Product Strategies – Term Paper – bunny
Search
Essays
Sign up
Sign in
Contact us
Tweet
Index
/Business
Product Strategies
Week 12 ReflectionPerceptionsThis week we come to study the new product strategies, which is an important step and it could influence the firm’s future. We mainly focus on two parts of strategies, new-product development strategies, and decisions in international market. These two parts can be combined by a triangle, which can achieve stable attractiveness of the marketing offering.A company could acquire or develop the new products. If the company acquires new products, it could buy from other companies, buy patents, licenses or franchises from other company. For developing, the company could make new product by themselves or contract with researchers or new-product development companies to create new product or technology. Actually, there are less than ten percent of all new products are truly innovative and new to the whole market because of the big cost and risk. Companies could improve their existing products to make new products.There are many challenges for companies during the development of new-product which include the innovation imperative, new-product success, and new-product failure. Companies may fail to develop new products especially new technologies. Established companies more focus on incremental innovation that is react slower and the newer companies create disruptive technologies which is cheaper and more likely to alter the competitive space. In addition, there are many reasons of the failure such as the wrong marketing research, marketing size or the development costs too high.There are eight stages in new-product development which are idea generation, idea screening, concept development and testing, marketing strategy development, business analysis, product development, test marketing and commercialization. At the first stage, managers should think of the idea is worth to do and then they should combine the idea of the company objectives, strategies, and resources. Test is basic and important because it could make the company realize the feeling of customers. Besides, the company need to find the cost-effective and affordable marketing strategy and then do the business analysis to test whether the product meet the company’s profit goal. Then, the firm need to make or buy the new product and do some market testing to realize whether the new product have met expectations. Finally, the firm should make sure the product sales meet expectations and modify the marketing program according to de reflect of the sales. There are five adoption processes stages which includes awareness, interest, evolution, trial, and adoption. I
In addition, the company should think of whether it could enter the international market and how to enter the market.Key Questions1. What are some of challenges facing of the company when launching a new product?We used KFC as an example to answer this question. Different country has different cultures and tastes. When KFC launches the new hamburger in Australia, it should test the proper size of the hamburger and make the delicious sauce to meet Australian demands. If the company make the wrong marketing research and receive the wrong information from customers, they should face the big new product development cost and make themselves vulnerable to increase the competition with McDonald’s and Hungry Jacks.2. How price sensitivity affects the possibilities for new-product price setting?We used Derby Thai as our example to answer this question. As a restaurant, the main products are Thailand cuisines, also the services. Price of its new food will have high price sensitivity because it has a lot of substitutes produced by restaurants nearby. The price sensitivity means how will the consumer react by increase or decrease the price of products. And because of the high sensitivity, Derby Thai need to pay attention on price of its competitors and make a similar price that can be easily accepted. However, it is the only restaurant provides Thailand food there. That is to say, it can set price for their unique Thailand food that has low price sensitivity for maximum marketing skimming.
Continue for 3 more pages »
Read full document
Download as (for upgraded members)
Citation Generator
MLA 7
CHICAGO
(2017, 05). Product Strategies. EssaysForStudent.com. Retrieved 05, 2017, from
“Product Strategies” EssaysForStudent.com. 05 2017. 2017. 05 2017 <
"Product Strategies." EssaysForStudent.com. EssaysForStudent.com, 05 2017. Web. 05 2017. <
"Product Strategies." EssaysForStudent.com. 05, 2017. Accessed 05, 2017.
Essay Preview
By: bunny
Submitted: May 4, 2017
Essay Length: 957 Words / 4 Pages
Paper type: Term Paper Views: 339
Report this essay
Tweet
Related Essays
Globalization, Alliances and Networking: A Strategy for Competitiveness and Productivity
Globalization, alliances and networking: A strategy for competitiveness and productivity Joseph Prokopenko 1. Productivity, competitiveness and development For many years productivity has been a key
9,563 Words  |  39 Pages
Product Strategy of the British Airways
Product Strategy of the British Airways 1.1 Introduction to product strategy Product is the most important component in an organization. Without a product there is
958 Words  |  4 Pages
Product Strategy Brief
PRODUCT STRATEGY BRIEF COMPANY Overview Company’s mission is to revolutionize the way growing businesses communicate. We are a new class of Internet service providing intuitive
714 Words  |  3 Pages
Marketing Product Strategy
PRODUCT STRATEGY: Product strategy is mainly categorized in 3 things: 1. Core Product/ Benefit Level: This is the main functional benefit of the product/ service.
592 Words  |  3 Pages
Similar Topics
Unilever Diversification Strategy
Membership Growth Strategy Anaphylaxis Campaign
Get Access to 89,000+ Essays and Term Papers
Join 209,000+ Other Students
High Quality Essays and Documents
Sign up
© 2008–2020 EssaysForStudent.comFree Essays, Book Reports, Term Papers and Research Papers
Essays
Sign up
Sign in
Contact us
Site Map
Privacy Policy
Terms of Service
Facebook
Twitter