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Weekly summary and team discussion. Week 3.
Pages 1 (251 words)
Week three was a very challenging week for me. I learned a lot during the week in the classroom discussion. In class we talked about the different factors that affect the product development process. It is important for companies to perform good market research
The success of a product depends on the ability of the marketer to design products and services that meet the desires and wants of the customer. Another topic that was discussed during the week was project failure. Due to the fact that there is so much competition in the marketplace many products failed every year. Even companies that are very successful have product failures. One of my classmates mentioned the case of New Coke. The product failed because customers were threatened by the product since they believe it might replace the classic coke formula. During the week we also talked about the importance of pricing. The price of a product is very important because the price of a product influences the demand of the product. The demand of a product will rise at lower price points. The price of a product cannot be too low because the firm has to cover costs while at the same time earning a descent profit. Companies that utilize branding strategies can charge more for their products and services. An example of a company that uses a branding strategy is Starbucks Cafe. One of the articles that the professor posted discussed transactional emails. The author claimed that companies should take advantage of email conversations in order to build a relationship with the customer. ...
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