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..
Need essay sample on "A Managerial Approach to Marketing"? We will write a custom essay sample specifically for you for only $13.90/page
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 help in the selling of products and paying for those products.
Avon is using the internet as a marketing tool by encouraging women to become entrepreneurs by setting up their own website and sell the products. (Soule, 2009) Even if she doesn’t sell products and make money for herself, the company has made money on her investment into Avon. Morton’s Steakhouse has become more than just a restaurant by bringing technology to its restaurant. It not only offers space for business meeting, but also has high definition theatres for clients to hold meetings with each other digitally instead of flying everyone to a board room for meetings.(Loria, 2007) General Motors has began to use a 3-D software to design new plants and products. The company states that it has cut down production time by 25%. (Kiesel, 2007) The company also saved money after they incorporated the software into its development process.
Chrysler Motors has been in the hot seat for putting out some commercials with a sexual overtone. For example in one commercial the mother tells the daughter how the children names came from places they were conceived, and in another commercial one dad ask another about “swapping” meaning the car, but many believe the wife was the implied subject of the swapping. (Lippert, 2002) Many think this is a ploy to make mini vans seem sexy, and it could work, but I don’t think many people feel sexy driving around with a car full of children.
Another ad that sparked controversy was done by Nike. The ad shows athletes and their battle scars from the sports they love. The scars that were shown included a scarred leg, a missing tooth, a cauliflower ear, and a surfer’s scarred flesh from a shark attack.(Dawson, 1999) This could be thought of a lesson to younger people to not only focus on sports growing up, but critics think the commercial is advocating violence.
The next ad that sparked controversy is an ad that was about opposing slavery reparations. The ad has people on both sides of the argument acting out and divided. There has been protest and rallies put together by students, and walkouts proposed.(Healy, 2001) This ad is a timeless argument about whether descendants of slaves should get reparations for the work they’ve done. It always causes strong arguments on both sides.
In conclusion as businesses get bigger and move into other countries the chances of legal issues increase also. For examples something simple as thumbs up is common in America but is found offensive in other countries. Developing new products will continue to be challenging as times change and different social scenarios present themselves. It is up to the companies to complete accurate research before presenting products and ads to these new places.