Marketing Philosophy and Strategy

RUNNING HEAD: MARKETING PHILOSOPHY AND STRATEGY 1

Dawn Avery

American International University

Unit 1 Individual Project

MKT460-1104B-01 A Managerial Approach to Marketing

Project Type: Unit 1 Individual Project

November 13, 2011

Marketing Philosophy and Strategy 2

Abstract

This paper will discuss the challenges that companies face when launching new products into the market and give three examples of new products that were launched. It will also discuss how technology has assisted companies with launching products and include three examples of situations where technology has supported companies with their product launches. It will also discuss the legal and ethical implications of marketing new products and provide three examples of legal and ethical faux pas that some companies have had especially in advertising their products.

Marketing Philosophy and Strategy 3

Marketing Philosophy and Strategy for Companies

Introduction

Development of new product is defined as the process of bringing a completely new product or service to the market. This process involves strategy, administration, generation of concept, creation of product and marketing plan, assessment and commercialization of latest products on the market. The present state of the global economy is characterized by the spectacular changes in the patterns of consumption and consumer, which put great pressure on the development of new products. Expansion in the international mega brand of products has also contributed a lot to the challenges of NPD (New Product Development). The adoption of transfer, merger, acquisition and collaboration as a part of growing trend has forced companies to place emphasis on the management and processes of developing new products.

Challenges in New Product Launches

The major challenges in the new product development are in the field of innovation, R&D, marketing interface, suppliers, Technology development and transfer (Hood, 2007). Major...