November 28, 2010
A Managerial Approach to Marketing
The following paper begins by discussing various problems companies have faced when they launch their products such as finding businesses to partner with. Next it addresses how technology helps in the launch process such as with Morton’s Steakhouse and how it has built high definition theatres to accommodate its business clients. Last the paper discusses how some businesses have had controversy with their ads they produce. Unless the companies take the glass half full view and believe that there isn’t such a thing as bad publicity. It gives examples of all of these scenarios and explains the pro/cons.
Companies face various challenges when marketing new products such as coordinating the strategies, targeting their energies to either different places such as sales and developing, , getting feedback o current products, developing new products, making current products better, and getting accurate research on an international scale. Challenges of how to break a new product into the market can be tedious in other countries because it will solely depend on the research that has been completed, but this has been made easier with technology developments such as the internet and using programs that can translate your information. Another challenge could include the market being too small or for the product or service being provided.(New Product Development, 2003) The current global market is constantly changing with its markets and consumers.
Paramonov describes the challenges in Russia‘s market in 1998 when their economic crisis was beginning.. Even though the country was undergoing economic, political, and social changes there was still room for business to prosper because people still have to come up with money to eat and survive the best way they know how. It is noted that the country has positive feelings toward America so they are happy to support our products. Other things companies need to be aware of are the making sure their products are desired or needed, making sure their prices are aggressive, and ensuring the promotions are correct for the area..
Creating a joins venture has also been seen as a challenge for some businesses that want to go global, because the joint ventures have extraordinary benefits to include sharing risk, creating buffers, and overcoming certain government barriers. (Lowen&Pope, 2008) The task of finding a worthy and capable international partner can make or break a global venture trying to succeed.
One company’s marketing failure would be Netflix breaking into the Canadian market, and the pubic found out the company paid people to act like the y were excited about the product. Once the public found out this information it looked really bad on them. (K.L..(2010) In 2001 Anheuser Busch pulled their low calorie Bud Light from the shelves because they did not get the response they wanted to from their target market or anyone else for that matter. (Singh, 2006) Nabisco learned their lesson with rushing a product to the market without the proper marketing and testing with their new product associated with the Teddy Graham crackers. The product failed to satisfy customers kids and grown ups alike. (McMath, 1998) These three companies products failed for different reasons, but reasons that could have been prevented if they would have researched more. Investing into new products should not be taken lightly, whether it a new product or a product associated with a successful one.
Many companies have a hard time on deciding whether to invest time and money between marketing current products and spending money on making new products. It is difficult to strategize the concept of the current profit and the projected profit. Technology has become a crucial part of product success by supporting product research, companies can track users internet use for product information. It can also...