Unit 1 – a Managerial Approach to Marketing

Kimberly Bell Ameri lav Intercontinental University Unit 1 Individual job MKT640 A Managerial Approach to merchandising November 11, 2012 Abstract This paper reflects challenges brought on by starting up a new crossway, the effectiveness and efficiency of applied science when market, and the battle of legal and honest complication. Given are examples of different situation of each topic to demonstrate how each take place when starting a new product or service. The Marketing Scenario IntroductionWhen bringing a new product or service together there are certain aspects to be considered for a successful product or outcome. Those aspects may include fall guy, sector, location, creating an effective marketing political platforms and advertisement strategies. There are besides certain issues and challenges that may cram when bringing this new product or service into human beings. Challenges in New Product Launches When bringing the new product or service into the market, withou t a plan in place for its targeted consumers, sector, location, sales and distri just nowion tactics there will be several issues and challenges to face.According to prime, if all these problems are anticipated and handled creatively, social marketing efforts can succeed (Bloom, 1981). Challenges Target Market and Sector. One challenge that is very distinct is target consumers and sectors. These two challenges differ where ever you go. When bringing that new product into existence you must do the research of the market for the sector and target market. Therefore, realizing the market sectors as well as the target consumer can determine the difference that integrity or the other may cause for a major challenge.For example, 1990s McDonalds launched a product called Deluxe line to target the older mint and launched a tag line Especially for the grown up taste to market it but the launch failed disastrously due to wrong selection of target market. Challenges Effective Marketing Plan A nother challenging task is creating an effective marketing strategy. Creating a effective marketing strategy when initiating a new product is all about keeping the consumers needs in mind. The information presented in the marketing should so explanatory that it demotes precise information to the consumer about the details of the product.To give misleading information will cause product failure. Therefore, the marketing will be unsuccessful. For example, Levi Strauss came out with a product called type1 jeans with some different features in 2002 but the marketing and advertisements wasnt properly devised and erroneously lead consumers in turn leading to failure of the product launch (Bonander, 2010) Challenges Competition Another challenge is competition, when initiating a new product in the market because the market is constantly changing, entrepreneurs are constantly taking risks (ThinkQuest Library).For example, in 1985 Coca-Cola launch a new version of the crispen with a tag l ine The best just got, better, but the taste and quality of the new drink was not accepted by the consumers as the strongest competitors PepsiCo took the advantage and maximized its sales (POM final). engineering science and New Product Development Marketing efforts can be enhanced by the use of technology. While sales and mesh are progressing, it can also overhaul the organization succeed in its marketing campaign. For example most companies are using social media and networking site care LinkedIn to market their business and services.These social networking sites can make the new product campaign even more effective. Technology Distribution Technology can also allow way for distribution of products or services. Therefore, through desk top advertising, e-marketing, and online marketing, technology has led the way to easy access marketing (Herbert and Grace, 2008). For example, a software golden Fire Innovator, developed by Invention Machine has three modules and comprises of t ools that make use of value engineering and well formulated problem-solving methodology (TRIZ) to provide assist to the users concerning the problem definition.Its second module called researcher Facilitates Engineers in executing semantic searches related with the powerful databases for finding appropriate resolutions and concepts (Frey, 2006). Technology energy and Effectiveness Technology also helps in the quality, effectiveness, and efficiency of product data. For example, in the banking industry several models based on Data Envelopment Analysis (DEA) have been developed to help with the analyzing and processing of data (Yang, 2009). This process not only helps the organization to be more efficient but also more effective when servicing its customers.Technology demo Technology can also help to display your new product in an arena for a big or small audience. For example, with a blade page the new product can be advertised and sent over the internet, whereas it will be displa yed in a database to allow a original and systematic presentation to a large audience and sharing the of a wealth of information on a continued bases. Legal and Ethical Implications in New Product Development Many legal and ethical implications are faced when launching a new product or service.For example, packing, labeling regulations, disclosures, and standards. There are difference regulations set forth in different countries. There is a must that organizations understand the responsibilities regarding regulations are crucial to ensuring worldwide compliance and sustained scotch edge (Akin-Ogundeji, 2010). Legal and ethical implications Packing and labor There are various countries, which have specific regulations regarding packaging and labeling. There are also stipulates on how and where the labels should be placed on a products.For example, in the US the PDP, is that portion of the package label that is most likely to be seen by the consumer at the eon of purchase (General Food Labeling Requirements). This PDP must appear on the front of the product. Legal and ethical implications Advertisement or Display The media also creates controversy due to interpretations of the signage employ to advertise. For example, baby food called Gerber, when it was launched in the France, it means stack or vomiting, which had very bad impression on the customers and led to the reduced sales of the product (Perlman, 2008).Legal and ethical implications Media Advertisement and Display can really damages the launching of a new product because the audience can misused or misunderstand the devoted information. For example, when Coca-Cola entered china with the same name, the characters revealed the meaning as Bite the wax tadpole which was very unfortunate and misinterpreted by the people resulting in a controversy (Bite the prove Tadpole). Conclusion It is to be concluded that from the above discussions that product development is extremely important.It also determines t he organizations success and failures. Therefore, it can provide a great advantage to the union success. However, in technology can provide a huge advantage and shorten the time of developing and marketing a product. Technology allows an organization to customise their product in the market. Lastly, the product should comply with the legal aspects to avoid problem with its success. References Akin-Ogundeji, D. O. fetch Your Business Ethics Articles and Articles on Corporate Social Responsibility From Ethicsworld. rg. Get Your Business Ethics Articles and Articles on Corporate Social Responsibility From Ethicsworld. org. Retrieved November 11, 2012, from http//www. ethicsworld. org/ethicsandemployeesBhasin, H. (2010, January 22). Bite the Wax Tadpole Why we chose a silly name. Web Development Ireland. Retrieved November 12, 2012, from http//www. bitethewaxtadpole. com/bitethewaxtadpole. htm Bloom PN, Novelli WD. Problems and challenges in social marketing. J Mark. 1981 Spring45(2) 79-88. PubMed PMID 12280283. Retrieved November 11, 2012.Bonander, R. 2010. Top 10 Failed Product Launches. Retrieved on November 11, 2012 from http//ca. askmen. com/top_10/entertainment_100/139d_top_10_list. html Brand Failure McDonalds Arch Deluxe. Marketing Strategy, Marketing Management, Marketing News, Advertising reviews. Retrieved November 11, 2012, from http//www. marketing91. com/brand-failure-mcdonalds-arch-deluxe/ Competition in the Market The laws of supply and demand are bestevident in a competitive market. ThinkQuest Library. Retrieved November 11, 2012, from http//library. hinkquest. org/C008486F/iiid. htm Frey, C. (2006). Goldfire Innovator takes product development, process innovation to the bordering level. Retrieved November 11, 2012 from http//www. innovationtools. com/Resources/ideamgmt-details. asp? a=147 General Food Labeling Requirements. U S Food and Drug Administration Home Page. Retrieved November 12, 2012, from http//www. fda. gov/Food/GuidanceComplian ceRegulatoryInformation/GuidanceDocuments/FoodLabelingNutrition/FoodLabelingGuide/ucm064866. htm Herbert, H and Grace, A. (2008).Technology. Retrieved November 11, 2012, from http//www. npgoodpractice. org/Topics/Technology/Default. aspx Perlman, C. (2008). 10 marketing Faux pas. Retrieved November 11, 2012, from http//www. level2wo. net/? p=35 POM final. Scribd. Retrieved November 11, 2012, from http//www. scribd. com/doc/75844842/POM-final Yang, Z. Bank Branch Operating Efficiency A DEA Approach. Bank Branch Operating Efficiency A DEA Approach. Retrieved November 11, 2012, from www. iaeng. org/publication/IMECS2009/IMECS2009_pp2087-2092. pdf