Country of Origin Effects on Marketing
February 12, 2025
The advertising budget is a residual expense. This means that every additional dollar that is spent on advertising comes straight out of the profit. Also, if advertisements are done cheaply, it straight away impacts the bottom line. This is the reason why fourth quarters traditionally have lowest advertising spends. If companies know that they are […]
Brand Equity is defined as value and strength of the Brand that decides its worth whereas Customer Equity is defined in terms of lifetime values of all customers. Brand Equity and Customer Equity have two things in common- Both stress on significance of customer loyalty to the brand. Both stress upon the face that value […]
There would be Anarchy without a well functioning legal and Judicial System For transacting business and commerce, laws and regulations are needed and more importantly, there needs to be a mechanism to enforce such laws and regulations. For instance, corporates cannot work without contracts between them and their employees, suppliers, shareholders, and other stakeholders. Indeed, […]
Why it Pays off to be Clean and Green and to Follow Sustainable Business Practices In recent years, there has been a growing body of research and evidence which indicates that it is profitable for corporates and firms to be clean and green or in other words, there is a business case for running an […]
Whenever you attend any sales seminar or workshops, in all probabilities you get to hear about consultative approach to selling. This buzz word has caught up in the recent past with all organizations. Historically business was always profit oriented and selling the product or service was more important for Organizations. Sales figures and bottom lines […]
Companies first find the target market than segment and then customers. After these companies go about developing products, which may be product modification or it may be a completely new product. Product offerings are increasing every year as consumers are looking for more and more variety of products. Companies which are unable to churn out new products fall back on competition and suffer the consequences. Companies face danger not just from competitors but consumer needs, technology, and product life cycle. New product development has its share of challenges. Research shows that 95 percent of new products fail in USA and in Europe failure rate is 90 percent.
Organizational set up has to be conducive to support new product development. Foremost companies must allocate funds for research and development, the conventional way is the percent of sales technique. Others chose to allow employees dedicate a certain amount of work time on new product development. Companies next have to organize the process of development. This can be done by product managers with new product development experience or by cross functional team with members chosen from various departments having the knack of developing new products.
Nowadays, companies are following stage process for product development.
Introduction of new product is part of survival technique for any firm. And with very high failure rate companies have to follow a scientific process to create new market offerings.
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