1) what challenges does a company face in develping new products and services
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This document discusses challenges companies face when introducing new products and services to market. Continuous innovation is necessary to succeed. New products are more likely to succeed if they have a unique and superior product concept that is well-defined, and produced locally while thinking globally. New product failures can occur due to ignored or misinterpreted market research, overestimating market size, incorrect positioning, advertising or pricing, poor design or performance, or fragmented markets. The document provides sources for further information.
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Apple Inc., renowned for its innovative products and strong brand, provides an exemplary case study in effective marketing strategies. Following the principles of a marketing lecture, Apple's approach can be dissected into several key components:
1. **Product Differentiation and Innovation**:
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3. **Customer-Centric Approach**:
Apple's marketing strategy is highly customer-centric. The company prioritizes understanding its customers' needs and preferences, often creating products that customers didn’t even know they needed. This proactive approach is supported by extensive market research and feedback mechanisms. Apple also excels in customer service, ensuring a positive experience at every touchpoint, from purchasing to after-sales support.
4. **Integrated Marketing Communications (IMC)**:
Apple employs a cohesive IMC strategy, ensuring that all marketing channels convey a consistent message. This includes advertising, public relations, social media, and in-store experiences. The launch events for new products are meticulously planned and executed, generating immense media coverage and consumer excitement. Apple’s advertisements focus on simplicity and emotion, highlighting the product’s benefits rather than technical specifications.
5. **Strategic Pricing**:
Apple adopts a premium pricing strategy, reflecting the high value and quality of its products. This strategy reinforces the brand’s premium image and ensures high profit margins. Despite the higher prices, Apple products are perceived as worth the investment due to their superior performance, design, and integration with the Apple ecosystem.
6. **Distribution Channels**:
Apple controls its distribution channels tightly to maintain the quality of the customer experience. Products are sold through Apple’s own retail stores, online store, and authorized resellers. The retail stores are not just points of sale but also brand ambassadors, offering a space.
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- Key factors that contribute to new product success include market orientation, knowledge management, top management support, technology,
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A startup culture values creative problem solving, open communication, and flat hierarchies. It encourages authenticity, consistency, resilience, and communication. A startup is a new company founded by entrepreneurs to develop a unique product or service and bring it to market. Many Indian startups fail within the first 5 years due to lack of innovation fulfilling customer needs, negative cash flow, expanding with negative margins, lack of skilled talent, inability to scale and generate recurring revenue, wrong positioning, late product release, failure to prevent outcompetition, not incorporating customer feedback, and having an open business model. Planning, market strategies, innovation, and entrepreneurship are core to startup success.
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This document provides an overview of a lecture on innovation and change in the consumer goods industry. It will examine what innovation is, different types of innovation, challenges to innovation, and approaches to managing change. The learning outcomes are to understand models of innovation, discuss challenges and evaluate models for creating organizational change. The lecture will look at innovation in firms, disruptive innovation, and examples of innovation approaches used in Western firms compared to emerging markets.
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This document provides an overview of NPDP (New Product Development Process) and introduces the speaker Richard Pei. It discusses key aspects of NPDP including the 6 major categories of strategy, new product process, portfolio management, market research, tools and metrics, and teams/organization. It describes the stages of new product development from concept to launch using the Stage-Gate process. Finally, it covers types of innovation and benefits, as well as how to fix problems through doing the right things with strategy and maximizing value by doing things right with the new product process.
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The document discusses innovation and its management. It outlines that innovation matters for economic growth and business success. It defines innovation as the process of translating ideas into goods and services with value. The document presents innovation as a multi-stage process involving searching for opportunities, selecting ideas, implementing solutions, and capturing value. It also explores different aspects of innovation such as the degree of novelty, platform innovation, and the innovation life cycle.
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TOPIC: How to win the new product game.
Before launching an product/service an company must consider some of the aspects to make successful entry or to win over the market.
here in this presentation some of those are discussed.
prepared for educational use by team of DSCE 2014
source: GOOGLE
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Marketing Excellence Philips
Philips adopted a new branding campaign called "Sense and Simplicity" to strengthen its market position against increasing competition from Japanese companies. The new positioning aims to give customers a distinctive image of Philips as a sharper, more focused company that delivers intuitive products through technology, healthcare, and lifestyle. The rebranding emphasizes maintaining Philips' market positioning, increasing value proposition, and providing the benefits of technology without complexity. It communicates that Philips' products are designed for consumers, are easy to experience, and incorporate advanced technologies without needing to understand them.
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The document discusses the importance of customer-driven design and building products based on customer feedback. It explains that most new products fail because they do not meet customer needs or solve real problems. An MVP or minimum viable product is released to test the market and learn what customers want through questions and iterative design. Customer feedback should be integrated into products at each stage of development and used to continually improve the customer experience.
Case of Apple following the Marketing lecture
Certainly! Here’s a 3000-character description of Apple's marketing strategy following a marketing lecture:
---
Apple Inc., renowned for its innovative products and strong brand, provides an exemplary case study in effective marketing strategies. Following the principles of a marketing lecture, Apple's approach can be dissected into several key components:
1. **Product Differentiation and Innovation**:
Apple consistently focuses on differentiating its products through innovative technology and design. The company's flagship products, such as the iPhone, iPad, and MacBook, stand out in the market due to their unique features, sleek designs, and cutting-edge technology. This differentiation is not just in hardware but also in the seamless integration of software and services, creating a comprehensive ecosystem that enhances user experience.
2. **Brand Loyalty and Perception**:
Apple has cultivated a strong brand loyalty among its customers. This loyalty is built on a foundation of consistent quality, reliable performance, and a premium brand image. Apple’s marketing emphasizes the lifestyle and identity associated with its products, which resonates deeply with consumers. The "Think Different" campaign and the minimalist design of Apple stores contribute to a perception of exclusivity and sophistication.
3. **Customer-Centric Approach**:
Apple's marketing strategy is highly customer-centric. The company prioritizes understanding its customers' needs and preferences, often creating products that customers didn’t even know they needed. This proactive approach is supported by extensive market research and feedback mechanisms. Apple also excels in customer service, ensuring a positive experience at every touchpoint, from purchasing to after-sales support.
4. **Integrated Marketing Communications (IMC)**:
Apple employs a cohesive IMC strategy, ensuring that all marketing channels convey a consistent message. This includes advertising, public relations, social media, and in-store experiences. The launch events for new products are meticulously planned and executed, generating immense media coverage and consumer excitement. Apple’s advertisements focus on simplicity and emotion, highlighting the product’s benefits rather than technical specifications.
5. **Strategic Pricing**:
Apple adopts a premium pricing strategy, reflecting the high value and quality of its products. This strategy reinforces the brand’s premium image and ensures high profit margins. Despite the higher prices, Apple products are perceived as worth the investment due to their superior performance, design, and integration with the Apple ecosystem.
6. **Distribution Channels**:
Apple controls its distribution channels tightly to maintain the quality of the customer experience. Products are sold through Apple’s own retail stores, online store, and authorized resellers. The retail stores are not just points of sale but also brand ambassadors, offering a space.
Challenges in New-prduct development
LV implemented a new factory format that allows it to ship fresh collections to boutiques every six weeks, twice as frequently as before. Selco Solar introduced specially designed cook stoves with 40% higher fuel efficiency and 70-80% less smoke emissions, targeting rural Indian households. New product success rates are around 50-95% in the US and Europe and 53% for Indian companies in benign markets but only 36% for products with new brand names. Common reasons for new product failure include ignored market research, overestimated market size, high development costs, poor design or performance, incorrect positioning or pricing, and insufficient distribution support.
Innovation at whirlpool
The document provides details about Whirlpool Corporation's initiatives to develop innovation as a core competency. It summarizes that Whirlpool faced stagnation in the late 1990s due to a lack of innovative products. It hired a consultancy firm to help establish an innovation culture and trained employees as innovation coaches and mentors. The results of these organizational development efforts showed in consistent revenue growth since 2002 and innovative products accounting for $800 million in sales in 2005, up from $10 million in 2001.
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Innovation management , how company achieves innovative company tag by succeeding strategic endless path
MARKETING ppt .pptx
The document discusses product positioning, new product opportunities, and the product development process. It provides details on:
- Product positioning involves determining how to communicate a product's attributes to target customers based on their needs, competitive pressures, and communication channels.
- New product opportunities arise when there is a chance to create or improve products based on emerging trends by meeting conscious and unconscious customer needs.
- The product development process involves idea generation, screening, concept development and testing, marketing strategy development, business analysis, product development, market testing, and commercialization to bring a new product to market successfully.
- Key factors that contribute to new product success include market orientation, knowledge management, top management support, technology,
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What challenges does company face in developing new products and services
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2. The campaigns included variations on internet memes by Wonderful Pistachios, a game-based app by Coca-Cola China, crowd-sourced ideas by Oreo Cookies, humor by Kia Motors, a clothing swap program by Marks & Spencer, and branded content by Neiman Marcus and Target.
3. While advertising has become more data-driven, these campaigns show that creativity continues to be important for success by engaging customers in novel ways.
Un me jeans branding in web 2.0
Margaret Foley, the brand manager of UnME Jeans, is considering marketing the brand on social media platforms to engage with its target market of teenage girls. The case study evaluates selecting one of three options: YouTube, Facebook, or Zwinktopia. A SWOT analysis and analysis of consumer behavior shows Facebook is the best choice due to its large user base and ability to directly interact with consumers. Measuring the effectiveness of social media marketing will be challenging due to lack of control over content and rapid changes in consumer habits.
Grey worldwide strategic repositioning through crm
Grey Worldwide is a communications firm established in 1978 that is looking to expand in Asian markets, especially China. It aims to shift its focus from brand equity to customer equity through implementing a customer relationship management (CRM) strategy. This would allow Grey to strengthen its customer knowledge database, assess return on investment goals, and take CRM platforms across the organization. Some issues it faces include rising consumer expectations, increasing competition from low-cost online players, and the challenges of implementing CRM in smaller Asian markets. The strategy involves not competing on cost but building a better CRM system to differentiate from competitors and focus on data mining and customers. Key steps would be performing customer and market analysis, educating customers, developing loyalty and retention programs
Branding yoga Vishnupriya Aryabhumi
The document examines the branding strategies of two successful yoga teachers - Bikram Choudhury and Tara Stiles - who have profited from the large yoga industry in different ways. It also discusses the perspective of the Hindu American Foundation who argues that yoga should be connected to its Hindu roots. There are differing views on whether yoga should be commercialized and branded, and how to balance the business and religious perspectives on yoga. The key may be to leverage branding's benefits without overstating claims or losing the essence of yoga.
Branding yoga
This is a HBR case analysis of the case "Branding Yoga". It has been done under the guidance of Professor Sameer Mathur, IIM lucknow.
Case study
The document discusses research conducted by Saxonville Sausage Company's new Marketing Director, Ann Banks, on positioning their Vivio Italian sausage brand. Key findings from the research include:
1) Female heads-of-household are the primary purchasers of Italian sausage. Loyal customers purchase the same brand for 6 out of their last 10 purchases.
2) Focus groups revealed that customers see Italian sausage as making cooking easier and view Vivio as high quality.
3) Four initial positioning concepts were developed: "Family Connection", "Clever Cooking", "Balancing Act", and "Labor of Love". "Family Connection" received the most first place votes.
4) Additional research showed
Branding yoga
1. The document discusses the history and commercialization of yoga. It originated in ancient India as a physical, mental, and spiritual practice rooted in Hindu philosophy.
2. Yoga came to America in the late 19th/early 20th century and grew significantly in popularity. Major early teachers who spread yoga in the US are mentioned.
3. The rise of big yoga studios like Bikram Yoga and Strala Yoga in the 1970s/80s led to the commercialization of yoga. This caused tensions over controlling the yoga brand and acknowledging its Hindu roots.
Steinway and sons case analyis (shubham goswami)
This presentation is based on a Harvard Business School Case and explores the managerial challenges faced by two young investment bankers who have bought one of the greatest names in all of music.
Branding Yoga
This document summarizes the history and development of yoga, including its origins in ancient India, arrival and commercialization in America, and the Hindu American Foundation's campaign to acknowledge yoga's Hindu roots. It provides biographies of influential yoga figures like Bikram Choudhary and Tara Stiles who helped popularize yoga in the US. The HAF campaign involved publishing articles and hosting discussions about reconnecting modern yoga practice to its philosophical foundations in Hinduism. The document examines whether yoga retains connections to Hinduism as it has grown into a global branded industry.
Branding yoga
This document summarizes the history and development of yoga, including its origins in ancient India, arrival and commercialization in America, and the Hindu American Foundation's campaign to acknowledge yoga's Hindu roots. It provides biographies of influential yoga figures like Bikram Choudhary and Tara Stiles who helped popularize yoga in the US. The HAF campaign involved publishing articles and hosting discussions about reconnecting modern yoga practice to its philosophical foundations in Hinduism. The document examines whether yoga retains connections to Hinduism as it has grown into a global branded industry.
Steinway and sons (rukmi sarmah)
During an internship, the author analyzed Steinway & Sons' piano business. Steinway sells high-end grand pianos, including traditional models and special editions with exotic wood finishes that command a 20-30% premium. However, Steinway faces challenges from competitors and the growing used piano market. To strengthen its position, the document recommends that Steinway maintain a small dealer network, improve delivery and tuning services, invest in innovative designs and quality, endorsements, explore Asian markets and revive its brand in the West, while continuing successful lines like the Boston and limited-edition ranges.
What to market & where
Marketing can be applied to both tangible goods and intangible services. Almost anything that satisfies a need or want can potentially be marketed, including physical products, ideas, places, personalities, and causes. The key is identifying something of value to potential customers and figuring out how to effectively promote it.
New market scenario
The document discusses a new marketing scenario and was created by Sohit Kumar, a student at ISM Dhanbad, during a marketing internship under Professor Sameer Mathur of IIM Lucknow. More details about the internship program can be found at www.IIMInternship.com.
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1) what challenges does a company face in develping new products and services
- 1. INTRODUCING NEW MARKET OFFERINGSINTRODUCING NEW MARKET OFFERINGSINTRODUCING NEW MARKET OFFERINGSINTRODUCING NEW MARKET OFFERINGS Whatchallengesdoesacompanyface in developingnewproductsand services? HIMANSHU UMARIA IIT DELHI
- 2. The InnovationThe InnovationThe InnovationThe Innovation IIIImperativemperativemperativemperative Continuous innovation is a necessity
- 4. New Product SuccessNew Product SuccessNew Product SuccessNew Product Success Unique, superior Product Well-defined Product concept Produce locally, think globally
- 7. Failure is an inevitable part of discovery ---- Eli LilyEli LilyEli LilyEli Lily
- 8. Reasons Of Failure ignored or misinterpreted market research overestimate market size incorrect positioning, advertising or price poor design or ineffectual performance fragmented markets
- 9. RECAPRECAPRECAPRECAP 1.The innovation imperative 2.New Product Success 3. New Product Failure 4.Reason of Failure
- 11. THANK YOUTHANK YOUTHANK YOUTHANK YOU
- 12. DISCLAIMERDISCLAIMERDISCLAIMERDISCLAIMER Created by Himanshu Umaria, IIT Delhi , during an internship by Prof. Sameer Mathur, IIM Lucknow.www.IIMInternship.com