Unit 1 – a Managerial Approach to Marketing

Kimberly Bell Ameri butt Intercontinental University Unit 1 Individual Project MKT640 A managerial Approach to marting November 11, 2012 Abstract This paper reflects challenges brought on by head start up a innovative point of intersection, the effectiveness and efficiency of technology when marketing, and the engagement of legal and ethical complication. Given argon examples of disaccordent situation of each(prenominal) topic to demonstrate how each take place when starting a raw(a) harvest-feast or run. The merchandise Scenario IntroductionWhen bringing a new crossing or service together there are trustworthy aspects to be considered for a achieverful product or outcome. Those aspects may complicate target, sector, location, creating an effective marketing plans and advertisement strategies. There are besides indisputable issues and challenges that may arise when bringing this new product or service into existence. Challenges in New Product Launches When bringing t he new product or service into the market, without a plan in place for its targeted consumers, sector, location, gross sales and statistical distribution tactics there will be several issues and challenges to face.According to Bloom, if all these jobs are anticipated and handled creatively, cordial marketing efforts can deliver the goods (Bloom, 1981). Challenges Target merchandise 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 surface as the target consumer can determine the difference that one or the other may puzzle for a major challenge.For example, 1990s McDonalds launched a product called Deluxe line to target the older galvanic pile and launched a tag line Especially for the grown up insight to market it but the launch failed d isastrously due to wrong choice of target market. Challenges Effective Marketing Plan Another challenging tax 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 learning presented in the marketing should so explanatory that it gives 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 right 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 victorious risks (ThinkQuest Lib rary).For example, in 1985 Coca-Cola launch a new version of the drink with a tag line The best just got, better, but the hold 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). Technology and New Product phylogenesis Marketing efforts can be enhanced by the use of technology. While sales and profits are progressing, it can also serve up the organization succeed in its marketing campaign. For example most companies are using social media and give the sackworking site like LinkedIn to market their business and services.These social networking sites can conciliate the new product campaign even more effective. Technology dissemination 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 entranceway marketing (Herbert and Grace, 2008). For example, a software Gold Fire pioneer, developed by Invention Machine has three modules and comprises of tools that make use of value engineer and well formulated problem-solving methodology (TRIZ) to provide assistance to the users concerning the problem definition.Its back module called researcher Facilitates Engineers in executing semantic searches related with the decent databases for finding appropriate resolutions and concepts (Frey, 2006). Technology Efficiency and Effectiveness Technology also helps in the quality, effectiveness, and efficiency of product data. For example, in the banking industry several models establish 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 work its customers.Technology Display Technology can also help to display your new product in an arena for a big or teensy-weensy audience. For exam ple, with a web page the new product can be advertised and sent over the internet, whereas it will be displayed in a database to allow a professional and systematic presentation to a round 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 effect forth in different countries. There is a must that organizations earn the responsibilities regarding regulations are crucial to ensuring worldwide compliance and sustained economic rim (Akin-Ogundeji, 2010). Legal and ethical implications Packing and labor There are non-homogeneous 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 P DP, is that piece of ground of the package label that is most likely to be seen by the consumer at the time of purchase ( world(a) Food Labeling Requirements). This PDP must appear on the comportment of the product. Legal and ethical implications Advertisement or Display The media also creates broil due to interpretations of the signage used 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 minify sales of the product (Perlman, 2008).Legal and ethical implications Media Advertisement and Display can in reality damages the launching of a new product because the audience can misused or misunderstand the given information. For example, when Coca-Cola entered china with the same name, the characters revealed the content as Bite the wax tadpole which was very unfortunate and misinterpreted by the people resulting in a controversy (Bite the Wax Tadpole). Co nclusion It is to be concluded that from the above discussions that product development is extremely important.It also determines the organizations success and failures. Therefore, it can provide a great advantage to the company success. However, in technology can provide a huge advantage and squeeze the time of developing and marketing a product. Technology allows an organization to tailor-make 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. Get Your Business Ethics Articles and Articles on Corporate Social righteousness From Ethicsworld. rg. Get Your Business Ethics Articles and Articles on Corporate Social certificate of indebtedness 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. entanglement Development Ireland. Retrieved November 12, 20 12, 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. go 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 wet 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 next level. Retrieved November 11, 2012 from http//www. innovationtools. com/Resources/ideamgmt-details. asp? a=147 Gene ral Food Labeling Requirements. U S Food and Drug Administration billet Page. Retrieved November 12, 2012, from http//www. fda. gov/Food/GuidanceComplianceRegulatoryInformation/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 operate 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