Business and Product Development - Marketing Management Essay Example

Marketing is simply defined as the process of putting the right item in a convenient spot, using the appropriate cost, and at the ideal time. Though this may sound like a simple process to follow, it requires a lot of research and also adequate time so as to be successful in the whole procedure. Marketing mix process is an arrangement of four choices which should be taken before propelling any new item. These variables incorporate product, price, promotions and place. The four variables help most people in settling on critical choices fundamental for the smooth running of any item (Kotabe, M., & Helsen, K. 1998). The utilisation of marketing mix is a unique approach to guarantee that the marketing process is done effectively. Over time, individual marketing mix has given an unfaltering stage to the dispatch of another product or business, and it is expected to change drastically in the future. So as to ensure competitive advantages, most companies have tried to adapt different marketing approaches. The marketing strategy that a company decides to adjust is very crucial since this is what mostly determines the outcome of the commercialization process. Adaptability is one of the primary keys that a company has to adapt to ensure that it remains competitive in the modern business world.

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Business and Product Development Process

The advancements in the technological world have seen significant improvements in the firm and product development process. Individuals can now communicate through the internet, and this has led to commercial implications in the marketing process. Utilisation of the web influence the way individuals discover data, share, impart, devour and the way businesses work together. Online interaction between and among consumers has assisted most business models to characterise their organisation's corporate sector and clients, furthermore to decide the worth recommendation for the customer's business. Business models are now able to concentrate on how a start-up catches a portion of the quality for itself. These have been some of the effects of commercial implications of interpersonal communications between consumers on viable business models. Product development process has also been affected in that organisations are now able to find new client groups for their items and administrations with ease.

Integration of Direct and Interactive Marketing

In the modern business culture, businesses are finding different ways to integrate direct and interactive marketing in an attempt to gain the upper hand in the competitive marketing world. Acquiring the competitive advantage is mostly stated as one of the top priority of most businesses. The processes of integration are being obtained through the methods of interaction which primarily engages communication. Organisations have therefore acquired integration through tending to people and recalling the reaction of those people. From the article von Hippel E., user generated innovation is good for most companies (2007). From the created change, most companies can explore more about their market, particularly when they are carrying out the product development process.

Most companies find the act of incorporating consumers into their new product development process imperative. The act mainly helps the companies to come up with innovations, and this assists in developing a broader market for their products. Communicating with their consumers is the main way that businesses should incorporate their customers in the product development process. Asking for their expectations, their suggestions on prices, tastes and preferences can help most businesses a great deal in the entire process. Failure to consolidate consumer's viewpoint sometimes restricts the potential financial and focused estimation of corporate development. In the era of personalised marketing, managing the marketing variable mix is important for companies to obtain a significant advantage in the competitive business world. Companies can do so by adequate research through online and creating research groups within their personnel. By doing so, companies are guaranteed of obtaining substantial information concerning the marketing variable mix, and this assists them in competing appropriately in the business world.

Managing the 5 Ps

The crucial five Ps of showcasing are the best place to begin searching for holes in business promoting arrangement. The product that is being dealt with should take care of the needs of consumers. It, therefore, should contain the appropriate futures. The place of the business location should have the right foot traffic so as to ensure that consumers can access it quickly. The promotion should be proper to create the attention from appropriate users. An appropriate marketing strategy and budget should boost the development of a business a great deal. While pricing the product, a company should know things like the competitors charging, profit targets within the company and the value that the company has attached to its consumers. The pricing process then becomes easier. The profit that a company aims should keep scores within the business. It should allow the business to grow and at the same time, ensure that consumers are not oppressed.

Consumers on the Internet

From the article The Continuing Power of Mass Advertising, mass advertising is much alive and still ongoing in the era of personalised marketing. Most companies are currently using online advertising to create a broad range of market for their products. It is mainly seen from the level of competition that is seen while firms are trying to acquire consumers online. From the article Word of Mouth on the Web, healthy competition is however required and this mainly needed among the businesses that take their advertisement online. Success is ensured by companies making sure that they target the appropriate consumers. Choosing the websites to make their advertisements is the main way of doing so since by acquiring these customers, their sales are well guaranteed. Through advertising and promotion, companies have ripped the commercial benefits of capturing the attention of consumers globally, and this has led to an increased sale of their products. Marketing is therefore a very crucial tool in encouraging consumers to buy their products (Kotabe, M., & Helsen, K. 1998). Its one of the major tools that most companies and individual businesses should employ so as to fit in the modern competitive world.

References

Kotabe, M., & Helsen, K. (1998). Global marketing management. New York.