Marketing Philosophy & Strategy
What challenges does a company face when developing new products in the global economy? When describing the challenges use examples of 3 or more product or service launches, please include references to these products/services. After having discussed the challenges of new product launches
how has technology assisted in the effort? What are at least 3 situations where technology supports the marketing effort? Please provide resources.
Legal and ethical implications loom large in today's business environment. Describe selected challenges using examples of at least 3 legal/ethical faux pas in marketing that hit the media.
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Challenges for New products
A company can face various challenges during the process of new product development such as market research, different cultures and economies of different countries, technological advancement, local and international competitors, good brand image of substitutes and huge expenses of marketing, advertising and market research. The main challenge of launching products in global economy is to understand the needs and requirements of different customers in different nations.
Examples of Global Product Launches
Apple company faced several challenges during the launching of iPad. It may be easier to launch this product in a rich country like, New York or Switzerland as compared to poor region such as Pakistan and African countries. It is important to research the demographics and economic conditions of the market before planned the media campaign (Weinberg, 2008). After the research, the company found that urban audience is the suitable target market for its invention.
Along with this, McDonald's has changed its product lines according to the needs of customers and culture of nations. They will not serve "Taboo" foods in countries, where certain foods are avoided (McDonald's, 2012). Market research helps the company to decide what products ...
Solution Summary
The solution discusses marketing philosophy and strategy.