Essay on The Role Of Marketing For New Product Development And Launch

Essay on The Role Of Marketing For New Product Development And Launch

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New product development is an essential key for a company to survive or stay competitive in the highly changed business environment nowadays(Annacchino, Marc A, 2003). Although technology plays an important role in the development of new products, the role of marketing should not be underestimated. A result illustrates that companies with a marketing department which has strong capabilities and skills are more likely to be more successful with their new products(Drechsler et al.,2013). Hence this essay will investigate the role of marketing played in the different stages of new product development and launch. And this paper will use the new energy drink brand Wakee as an example to see how marketing mix can be applied to support the marketing effort in new products’ launch and development.

In order to understand the role played by marketing in the new product development and launch, the very first thing to do is to know what is marketing. According to the definition gave by Kotler and Keller(2006), marketing is a process for an organization to create, communicate and deliver value to their customers, and at the same time manage customer relationships to benefit stakeholders and the organization itself. The definition above illustrates the importance of value exchange between customers and companies. From the definition, the role played by marketing is to help company create value and make sure it is delivered to their customers correctly. There are many reasons which can lead a company to failure in the development and launch of new products. And some of the reasons behind those unsuccessful products can be categorized into one major reason, that is, the company just fail to bring value to customers. For example, the product may...


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...alue and bring it to consumers. Product life cycle is an useful tool for companies to manage the new product after it is launched. Marketing strategy should be revised over time when new products go through the four stages of product life cycle because the market is dynamic, new product face different challenges in each stage. Different marketing mix should be applied in different stage to support the marketing effort so that the new product can stay competitive in the market. The example of Wakee demonstrate how company develop marketing mix strategies to convey value to their customers in different stage of the product life cycle in real business case. Companies should always keep bearing in mind the role of marketing when they develop and launch new products in the future in order to avoid the bad consequence of creating or bringing wrong value to their customers.

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