Unit 1 Individual Project Mkt640 – a Managerial Approach to Marketing
Kimberly Bell
American Intercontinental University
Unit 1 Individual Project
MKT640 – A Managerial Approach to Marketing
November 11, 2012
Abstract
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
Introduction
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
American Intercontinental University
Unit 1 Individual Project
MKT640 – A Managerial Approach to Marketing
November 11, 2012
Abstract
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
Introduction
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
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