Marketing - Essay Example

Only on StudentShare

Extract of sample
Marketing

New product development process Idea Generation Idea generates from different sources. It may be by the influence of the competitor or from the customer. Ideas can be either generated from the internal source like through research and development or from the outside sources like competitors or market research agencies. For example with technological development new types of DVD players are in idea generation process which will play high capacity Forward Versatile Disc or FVD of around 6 gigabyte capacity (Grewal, 2008, p. 308). Idea Screening Sometimes too many ideas are generated which needs to be evaluated and then screened which are not very promising one for the company. The Idea screening process of the foremost U.S motorcycle manufacturer, Harley-Davidson is known as “The Wall of Fire” who screens different ideas to choose the best out of the development opportunities called “The Swirl” (Karol, Nelson, 2007, p. 118). Concept Development and Testing The ideas which are screened in the idea screening process are forwarded for the concept development and testing of the screened idea. Ideas can be very beneficial for the company in many cases for which proper testing of the concept is required for its feasibility study. ...
Download paper

Summary

The new product development is basically an iterative process by step by step implementing and analyzing the development process. The processes involved in the whole system starts from generation of ideas for new product and ends with the commercialization or launch of the product…
Author : josh60

Related Essays

marketing
I found the group activities that were part of the course to be quite stimulating. I will admit that the ‘Functional Presentation’ part of the course provided a greater challenge for me than did the mainly theoretical part of course; however, both sections challenged me to find new ways of learning. I found out that most of the time, businesses in today’s world operate in an environment where customers not only have much more information regarding the available financial services, but they also have greater demands. Financial services have to be offered in environments that meet with the...
8 pages (2008 words) Essay
Marketing
This is achieved through transforming the physical features and insubstantial insights of a marketing offering in relation to the rivalry. It is vital to note that position is not determined by the appearance of the product or the sustenance that it pursues to stimulate. However, it is instead the insight or appearance that takes a distinct location in the mindset of the consumer; furthermore, positioning is a communication, comprising the establishment of a market mix, which creates the natural flow of information from market segmentation through target marketing. It is a form of developing a...
5 pages (1255 words) Essay
Marketing
This paper will look at marketing in general, as a process of moving products or services from the manufacturers or providers to the hands of their customers. Marketing Definition Marketing is a large process as Pride and Ferrell (3) defines it, encompassing quite a lot of processes. According to Pride and Ferrell (3) “marketing is the process of creating, distributing, promoting and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers to develop and maintain favourable relationships with stakeholders in the dynamic world.” According to this...
6 pages (1506 words) Research Paper
Marketing
Marketing is therefore an essential department in every organization since it deals with the product and service proportion thereby catering for the organization’s operations. The department works in close relation with other management departments to ensure the organization operates as a unified whole. In carrying out their mandate, the marketing department develops its operations depending on the nature of the target market for every product or service in the industry. Additionally, the department counsels the production department thereby ensuring that the company produces appropriate...
2 pages (502 words) Essay
Marketing
2003, 504). Marketing structures that play roles in the strategic planning process include formalization, specialization and centralization (Kellar, A. 2009, 389). These structures are, particularly, important in shaping the performance of an organization (Laforet, S. 2012, 163). Formalization is the degree to which working relationships and decisions are governed by standard policies, procedures and formal rules. Centralization is the locus of the authority and control of a decision within an organizational entity. In organizations that are highly centralized, only one or a few top managers...
4 pages (1004 words) Essay
Marketing
Marketing is a particularly fundamental function for strategy formulation in a business. It informs a strategy, counsels it, reviews it and provides insights into strategy formulation in an organization. An outstanding marketing department is involved in a continuous cycle of measure-analyze-plan-measure. This cycle is as well a key ingredient of strategic business management function. Therefore, in essence, marketing is a key element of strategic management function. Great marketing can help the company in identifying and addressing improvement strategies to customers in either product...
4 pages (1004 words) Essay
Marketing
At the apex are vital corporate decisions dealing with the firm's mission, visualization, goals, and the allocation of resources in the midst of business units. Planning at this stage involves decisions concerning the divestment of the business units themselves. These decisions drop down the corporate constitution to the business-unit level, where planning is mainly focused on achieving the objectives inside defined product markets. Planning at this stage must consider and be regular with decisions prepared at the corporate level. However, single business unit organizations, corporate and...
4 pages (1004 words) Essay
Got a tricky question? Receive an answer from students like you! Try us!