A marketing approach to introducing a new product into the global marketplace and the challenges it faces.
For this marketing publication is necessary to address the challenges associated with the knowledge he as well as the challenges associated politically with the disbursement of this technology. This publication is designed to provide examples of products, challenges associated with these new product launches, the new marketing implications associated with technology, and talent marketing in general falls into the ever changing product placement and development. In addition to the technological and political changes with technological advancement of products or marketing community must also address book legal and ethical implications associated with the marketing of these products.
Challenges in New Product Development
According to the New Product Development research has indicated that new product development success rate among new products is quite low. The assessment, or solution, presented suggests the introduction of formal risk management. The intensification of risk management is brought on by no small part to ever changing technologies and customer satisfaction associated with these technologies. Bigger, better, cheaper is the new basis of marketing. This change in marketing, as it relates to the technological advancement in product development and marketing has created the need for new policy and creativity within the marketing arena. Wheelwright and Clark in 1992 stated: "therefore it is no surprise that identifying and managing risks have become increasingly important issues in the product innovation literature." To expound on global marketing, Learn Marketing.net has come up with eight stages of new product development. They are, in order: idea generation, idea screening, content development and testing, marketing strategy and development, business analysis, product development, test marketing, and commercialization.
In addition to these three other new approaches to new product development have been developed including: the classic linear approach, the rugby approach, and the target costing approach (Winer, 2007). The classic linear approach is much as it sounds. "This process is described as linear because the firm using it goes through a series of processes... occurring one after another (Wienr, 2007, p.210)" the rugby approach results from "the constant interaction of a multidisciplinary team whose members work together from the beginning of the project to the product's introduction... where the team moved downfield in a pack from beginning to end (Wiener, 2007, 0.211)." The characteristics associated with A Rugby Approach include: built-in instability, self organizing project teams, overlapping development phases, transfer of learning, subtle control, multi-learning, and overlapping development phases (Wiener, 2007).
Challenges: example number 1.
One challenge as noted and defined by the Wall Street Journal is the current technological boom within Japan. The hub of Japanese technology primarily exists within a small part of Tokyo. Within this demographic it is found that technologies such as Panasonic laptop are 15% lighter than what is sold in the United States and include unheard of. These keyboards are companied with nine hour battery life. Basically the Japanese marketing strategy exist only within the names of Japanese brands that appeal to the US masses. Digital cameras for instance are far more advanced than what the Japanese offer in the United States. For example, digital cameras in Japan boast higher light ...
Modern marketing is not a simple as creating a new product and putting it on the shelves. There are many challenges facing product development within the global economy. The Main challenges facing the company are both technological and political. As we move into a new age of product development and placement we must familiarize ourselves with the difficulties and changes associated with the development of these products.