MARKETING OBJECTIVES OF COMPANY
To earn market leadership is main objective of business. To earn a niche for oneself in the market, innovation is the key factor. Innovation may be in product, advertising, distribution, finance or in any other field. In technological environment, the product or service remains the same the method of performing the function is always new. Technological environment also includes research base of decisions. Research identifies the consumer needs and provides information for target setting and programming the complete marketing effort.
One of the ways in which product innovation may be stimulated is by the establishment of research and development department in the business concern. The research and development are now directed into computer, sales energy, material science and laser technology. The fast changes in technology also create problems for business as these render plants and products obsolete quickly. Product market technology matrix has a much shorter life today than in the past. A form which is unable to cope with the technological changes may not survive.
Seven Notions of Innovation
• See the future through the eyes of your customer
• Intellectual property and brand power are key assets
• Use digital technology to create tools for customers
• Build a championship team
• Innovation is a state of mind
• Speed is critical, so push your organization
• Partner up if you’re not the best
Characteristics of an Innovation
• Relative advantage
• Compatibility
• Complexity
• Divisibility
• Communicability
P&G Company also has research and development departments, which fulfill the changing needs of the customers by developing new products or modifying the old ones.
Categories of New Products
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• Brand concept
4. Concept Testing
• Communicability and believability
• Need level
• Gap level
• Perceived value
• Purchase intention
• User targets, purchase occasions, purchasing frequency
5. Marketing Strategy
• Target market’s size, structure, and behavior
• Planned price, distribution, and promotion for Year One
• Long-run sales and profit goals and marketing-mix strategy over time
6. Market Testing
• Sales-Wave Research
• Simulated Test Marketing
• Controlled Test Marketing
• Test Markets
7. Test Market Decisions
• How many test cities?
• Which cities?
• Length of test?
• What information to collect?
• What action to take?
This involves two important decisions which are related to entire market versus selected segment and crash versus roll-out introduction. These decisions are of vital importance as they involve heaviest investment and efforts.
At any opportunity that R&D provides you to introduce a line extension or launch a product, a proper analysis must be done.
In a competitive environment where market is changing instantly, organizations are in a fix to design a strategy that could market their products enticing the consumers to buy their products and services. Market is the arena for business gladiators who fight out for maximum share and profitability and this is possible only through effective marketing strategy. Competing in present economy means finding ways to break out of commodity status to meet customers’ needs better than competing firms (Ferrell and Hartline, 2010). The intensity of competition has increased after the introduction of media and internet where the companies present their product in the best way through advertisements, product reviews, blog entries, etc. With the advancement in technological innovations, companies have found various ways of providing services to the consumers in a cheaper and effective way and this has resulted in communication revolution in late 1990’s as the cellular technology was unfold in most of the regions. Singtel Optus Pty Limited (Optus) is one such company that has evolved during this period as a leader in integrated communications and this paper is assumed to make an analysis of the company’s marketing strategy and its financial position in the market industry.
New effective strategies and advance breakthrough in technology via research and development department can make them “market-king” (opportunities)
Innovation has rapidly assumed a position of prominence in world competition on a global scale. To compete in this environment, organizations need a level of innovation. As competition becomes more global and time-based, organizations must develop and deliver new and superior products or services in less time. The challenge for modern organizations is to revitalize them so they can successfully and continuously develop newer products and enhance business development.
Slater, S. (2005). Successful development and commercialization of technological innovation: Insights based on strategy type. The Journal of Product Innovation Management, 23(1), 26-33. Retrieved from http://onlinelibrary.wiley.com/doi/10.1111/j.1540-5885.2005.00178.x/citedby
P&G’s stage-gate PPM model is based on its Connect + Develop (C+D) system, which was designed in the early 2000s to make sure that a higher percentage of P&G’s product innovations meet its revenue goals and strategic objectives. As an FMCG multinational, P&G was competing in an already saturated market. Therefore, they needed “disruptive” product ideas that are unique in nature and have the ability to shake the market. So, it can be said that the key component of P&G’s PPM is pure innovation. The launch of Swiffer, Pampers, Tide etc. during the 2000s are the examples of such breakthrough products (Brown and Anthony,
emerging or new market. It can originate from new technology or new market opportunities (Eliashberg, J., Lilien, G. L., & Rao, V. R. 1997). Literature defines product development as exploiting an untapped market opportunity and turning it into a value product for customer satisfaction. Development and introduction of a new product requires extensive research on understanding customer needs, market structure, emerging trends and analysing the internal & external competitive market environments. To evaluate customer satisfaction previous researches provide strong relationship between customer satisfaction and product quality, product features and value for money. ***
Doyle and Stern (2006) also state the role of marketing research in order to retain customers and fulfil their needs. Stability, development and profit of any business totally depends upon the ability of management to orient the organisation by meeting the needs of the customers. Day (2005) states that market research also help businesses to identify different opportunities and if a business is planning to start a new service or offer a new product to customer, identifying is very much important and essential to make sure the progress of product is stable and highly focused towards demand. Market research is the only way where progress is measured in terms of customer satisfaction for their current service with customers opinions and recommendations for new products to be developed. The Times 100(2014) discuss the role of marketing research in market oriented businesses as the demands for the product can fluctuate and it is important for the company to forecast any upcoming downfalls to be able to successfully tackle them.
This is an excellent and thorough research on innovation and strategic management. The book has clearly outlined the management strategies that should be put in place for a smooth running of business. The authors of this book went forward and gave detailed information on innovative ideas that should be used in the modern businesses. The book has not only given out the management strategies and innovative ideas but also how both can be integrated to develop business organizations. In the book, authors have indicated that managerial strategies
Nowadays, customers have very high demand on new products. A successful company should satisfy all customers’ demand and has correct prediction on future trends. Therefore, R&D plays a vital role on the success of a company. A successful company should have superior R&D performance over their competitors. Currently, companies have recognized the importance of R&D process and significantly invested on this process. However, there is no formula for the success of R&D performance. A R&D problem could be addressed by various ways. R&D performance is the final result of the mixing of many factors: R&D facilities, technological levels in organization, selected human resources, resources allocation, and others. Because of including
Marketing is a fundamental aspect of all businesses, whether they are set out to make a profit, or charitable organisations - they will have to carry out marketing research of some description. It has been described as being, “the management process responsible for identifying, anticipating and satisfying customer requirements profitably.” (Chartered Institute of Marketing) This essay will explore the role of marketing in a marketing oriented business and different aspects of the external environment that a smartphone company should be aware of. The points raised throughout will be supported using relevant journals, textbooks and newspaper articles.
P&G is an international and famous consumer goods founded in United States by Williams Procter and James Gamble both from the United Kingdom since 1837 about 177 years ago. P&G manufactures diversified range of product such as personal care, cleaning items, beauty product, pets food, drugs, & other beverages. Their products are sold in more than 180 countries around the world through grocery and departmental stores and retailers. They are also among the world’s most profitable consumer product company, with highest amount of sales. Their products are recognized in most part of the world. Their company have an organizational strategy to touch the live of its employees which is the major strength and competitive advantage of the company.
One of the most integral qualities of an entrepreneur as well as that of a successful business is the degree of innovation it possesses. Innovation refers to the creation of new ideas, improvement of existing production processes, and effective problem solving. Innovation allows for increased efficiency in a business, which in turn increases its supply potential and productive capacity. Being innovative may involve either improving upon old methods o...
Too often, a marketing function is misunderstood, because many people do not understand what is meant by ‘Marketing’.
The ability of the management in positioning and establishing the product is a success in any company that operates for marketing and profit acquisition. Furthermore, the ability of the company and its management to complete and maintain a competitive edge among its competitor throughout the product differentiation is another basis to say that is successful. Also, innovation and the constant development on the product lines and the growing number of customers also define the corporate standing of a company. Effective branding strategy and strong brand name are an important part of the profitable business. But, all the strategies and all marketing theories can be worth nothing without the compliance of the desires of consumers.