MKT640_U1IP_2011 - 1 Marketing Philosophy and Strategy...

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1 Marketing Philosophy and Strategy Bobby J. Barnes III American Intercontinental University Marketing Philosophy and Strategy MKT640 – A Managerial Approach to Marketing Project Type: Unit 1 Individual Project October 6, 2011
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2 Marketing Philosophy and Strategy Abstract This paper is research collected to inform the reader on challenges that a company faces when developing a new product, how technology has assisted in developing a new product, and the legal and ethical implications in today’s business environment. Examples of challenges, technology assisted efforts, and ethical and legal implications have been used to support the research. Keywords: challenges, technology, ethics, product , management, marketing
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3 Marketing Philosophy and Strategy Marketing Philosophy and Strategy Introduction Marketing is involved whenever an individual or organization has a choice to make. Companies have the burden of enticing consumers to choose their product over others available or to convince the consumer their product is something that they need or want. Marketers need to have a strong marketing mix, marketing research, marketing concept, and other marketing factors to have a well-built campaign when wooing customers. Often, unfortunately campaigns do fail to live up to the “hype” or anticipated levels of performance. Companies face many challenges when launching a new product or service . Challenges in New Product Launches Challenges that companies face when developing a new product are numerous. These challenges can be self inflicting, i.e. not doing enough research or asking the right question. Challenges can come from government entities - trade barriers, or government regulations. However challenges may come , companies have to be diligent in avoiding and overcoming these challenges to stay afloat. According to Joan Schneider and Julie Hall (2011), top execs at Schneider Associates a leading independent public relations and marketing communications firm headquartered in Boston. About 75% of consumer packaged goods and retail products fail to earn even $7.5 Mill during their first year. Schneider and Hall continue to state that the biggest factor for such high rate of nonsuccess is lack of preparation by the company. This reason is not discriminate to size or reputation of the company as well. Challenges: example number 1. Companies face the challenge of supporting fast growth; or rather the lack of support due to growth. In 2000 American Biophysics launched their product called the Mosquito Magnet.
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4 Marketing Philosophy and Strategy The premise for this product was to use carbon dioxide to lure mosquitoes into a trap. Mosquito Magnet instantly became a hit and a top selling product. The product was even featured in the Frontage catalogue (a leading home furnishing retail outlet store) and was a frequent item purchased at The Home Depot. The high rise in success did not prepare American Biophysics for the instant spike in sells. The company attempted to keep up with demands for the product
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This note was uploaded on 10/30/2011 for the course BUSINESS MKT640 taught by Professor Dr.kennethburger during the Spring '11 term at American InterContinental University.

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MKT640_U1IP_2011 - 1 Marketing Philosophy and Strategy...

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