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    Marketing philosophy and strategy

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    As a participant in the AIBC, you will have an opportunity to become a published writer at the end of the conference. AIU hosts a marketing publication, "The Marketing Scene," which provides a platform for professionals and consumers to discuss new ways of marketing, the effectiveness of advertising trends, specific ad campaigns and the impact this information has on our society. It provides a good starting point for this assignment. Some of the stories talk about the marketing of new products or the revitalization of existing ones.

    Specialized Research using the Library's Full-Text ARTICLES Databases

    Marketers must learn to do solid research in support of upcoming projects. The research paper and should address the following:

    1. What challenges does a company face when developing new products in the global economy? Describe selected challenges using examples of at least 3 product/service launches. Resources MUST include articles from the library's full-text databases.

    2. After having discussed the challenges of new product launches, how has technology assisted in the effort? Report on at least 3 situations in which technology supports the marketing effort. Resources MUST include articles from the library's full-text databases.

    3. 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. The Marketing Scene devotes a section to Controversy in Ads, which may give you some ideas for your research.

    Resources MUST include articles from the library's full-text databases.

    The assignment requires the use of ARTICLES from the library's full-text databases. Articles are found in periodicals. These are not to be confused with eBooks or Reference Books. The most popular databases in marketing are: ABI Inform Global, Academic Search Premier, and Business Source Premier.

    Your report MUST include a reference list. All research should be cited in the body of the paper. In-text citations and corresponding references should be included in your paper. For more information on APA, please visit the APA Lab. The paper should be written in third person; this means words like 'I', 'we', and 'you' are not appropriate. The use of direct quotes is discouraged, but may be used sparingly in appropriate situations.

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    Solution Preview

    Marketing Philosophy and Strategy

    Abstract

    There are inherent challenges when one introduces or develops a new product. These challenges make it necessary for the developer to learn how to utilize tools available to better understand the market, its demands and the potential ethical implications and possible legal repercussions. Thru due attentiveness, the marketer will accomplish a smoother progression through a new product development and deployment. This paper addresses some of the dilemmas organizations face when they attempt to develop new products in this global economy.

    Challenges with New Product Development

    There are always challenges when bringing a new product to the international or global market. In order to succeed, the marketer needs to understand the challenges he will be facing during this process. Bringing a new product to the global market will require the detailed development of a strategy, formation of the inspiration or idea, notion of the product, an advertising plan and a calculated map / strategy to advance and administer the product. The marketer has to keep in mind the existing external factors that the global economy will present and the different patterns of consumption consumers add to the equation. These events will develop fundamental difficulties when trying to develop a new product.

    The development of new products continues to be impacted by the current financial state of the global economy and by the existing expansion and wide variety of international goods. The existing global trends such as: relocations, acquisitions, mergers, and business collaboration has required corporations to re-think (and stress the significance) and value on the management and general processes of new product development. According to Hood (2007), the biggest challenge with new product development gyrates around suppliers, innovation, transfer, improvements brought by technological advances and research & development.

    As stated earlier, companies face many challenges when trying to develop new products, mainly around deciding whether the new product will add value to the potential customer; especially since this notion has changed significantly from simple "add-ons" to the very complicated designs of mass customized productions (Hood, 2007). Another big challenge companies face revolve around the impact small and obvious decisions can have on the company's bottom line. Companies are challenged with "finding" those merchandise line extensions that will add value and at the same time will also improve their revenue margins in a big and positive way. Finally, finding applicability to their new creations is sometimes confused by their ambition, since most of these corporations regard innovation as a means to find applicability to their new products.

    Scientific uncertainty directly affects new product development - since there is a certain degree of ambiguity associated with innovation (at the technological level). As a consequence, this technological uncertainty contributes to the intrinsic risks that are associated and related to investing in innovation. Also, commercial ambiguity (or uncertainty) is another challenge that clashes with innovation. The inability of a new product to meet the customer needs (even if they are technologically superior to the competitions') have caused the new product to be discontinued as we will examine in the Sony Betamax video tape example. In terms of the elemental innovation, the probability of risk is high and probably due to ...

    Solution Summary

    There are inherent challenges when one introduces or develops a new product. These challenges make it necessary for the developer to learn how to utilize tools available to better understand the market, its demands and the potential ethical implications and possible legal repercussions. Thru due attentiveness, the marketer will accomplish a smoother progression through a new product development and deployment. This paper addresses some of the dilemmas organizations face when they attempt to develop new products in this global economy.

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