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Thread: MKT501 assignment no 2 idea solution spring 2011

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    Icon14 MKT501 assignment no 2 idea solution spring 2011

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    “Case Study”
    Star Electronics is established in 2009. It’s a newly established company for electronic products. The company starts its business very well. The first two products they launch are LCD TV and DVD PLAYER. These products are very successful. Company earns a good profit from these two products. These products give tough time to the rivals. The company focuses only these two products through out the year. Because of delivering rapid design, production and distribution, the company going towards growth in a very short span of time.The competition is increasing day by day and consumers are focusing on better product which is less costly and has more features. The company is well equipped with the latest machinery and technology. Combining technology and design to achieve innovative solutions that offer maximum comfort and total satisfaction to the customers. It also consists of good professional team. The company also takes a close eye on research and development. Another aspect of their success is that they not only validate and verify its products, but it develops them in harmony with the requirements to fulfill a consistent and pervasivedevelopment strategy that plugs its main principles. The top management of the company now thinks to make another product (Refrigerator). There is already high competition for this product. Many companies produce this product now a days.
    Question # 1:
    As a marketing manager, what are the external factors you should consider in order to make this product successful in the market? (10 Marks)
    Question # 2:
    As a marketing manager, explain the product decisions you should make in order to be successful in the market? (10 Marks)


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    Question # 1:

    As a marketing manager, what are the external factors you should consider in order to make this product successful in the market? (10 Marks)

    Solution

    Whether launching a new product or a major new version of an existing product, the biggest factors determining success actually take shape way before the product gets launched. As with any product in a market, to find big success (or any success at all), a number of things must all happen right and come together on launch day:

    1. The product must meet a market s needs better than the competition and customer alternatives (your product strategy needs to be right)

    2. The product must be taken to market through high-volume, competitive routes to market (you need a viable, volume go-to-market strategy and ability to execute in a way that drives sales growth fast)
    3. The product must be rock-solid, high-quality and actually deliver the value promised so customers actually get the benefits they re seeking (and that we re selling to them). This is critical and must actually be verified with early customer testing and validation (and the product doesn t ship until it s actually ready, regardless of the schedule ).

    4. The pre-launch market conditioning must create enough awareness and buzz with both prospective customers and sales channels that this new product is coming to enable the product to gain enough early mindshare and traction that leads to both actual proof and social proof that the product is ready for the market. To grow beyond the initial launch, the product must be proven to meet mainstream customer needs (mainstream customers are notoriously risk-averse, so they want to see other companies like them have already taken the risk and proven the product in their environment before using it).

    5. The go-to-market engine must buy into the product early and allocate resources to it (e.g., sales force for directly sold product, resellers/affiliates for indirect sales must choose to invest) and sales absolutely must have early success at selling the product. If the product isn t really ready for prime time it s dead (the sales force probably won t touch it again for a long time, if ever, and bad news travels fast). And get this, because it s super-critical. If the product doesn t convert better than what the reseller/affiliate is already selling today, it s also dead (they won t waste anymore of their precious time on your new thingy, and will go right back to selling what already works for them and makes them the most money today). Sales people are coin operated and their behavior and decision-making responds directly to what makes them the most money the quickest (and most of them couldn t care less about your product).

    When a product team gets all 5 of the above things right, the product is often a rapid, even amazing, meteoric success. Of course, it s really hard to get all of these things right the first time, which is why startups, and even established companies, often struggle and fail with new products.

    One of the biggest obstacles to getting all of these success factors aligned together is often the fault of senior management a lack of patience and proper planning tends to rush the product team, causing them to take risky shortcuts. We ve all heard the old adage that time is money , and these days management is under extreme pressure to increase sales, profits and meet their growth targets and to do it fast.

    Unfortunately, this time pressure often translates to being unreasonably impatient for both growth and profits. I like one of Clayton Christensen s sayings, which applies here: Be impatient for profits, and patient for growth .

    This means it s fine to be in a hurry to get to market and begin your learning journey with
    something new, but if you rush to get to market too quickly, be aware that your product may well not hit the market s needs properly the first time out, so if you find yourself in this situation, keep your costs low and avoid going broad and trying to hit a home run too early (or you ll burn your customers and sales channel and have to start over or worse, you re project will get cancelled altogether and your world will change overnight
    not a lot of fun).


    You re often better off holding back on a broad market assault (and full launch) and instead focus on a smaller portion of the market first, and ensure you re product is ready and capable of market success. This is called a learning journey because you must learn about what the market really needs and what must be done to your product to make it capable of being more broadly applicable. In 21st century Internet-based product launches, we call this the pre- launch phase

    In a product launch sense, this learning process can also often be accomplished with some good beta testing , where you get early customer feedback and ensure you fully understand customer needs (and they understand your product and want it )

    before attempting to launch the
    product broadly.Inserting one or more early test cycles into the development/release/sales cycle takes time and flys directly in the face of an executive who s in a hurry

    so it s very tempting to thrust past validating the product s readiness for market.

    Unfortunately, I have seen this fiasco unfold firsthand far too many times in my career. And anytime a product is taken to market prematurely, everyone loses customers, the product team, sales and the sponsoring executive (who may get fired, reassigned or demoted). Avoiding this one rush to market pitfall involves patience, diligence and a willingness to face the facts and deal with them as they arise, only choosing to release that product when the market has told you it s ready .

    Customers will definitely let you know when you re product is ready. They ll start driving you to hurry up and make that product available for them to use in their business. This is the go signal you re looking for to know for certain the product is ready. You ll also have early (and real) customer testimonials about the product and this proof goes a long way to comfort everyone that the product is ready for serious consideration.

    Whatever approach you decide to take (faster to market / narrower market focus vs. slower to market / broader market focus), you need to be deliberate with your strategy, and your management team need to all fully understand and agree on the strategy, objectives and level of patience required to be successful.

    It s taken me decades of failures, mediocre successes and (a few) big home runs to realize that there s no shortcut to new product success. One thing that really excites me about launching products in today s global, Internet environment is that we now have the ability to accelerate the learning journey and product validation cycle greatly through building small, focused communities of customers around our products BEFORE we launch them, enabling us to see those go/no-go signals efficiently and faster than ever.
    I hope these five new product launch success factors and insights are helpful and save you some time, grief and improve your odds of new product launch success

    either in producing a great new product, if you re a product vendor, or in evaluating new products and choosing the right ones to go with in your business, if you re a customer.





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    question no 2:

    1. Solid up-front homework – to define the product
    and justify the project.
    2. Voice of the customer – a slave-like dedication to
    the market and customer inputs throughout the
    project.
    3. Product advantage – differentiated, unique
    benefits, superior value for the customer.
    4. Sharp, stable and early product definition – before
    Development begins.
    5. A well-planned, adequately-resourced and
    proficiently-executed launch.
    6. Tough go/kill decision points or gates – funnels
    not tunnels.
    7. Accountable, dedicated, supported cross
    functional teams with strong leaders.
    8. An international orientation – international teams,
    multi-country market research and global or
    “glocal” products.


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