Role of Marketing Management in New Product Development assignment

Role of Marketing Management in New Product Development assignment Words: 2190

One of a role that you had to perform was to make sure you had meeting of value that you could use to trade for things that you would need or want. For example, if you were a trapper, you would make sure you had fine firs to trade. Other traders would have thing like knives, horses, clothes, etc. The bartering would take place in a designated place commonly called market or market place. The interaction between two or more people engaging in trade or exchange of goods is known as bartering. As you have deduced, the interactions between individual and group of people at the market place is generally known as Marketing.

The basic role f developing a product back in the bartering days is still the same to this day. That is goods must reach the customer or consumer of specific goods or service. The only difference, compared to today, is that there are many variables to consider before the final goods or services are rolled out to consumers. The intent of this paper is to identify some of the variables that contribute to the role of marketing in developing new products. Moreover, the paper will attempt to discuss and illustrate why marketing is defined as “a bridge between production and consumption. Before we o that, let’s look at a brief history of marketing. History of Marketing In, Corey Ridden, The History of Marketing: An Exhaustive Timeline [Info-graphics], “ever since people have had something to sell, we have been marketing. But the effectiveness of those marketing methods have waxed and waned over thousands of years, and as consumers and their technologies advanced at a more and more rapid pace, marketers have had to change their game. “l “At one time, cutting edge technology was limited to Just a small segment of the population – and these advancements were slowly rolled out to the masses over decades (and even entities! . Now, adoption rates are faster than the speed of light and more widespread than ever – and it’s putting control back in the hands of consumers. It’s up to marketers to keep pace in this cluttered, fast-paced world if they want their message heard. Through the lens of marketing history, watch how marketers are succeeding. The following summary illustrate how technology has changed the way marketers do their Jobs, how consumers have responded (not always so favorably)”2 1450- 1900 Printed Advertising Appears 1920-1949 The emergence of new mediums (Radio, Television, Telephones) 1950 – 1972

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Marketing grows up (more opportunities for marketing in TV Ads and Telemarketing) 1973-1994 Digital Age Emerges (Mobile phones, Computers – print advertising) 1990-1994 26 mobile network advancement, TV displace newspapers, Internet advertising 1995 – 2000 The Bubble Burst, search marketing, Search engine Optimization, Blobbing, 2000 – 2003 Inbound Marketing, Fighting Spam, 2003 -2005 Social Media Begins, Telemarketing displaced, SEE Analytics 2005 – 2012 Social Media E-commerce emerges, Email Marketing, SMS, MS, Smart phones, On- line video Corey Reardon’s informatics can be seen at http://bolo. Fusspot. Mom/ marketing-history Marketing Defined “Our starting point of understanding about marketing is to begin with the basics and that starts with defining marketing. Since marketing has been an important part of business for a long time we could consult one of the many hundreds of books written on the subject to locate a definition. Or, as is more the custom today, we could search the Internet to see how marketing is defined. Whether we search print or electronic form we will find that marketing is defined in many different ways. 3 Through Advance Marketing Management Text of Frederick Taylor University, racketing is defined as “a bridge between production and consumption” – encompassing all those activities performed in order to get goods and services into the hands of consumers. 4 At Knots. Com, it is defined as “marketing consists of the strategies and tactics used to identify, create and maintain satisfying relationships with customers that result in value for both the customer and the marketer. 5 Other definitions derived from Wisped as marketing is the process of communicating the value of a product or service to customers, for the purpose of selling that product or service. Lastly, online business dictionary defines marketing as management process through which goods and services move from concept to the customer. 7 Some definitions focus on marketing in terms of what it means to an organization, such as being the key functional area for generating revenue, while other definitions lean more toward defining marketing in terms of its most visible tasks, such as advertising and creating new products.

There probably is no one best way to define marketing, however, whatever definition is used should have an orientation that focuses on the key to marketing success – customers. Marketing Role In order to reach the goal of creating a relationship that holds value for customers and for the organization, marketers use a diverse concepts that includes (but is not limited to) making decisions regarding: Target Markets – markets consist of customers identified as possessing needs the marketer believes can be addressed by its marketing efforts; Products – consists of tangible (e. . , goods) or intangible (e. G. , services) solution to the market’s needs; Promotion – a means for communicating information about the marketing organization’s products to the market; Distribution – he methods used by the marketer that enable the market to obtain products; Pricing – ways for the marketer to set and adjust the cost paid by the market to obtain products; Supporting Services – additional options that enhance a product’s value.

Each concept is tightly integrated with all other concepts that a decision in one area could, and often does, impact decisions in other areas. For instance, a change in the price of a product (e. G. , lowering the price) could impact the distribution area (e. G. , requires increased product shipments to retail stores). 9 The eye objective of an organization’s marketing efforts is to develop better relationships with customers that benefit both the customer and the organization. These efforts lead marketing to serve an important role within most organizations and within society.

At the organizational level, marketing is a vital business function that is necessary in nearly all industries whether the organization operates as a for-profit or as a not-for-profit. For the for-profit organization, marketing is responsible for most tasks that bring revenue and, hopefully, profits to an organization. For the not-for- refit organization, marketing is responsible for attracting customers needed to support the not-for-profit’s mission, such as raising donations or supporting a cause.

For both types of organizations, it is unlikely they can survive without a strong marketing effort. 10 Marketing is also the organizational business area that interacts most frequently with the public and, consequently, what the public knows about an organization is determined by their interactions with marketers. For example, customers may believe a company is dynamic and creative based on its advertising message. At a broader level marketing offers significant benefits to society.

These benefits include:al Developing products that satisfy needs, including products that enhance society’s quality of life Creating a competitive environment that helps lower product prices Developing product distribution systems that offer access to products to a large number of customers and many geographic regions Building demand for products that require organizations to expand their labor force Offering techniques that have the ability to convey messages that change societal behavior in a positive way (e. . Anti-smoking advertising) Modern Marketer Marketing is a critical business function that operates in an environment that is highly scrutinized and continually evolving. As today’s marketers attempt to build customer relationships must undertake variety of tasks, build their knowledge and skill sets needed to perform their tasks successfully. At the center of a successful marketing career requires much more than basic marketing knowledge. For today’s marketers must possess much more.

Among the most important knowledge and skills needed to be successful, as illustrated by Knots. Mom are: Basic Business Skills Marketers are first and foremost business people who must perform necessary tasks required of all successful business people. These basic skills include problem analysis and decision-making, oral and written communication, basic quantitative skills, and working well with others. Understanding Marketing Impact Marketers must know how their decisions will impact other areas of the company and others business partners.

They must realize that marketing decisions are not made in isolation and that decisions made by the marketing team could lead to problems for others. For example, making a decision to run a special sale that significantly lowers the price of a product could present supply problems if the production area is not informed well in advance of the sale. Technology Savvy Today’s marketers must have a strong understanding of technology on two fronts. First, marketers must be skilled in using technology as part of their everyday activities.

Not only must they understand how basic computer software is used to build spreadsheets or create slide presentations, but in a world where information overload is a problem marketers must investigate additional technologies that can improve their effectiveness and efficiency, such as multifunction smart phones, GAPS navigation services and web-based productivity applications. Second, marketers must understand emerging technology and applications in order to spot potential business opportunities as well as potential threats.

For instance, the rapid growth of social media requires marketers to firmly understand how these fit within an overall marketing strategy. The Need for a Global Perspective Thanks in large part to the Internet, nearly any company can conduct business on a global scale. Yet, Just having a website that is accessible to hundreds of millions of people worldwide does not guarantee success. Marketers selling internationally must understand the nuances of international trade and cultural differences that exist between markets. Information Seeker The field of marketing is dynamic.

Changes occur continually and often quickly. Marketers must maintain close contact with these changes through a steady diet of information. As we discuss in our tutorials, information can be obtained through formal marketing research methods involving extensive planning that includes the use of a variety of information gather techniques. However, marketers also must be n tune with day-to-day developments by paying close attention to news that occurs in their industry, in the markets they serve, and among their potential customers.

Marketing Responsibility Most marketing organizations do not intentionally work in isolation from the rest of society. Instead they find that greater opportunity exists if the organization is visibly accessible and involved with the public. Because marketing often operates as the “public face” of an organization, when issues arise between the public and the organization marketing is often at the center. In recent years the number and variety f issues raised by the public has increased.

One reason for the increase is the growing perception that marketing organizations are not Just sellers of product but also have an inherent responsibility to be more socially responsible, including being more responsible for its actions and more responsive in addressing social concerns. 12,13 Being socially responsible means an organization shows concern for the people and environment in which it transacts business. It also means that these values are communicated and enforced by everyone in the organization and, in some cases, tit business partners, such as those who sell products to the company (e. G. Supplier of raw material for product production) and those who help the company distribute and sell to other customers (e. G. , retail stores). 14 In addition to insuring these values exist within the organization and its business partners, social responsibility may also manifest itself in the support of social causes that help society. For instance, marketers may sponsor charity events or produce cause-related advertising. Marketers who are pursuing a socially responsible agenda should bear n mind that such efforts do not automatically translate into increased revenue or even an improved public image.

However, organizations that consistently exhibit socially responsible tendencies may eventually gain a strong reputation that could pay dividends in the form of increased customer loyalty. 1 5 In conclusion, marketing is very much part of everyone’s lives from yesterday, to today, and to the future. As we have seen it in its history, its role in directing the flow of goods and services to us. Off of our feedback, companies create and meet our demands for new products and revives. Whether we like marketing or not, we cannot escape it, no matter how hard we try.

But this is for our best interest because we are the ultimate target and the reason why there is marketing. Customer is King – as many companies and organizations define all consumers of their goods and services, thus organizations will always make sure that the “bridge between production and consumption” will always stays open and will do everything in their power to make sure the flow of goods and services will reach the right end user. Bibliography/Further Readings California, U. O. (2013). Segmentation, Targeting, and Positioning. University of Southern California.