch would bring in profits. Market research was responsible for