Country of Origin Effects on Marketing
February 12, 2025
Stated simply, Services Marketing refers to the marketing of services as against tangible products. As already discussed, services are inherently intangible, are consumed simultaneously at the time of their production, cannot be stored, saved or resold once they have been used and service offerings are unique and cannot be exactly repeated even by the same […]
Many firms do not engage in strategic planning and some firms do strategic planning that is poor and ill conceived. Some of the reasons for this sorry state of affairs in these firms are listed below: The first and foremost reason for poor strategy is the lack of experience in strategic management which is due […]
Introduction Blue Ocean Strategy is a concept that has been pioneered by INSEAD Professors, W. Chan Kim, and Renee Mauborgne. This strategy, which is based on extensive research of hundreds of companies spanning across decades and including several industries, proclaims that instead of battling competitors, companies can create new markets for themselves. In other words, […]
How Corporates and Auditors, Certifiers, and Consultants Partner with Each Other In the corporate world, companies have relationships with a number of external and third party entities like suppliers, auditors, certifiers, and consultants who either advise them on their strategies, partner with them in the supply chain, audit their financial statements, and have a network […]
Modern day Retail Stores have come a long way from the traditional mom and pop shops as well as Departmental Stores. The modern Store Designs have taken the concept of shopping to a new level. The modern Store Designs are all embracing keeping in view the functional, utilitarian as well as aesthetic values and requirements […]
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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