Unit 1 Individual Project Mkt640 – a Managerial Approach to Marketing

Topics: Marketing, Marketing strategy, Business ethics Pages: 6 (1438 words) Published: December 2, 2012
Kimberly Bell
American Intercontinental University
Unit 1 Individual Project
MKT640 – A Managerial Approach to Marketing

November 11, 2012

This paper reflects challenges brought on by starting up a new product, the effectiveness and efficiency of technology when marketing, and the battle of legal and ethical 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
When bringing a new product or service together there are certain aspects to be considered for a successful product or outcome. Those aspects may include target, sector, location, creating an effective marketing plans and advertisement strategies. There are also certain issues and challenges that may arise when bringing this new product or service into existence.

Challenges in New Product Launches
When bringing the new product or service into the market, without a plan in place for its targeted consumers, sector, location, sales and distribution tactics there will be several issues and challenges to face. According to Bloom, 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 one or the other may cause for a major challenge. For example, 1990’s McDonald’s launched a product called Deluxe line to target the older people 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
Another 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 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 wasn’t 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 drink with a tag line “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).

Technology and New Product Development
Marketing efforts can be enhanced by the use of technology. While sales and profits are progressing, it can also help the organization succeed in its marketing campaign. For example most companies are using social media and networking site like 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 Gold Fire Innovator, developed by Invention Machine has three modules and comprises of tools that make...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • MKT640 – A Managerial Approach to Marketing Essay
  • MKT640 – A Managerial Approach to Marketing Essay
  • Individual Project Unit 5 Essay
  • Unit 1 Individual Project Essay
  • A Managerial Approach to Marketing Essay
  • Unit 3 marketing assignment 1 Essay
  • Essay on Unit 9 Project Part 1
  • Unit 1 Individual Project Pres111 Essay

Become a StudyMode Member

Sign Up - It's Free