Marketing 640 Unit 1

Bobby J. Barnes III

American Intercontinental University

Marketing Philosophy and Strategy

MKT640 – A Managerial Approach to Marketing

October 6, 2011

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

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....