Research Articles Base: Trap-Ease

The Various Topics

draft an individual written assignment, which IDENTIFIES the ways in which a study of the various topics in this module may assist a manager (such as the case study trap-Ease America: The Big Cheese of Mousetraps) when attempting to rethink and produce a more appropriate marketing programmed for the business. You should give an indication of the potential benefits of your recomendations and make a reference to appropriate texts in order to support your ideas make sure there is a balance between using text and own writings indicative word limit 2,500 words This assignment will be assessed on the following criteria * identification and analysis (advantages and disadvantages, examine them) of the various topics 25% * understanding and application of topics 25% * evidence of relevant readings 20% * appropriateness of recommendations for the manager 20% * style and presentation of written assignment 10% topics the role of marketing in a business basic concepts of marketing sect oral applications of marketing principles business to business and services marketing aspects of segmentation targeting and positioning buyer behavior the components of the marketing mix the role and purpose of marketing planning skills understanding and applying theories and concepts please write in UK english NOT US Credit:ivythesis.typepad.com

The Various Topics

draft an individual written assignment, which IDENTIFIES the ways in which a study of the various topics in this module may assist a...

MARKETING A NEW PRODUCT – A Marketing Term Paper Example

src=”http://pagead2.googlesyndication.com/pagead/show_ads.js”> Introduction With the advent of globalization, innovation is the key and the bases of staying on the competition. Businesses believe that innovation, in the form of new processes, products, machineries, and techniques, is essential to the continued growth of a company. More new products are being developed to replace products that have been with us only a few years. As technology gets better, there are more upgrades to these new products (Trias de Bes & Kotler, 2003), such as the Trap-ease mousetrap which is designed differently from the usual spring mousetrap. True, there are many new products being introduced to the market but not all of them have succeeded in their market entry. Some of them, like in the case of Trap-ease have started to become a failure. Thus the company needs to rethink its marketing strategy.   Marketing of a New Product             For most people, the interesting question is what is going to happen next on the marketing plan. For producers, this is important because they have to make entry, product positioning, marketing and other business decisions; for consumers, it is important to understand whether investments made in what is on offer today will be made obsolete by what comes tomorrow (Geroski, 2003). A product’s Market Perceived Quality is a driving force that increases market share. They further it is argued that when superior quality and large market share are both present, profits are virtually guaranteed, changing the “competitive positioning” of the product (Reddy, 1994). Marketing plan strategy is very important for any organization as it offers the direction the organization would like to pursue to attain its objectives. In the recent years, the integration of strategic planning and functional marketing has been perhaps the most relevant development in the field of marketing management as marketing managers have all the more realized that tactical marketing decisions must be made within a wider strategic framework. In addition, it is necessary that management of the marketing function be built upon purposively defined and analytically based marketing strategies. Strategic marketing planning offers the analytical process which develops efficient marketing strategies. The strategic marketing planning, according to Allen (2006), involves basically three stages: (1) segmenting the market; (2) profiling the market segments; and (3) developing the market segment marketing strategy. Marketing departments had the use of large budgets to develop and launch new products, and educate and communicate with consumers toward generating product trial, repeat purchase, and brand loyalty. However, some of these companies did not use the right strategies and therefore they have experienced failures in the launching of their new products. Before creating a new product, needs identification and segmentation of market should first be done. This is to see if there is a need for a certain product before it will be created or produced. Marketing starts by studying consumer needs and consists of knowing how to satisfy them. Yet many manufacturers forget to focus on needs and instead focus only on selling their products (Trias de Bes & Kotler, 2003). In the case of the Trap-ease mousetrap, it is created for the need of new mousetraps designed for women consumers as target consumers. After analyzing the market segments, customer interests and the purchase process, the firm must then establish the strategic marketing plan. This strategic marketing plan document usually constitutes (Allen 2006): (1) situational analysis – Where is the company now? – i.e., characteristics of the market, key success factors, competition and product comparisons, technology considerations, legal environment, social environment and problems and opportunities; (2) marketing objectives – Where does the management want the company to go? – i.e., product profile, target market and target volume; and (3) marketing strategies – What should the initiatives be taken in order to attain its objectives? – i.e., product strategy, promotion strategy, pricing strategy, distribution strategy and marketing strategy projection. The starting point in selecting targets for established products and services involves the examination of current users. The logic for this focus can be explained in terms of current understanding about how people make decisions. In response to brand information, consumers access their own knowledge about a brand and relate it to new information presented by some marketing effort. This depiction suggests that current users should be the center of focus because their status as users makes them likely to activate favorable associations to the brand and thus be attractive candidates to repurchase the brand. Following this strategy, the goal is to increase brand consumption by prompting its greater use by current users. Retaining customers for an extended period is demonstrated to have a significant positive impact on profits (Iacobuccid, 2001).             Level of use is also often the basis for refining the segmentation strategy. For many brands, it is appropriate to focus on heavy users rather than on the broader category of all users, because heavy users of a brand often account for a disproportionate share of a brand’s volume and thus are worthy of special focus (Reddy, 1994).             When a product category has slow growth, targeting competitors’ users may be a viable strategy. The success of this strategy depends on the firm’s ability to convince consumers of the superiority of its brand in relation to the incumbent. For example, Pantene was able to expand its market share rapidly by providing visual demonstrations of the brand’s superiority in leaving hair shiny. Consumers found “shiny” to be a compelling way to say “clean and manageable” (Iacobuccid, 2001).             Point-of-entry targeting typically involves a narrowing of the target to those users who are entering the market. When this target is deemed to be too narrow, point of entry can be deployed in conjunction with other targeting strategies such as maintaining current users. It can be used by category leaders or by followers. In such instances, it is usually appropriate to segment the market, as the motivations for consumption differ between the point-of-entry targets (Iacobuccid, 2001). The exercise of segmentation, targeting, and positioning is followed by the practical fleshing out of the marketing mix, known as the 4Ps: product, price, place, and promotion. This is the tangible embodiment of the marketing strategy. When we say that the marketing mix needs coherence, we mean that not only must the mix elements be consistent with each other but also they must be derived from and consistent with the segmentation and positioning strategies (Trias de Bes & Kotler, 2003). Proctor (2000) notes that understanding competitors is also the core to making marketing plans and strategy. A firm has to compare its products, prices, channels of distribution and promotional methods with those of its competitors on a regular basis to make sure that it is not at a disadvantage. The process of the competitor analysis basically constitutes three steps. The first step is to identify the firm’s competitors. Understanding the competitors of a business in a given industry and developing methods as to distinguish it from them is a very relevant and critical aspect which influences the development of the competitive strategy of the firm. In addition, it is also an important aspect of the strategic planning process as it (1) facilitates the management to understand their competitive advantage or disadvantages associated to their competitors; (2) creates understanding of the competitors past, present, and future strategies; (3) offer an informed basis to develop strategies to gain and maintain competitive advantage in the future; and (4) to facilitate the firm in forecasting the returns that may be made from future investments (Tutor2u Limited 2005). The second step of the competitor analysis is the assessment of its competitors. This may be done through benchmarking as the firms will first have to determine the objectives of its competitors as well as their objectives, then later on assessing the strengths and weaknesses of its competitors. Finally, the third step in the competitor analysis is the selection of competitors to avoid or to attack. After the assessment of the firm’s competitors, the firm will have to formulate the specific strategies that will give them the competitive advantage against its competitors. It must be noted that during the process of competitor analysis and the implementations of its strategies, the firm will have to assess which of the competitors’ strategies that they will have to follow or not. The second stage which allows the company to compare their operations with others will necessitate some degree of change within the organization. Thus it should be very well noted that the company only as to follow the strategies that will apply to their business as every business is unique in their own nature. These strategies will have to be in lined with the company’s philosophies as well.             Both the mind-set of scenario-driven planning and the emerging understanding in the strategic management literature contend that, to speed up institutional learning, we must articulate our mental models through formal analysis. A recent article argues that formal analysis of managers’ cognitive maps will help them to overcome personal assumptions and to assess possible ramifications (Acar & Georgantzas, 1995).             To summarize, the marketing process is a sequence. It starts with needs identification in order to establish the persons/situations that become our potential market. The market such as it is defined is considered fixed and stable. Using a prefixed market allows the establishment of a competitive frame and allows tracking of key performance indicators about that market (or category): size, variation, market share. Defining a market is the basis of the segmentation, targeting, and positioning strategies and ultimately of the definition of the marketing mix. In fact, an operational segmentation is possible only because a context named market has been defined. Repeated segmentation leads to hyperfragmentation of markets, which reduces the chances of innovating successful new products. To visualize a market as a fixed model is extremely useful, but at the same time it blinds us to other innovative possibilities. This can constitute a loss of opportunities.   Recommendations             Learning is vital in the success of a company’s strategy. To encourage and to make learning an integral part of management technology, companies must lift their sights from the short term. To design strategy, we must learn to search for and to identify patterns of change over time. To practice strategy design and to act proactively, we should replace our transaction-driven calculus with scenario analysis. Learning is not a luxury; it is how firms create their own future. Creating the organizational capability of and ambiance for learning will lead to a truly sustainable advantage. Since marketing has two key concepts, customer/clients acquisitions and maintenance of customers/clients.In the context of marketing, learning is a result of information received through advertising or other publicity or through some reference group or other (Keith, 1990). In order to have an effect on motives or attitudes, Trap-ease America must implement marketing effort and associate the product with positive drives and reinforcing messages. Identifying what people buy and why they make the purchase choices they do is complex. Product features such as status, economy, price, style, color, comfort, and service appeal to different market segments with specific sensitivities (Elliot.1990). Purchasing motives are not permanent and change throughout time. Motivation is influenced by other buyers. The company must implement the buyer/decision model was not specifically designed for new products and its substance was concerned with search and problem solving. It begins with awareness. Marketers must first create awareness and then assist customers through subsequent stages of the process. Consumers cannot begin to consider a new product or service as a solution to need-related problems without this awareness. Successful innovative products should attempt to be problem-solving as successful innovative products should attempt to be problem-solving as far as the customer is concerned.   Awareness can come about as a result of the marketing effort of the company or simply by ‘word of mouth’ communication. If the product has potential interest and appeal, then potential purchasers will seek further information. Consumers then evaluate the new product against existing products, and then make an initial adoption by obtaining a trial sample, which might be a free sample or a ‘trial’ purchase. The adoption stage is when a decision is made whether to use the product (in the case of a fast moving consumer good on a repeat purchase basis). Post adoption confirmation is when the product has been adopted and the consumer is seeking reassurance about the wisdom of the purchase. After a major purchase, dissonance (termed cognitive dissonance) is present in the sign of unease that what was thought to be value for money at the time of purchase may not, after all, turn out to be true value. Consumer behavior can also be characterized through the use of psychological factors which include motivation, perception, learning and attitudes and beliefs. Motivation or drive refers to an urgent need which causes a person to seek satisfaction of the need. The next psychological factor is perception which is the process of selecting, organizing and interpreting information in order to form a meaningful picture of the world (Kotler & Armstrong, 2001). Another psychological factor which influences consumer behavior is learning. It modifies consumer behavior from the consumer’s experience. If the experience of availing the service or product is rewarding, it is most likely that the purchase will be repeated until the consumer becomes loyal to the company. The company also needs to attract their consumers, and market attractiveness is measures through the following elements: market forces, competitive intensity and market access. The company should develop a product with long term profitability in mind in order to monopolize the toy industry. The element of market forces examines the market size, growth rate and buying power of the target market (Wint, 1995). Thus, the marketing plan needs to re-evaluate if the target market still suits company objectives of providing long-term stability. The other important element of competitive intensity which includes number of competitors, price rivalry and ease of entry indicates that the plan will seek to develop strategies that will ensure competitive advantage without having to resort to a price war. The last element of market access covers customer familiarity, channel access and sales requirements. The last dimension is competitive advantage which seeks elements of cost advantage, differentiation advantage and marketing advantage. Moreover, the company must also give importance to their pricing strategy.  This can be done without having to resort to lowering the price seeing that only a fraction of that goes to the company (Ledger, 2001).             Trap-ease America should also tackle the problem of how to segment, target and position by beginning with competition-based positioning. The company should create their identity by focusing on motivations for product use that had been neglected by competitors and then built business models that could support the desired positioning. The intended positioning then could guide the segmentation and targeting effort.   Credit:ivythesis.typepad.com

MARKETING A NEW PRODUCT – A Marketing Term Paper Example

src=”http://pagead2.googlesyndication.com/pagead/show_ads.js”> Introduction With the advent of globalization, innovation is the key ...

MARKETING A NEW PRODUCT

MARKETING A NEW PRODUCT   Introduction With the advent of globalization, innovation is the key and the bases of staying on the competition. Businesses believe that innovation, in the form of new processes, products, machineries, and techniques, is essential to the continued growth of a company. More new products are being developed to replace products that have been with us only a few years. As technology gets better, there are more upgrades to these new products (Trias de Bes & Kotler, 2003), such as the Trap-ease mousetrap which is designed differently from the usual spring mousetrap. True, there are many new products being introduced to the market but not all of them have succeeded in their market entry. Some of them, like in the case of Trap-ease have started to become a failure. Thus the company needs to rethink its marketing strategy.   Marketing of a New Product             For most people, the interesting question is what is going to happen next on the marketing plan. For producers, this is important because they have to make entry, product positioning, marketing and other business decisions; for consumers, it is important to understand whether investments made in what is on offer today will be made obsolete by what comes tomorrow (Geroski, 2003). A product’s Market Perceived Quality is a driving force that increases market share. They further it is argued that when superior quality and large market share are both present, profits are virtually guaranteed, changing the “competitive positioning” of the product (Reddy, 1994, p203). Marketing plan strategy is very important for any organization as it offers the direction the organization would like to pursue to attain its objectives. In the recent years, the integration of strategic planning and functional marketing has been perhaps the most relevant development in the field of marketing management as marketing managers have all the more realized that tactical marketing decisions must be made within a wider strategic framework. In addition, it is necessary that management of the marketing function be built upon purposively defined and analytically based marketing strategies. Strategic marketing planning offers the analytical process which develops efficient marketing strategies. The strategic marketing planning, according to Allen (2006), involves basically three stages: (1) segmenting the market; (2) profiling the market segments; and (3) developing the market segment marketing strategy. Marketing departments had the use of large budgets to develop and launch new products, and educate and communicate with consumers toward generating product trial, repeat purchase, and brand loyalty. However, some of these companies did not use the right strategies and therefore they have experienced failures in the launching of their new products. Before creating a new product, needs identification and segmentation of market should first be done. This is to see if there is a need for a certain product before it will be created or produced. Marketing starts by studying consumer needs and consists of knowing how to satisfy them. Yet many manufacturers forget to focus on needs and instead focus only on selling their products (Trias de Bes & Kotler, 2003, p.39). In the case of the Trap-ease mousetrap, it is created for the need of new mousetraps designed for women consumers as target consumers. After analyzing the market segments, customer interests and the purchase process, the firm must then establish the strategic marketing plan. This strategic marketing plan document usually constitutes (Allen 2006): (1) situational analysis – Where is the company now? – i.e., characteristics of the market, key success factors, competition and product comparisons, technology considerations, legal environment, social environment and problems and opportunities; (2) marketing objectives – Where does the management want the company to go? – i.e., product profile, target market and target volume; and (3) marketing strategies – What should the initiatives be taken in order to attain its objectives? – i.e., product strategy, promotion strategy, pricing strategy, distribution strategy and marketing strategy projection. The starting point in selecting targets for established products and services involves the examination of current users. The logic for this focus can be explained in terms of current understanding about how people make decisions. In response to brand information, consumers access their own knowledge about a brand and relate it to new information presented by some marketing effort. This depiction suggests that current users should be the center of focus because their status as users makes them likely to activate favorable associations to the brand and thus be attractive candidates to repurchase the brand. Following this strategy, the goal is to increase brand consumption by prompting its greater use by current users. Retaining customers for an extended period is demonstrated to have a significant positive impact on profits (Iacobuccid, 2001, p175).             Level of use is also often the basis for refining the segmentation strategy. For many brands, it is appropriate to focus on heavy users rather than on the broader category of all users, because heavy users of a brand often account for a disproportionate share of a brand’s volume and thus are worthy of special focus (Reddy, 1994, p234).             When a product category has slow growth, targeting competitors’ users may be a viable strategy. The success of this strategy depends on the firm’s ability to convince consumers of the superiority of its brand in relation to the incumbent. For example, Pantene was able to expand its market share rapidly by providing visual demonstrations of the brand’s superiority in leaving hair shiny. Consumers found “shiny” to be a compelling way to say “clean and manageable” (Iacobuccid, 2001, p187).             Point-of-entry targeting typically involves a narrowing of the target to those users who are entering the market. When this target is deemed to be too narrow, point of entry can be deployed in conjunction with other targeting strategies such as maintaining current users. It can be used by category leaders or by followers. In such instances, it is usually appropriate to segment the market, as the motivations for consumption differ between the point-of-entry targets (Iacobuccid, 2001, p188). The exercise of segmentation, targeting, and positioning is followed by the practical fleshing out of the marketing mix, known as the 4Ps: product, price, place, and promotion. This is the tangible embodiment of the marketing strategy. When we say that the marketing mix needs coherence, we mean that not only must the mix elements be consistent with each other but also they must be derived from and consistent with the segmentation and positioning strategies (Trias de Bes & Kotler, 2003). Proctor (2000) notes that understanding competitors is also the core to making marketing plans and strategy. A firm has to compare its products, prices, channels of distribution and promotional methods with those of its competitors on a regular basis to make sure that it is not at a disadvantage. The process of the competitor analysis basically constitutes three steps. The first step is to identify the firm’s competitors. Understanding the competitors of a business in a given industry and developing methods as to distinguish it from them is a very relevant and critical aspect which influences the development of the competitive strategy of the firm. In addition, it is also an important aspect of the strategic planning process as it (1) facilitates the management to understand their competitive advantage or disadvantages associated to their competitors; (2) creates understanding of the competitors past, present, and future strategies; (3) offer an informed basis to develop strategies to gain and maintain competitive advantage in the future; and (4) to facilitate the firm in forecasting the returns that may be made from future investments (Tutor2u Limited 2005). The second step of the competitor analysis is the assessment of its competitors. This may be done through benchmarking as the firms will first have to determine the objectives of its competitors as well as their objectives, then later on assessing the strengths and weaknesses of its competitors. Finally, the third step in the competitor analysis is the selection of competitors to avoid or to attack. After the assessment of the firm’s competitors, the firm will have to formulate the specific strategies that will give them the competitive advantage against its competitors. It must be noted that during the process of competitor analysis and the implementations of its strategies, the firm will have to assess which of the competitors’ strategies that they will have to follow or not. The second stage which allows the company to compare their operations with others will necessitate some degree of change within the organization. Thus it should be very well noted that the company only as to follow the strategies that will apply to their business as every business is unique in their own nature. These strategies will have to be in lined with the company’s philosophies as well.             Both the mind-set of scenario-driven planning and the emerging understanding in the strategic management literature contend that, to speed up institutional learning, we must articulate our mental models through formal analysis. A recent article argues that formal analysis of managers’ cognitive maps will help them to overcome personal assumptions and to assess possible ramifications (Acar & Georgantzas, 1995, p19).             To summarize, the marketing process is a sequence. It starts with needs identification in order to establish the persons/situations that become our potential market. The market such as it is defined is considered fixed and stable. Using a prefixed market allows the establishment of a competitive frame and allows tracking of key performance indicators about that market (or category): size, variation, market share. Defining a market is the basis of the segmentation, targeting, and positioning strategies and ultimately of the definition of the marketing mix. In fact, an operational segmentation is possible only because a context named market has been defined. Repeated segmentation leads to hyperfragmentation of markets, which reduces the chances of innovating successful new products. To visualize a market as a fixed model is extremely useful, but at the same time it blinds us to other innovative possibilities. This can constitute a loss of opportunities.   Recommendations             Learning is vital in the success of a company’s strategy. To encourage and to make learning an integral part of management technology, companies must lift their sights from the short term. To design strategy, we must learn to search for and to identify patterns of change over time. To practice strategy design and to act proactively, we should replace our transaction-driven calculus with scenario analysis. Learning is not a luxury; it is how firms create their own future. Creating the organizational capability of and ambiance for learning will lead to a truly sustainable advantage. Since marketing has two key concepts, customer/clients acquisitions and maintenance of customers/clients.In the context of marketing, learning is a result of information received through advertising or other publicity or through some reference group or other (Keith, 1990). In order to have an effect on motives or attitudes, Trap-ease America must implement marketing effort and associate the product with positive drives and reinforcing messages. Identifying what people buy and why they make the purchase choices they do is complex. Product features such as status, economy, price, style, color, comfort, and service appeal to different market segments with specific sensitivities (Elliot, 1990). Purchasing motives are not permanent and change throughout time. Motivation is influenced by other buyers. The company must implement the buyer/decision model was not specifically designed for new products and its substance was concerned with search and problem solving. It begins with awareness. Marketers must first create awareness and then assist customers through subsequent stages of the process. Consumers cannot begin to consider a new product or service as a solution to need-related problems without this awareness. Successful innovative products should attempt to be problem-solving as successful innovative products should attempt to be problem-solving as far as the customer is concerned.   Awareness can come about as a result of the marketing effort of the company or simply by ‘word of mouth’ communication. If the product has potential interest and appeal, then potential purchasers will seek further information. Consumers then evaluate the new product against existing products, and then make an initial adoption by obtaining a trial sample, which might be a free sample or a ‘trial’ purchase. The adoption stage is when a decision is made whether to use the product (in the case of a fast moving consumer good on a repeat purchase basis). Post adoption confirmation is when the product has been adopted and the consumer is seeking reassurance about the wisdom of the purchase. After a major purchase, dissonance (termed cognitive dissonance) is present in the sign of unease that what was thought to be value for money at the time of purchase may not, after all, turn out to be true value. Consumer behavior can also be characterized through the use of psychological factors which include motivation, perception, learning and attitudes and beliefs. Motivation or drive refers to an urgent need which causes a person to seek satisfaction of the need. The next psychological factor is perception which is the process of selecting, organizing and interpreting information in order to form a meaningful picture of the world (Kotler & Armstrong, 2001, p67). Another psychological factor which influences consumer behavior is learning. It modifies consumer behavior from the consumer’s experience. If the experience of availing the service or product is rewarding, it is most likely that the purchase will be repeated until the consumer becomes loyal to the company. The company also needs to attract their consumers, and market attractiveness is measures through the following elements: market forces, competitive intensity and market access. The company should develop a product with long term profitability in mind in order to monopolize the toy industry. The element of market forces examines the market size, growth rate and buying power of the target market (Wint, 1995, p124). Thus, the marketing plan needs to re-evaluate if the target market still suits company objectives of providing long-term stability. The other important element of competitive intensity which includes number of competitors, price rivalry and ease of entry indicates that the plan will seek to develop strategies that will ensure competitive advantage without having to resort to a price war. The last element of market access covers customer familiarity, channel access and sales requirements. The last dimension is competitive advantage which seeks elements of cost advantage, differentiation advantage and marketing advantage. Moreover, the company must also give importance to their pricing strategy.  This can be done without having to resort to lowering the price seeing that only a fraction of that goes to the company (Ledger, 2001, p98).             Trap-ease America should also tackle the problem of how to segment, target and position by beginning with competition-based positioning. The company should create their identity by focusing on motivations for product use that had been neglected by competitors and then built business models that could support the desired positioning. The intended positioning then could guide the segmentation and targeting effort.       Reference   Acar, W. & Georgantzas, N.C. 1995, Scenario-Driven Planning: Learning to Manage Strategic Uncertainty. Quorum Books.  Allen, C. 2006. What is Strategic Marketing Planning, Retrieved from: <http://www.allen.com/cgi-bin/gt/tpl.h,content=125>. Elliot, G.R.1990. The Marketing Concept – Necessary, but Sufficient? An Environmental View. Graduate School of Australia, University of     Melbourne, Australia. Geroski, P.A. 2003. The Evolution of New Markets. Oxford University Press.   Iacobuccid, D. 2001. Kellogg on Marketing. Wiley. Keith R. F. 1990, “The Marketing Revolution”, Journal of Marketing: Vol. 24, pp. 35-38.   Kotler, P & Armstrong, G 2001. Principles of Marketing, 9th ed. Prentice Hall. Ledger, W. 2001. The Entertainment Game: Corporate Hospitality. The Evening Standard (London and England). Proctor, T. 2000. Strategic Marketing: An Introduction. Routledge.  Reddy, A.C. 1994, Total Quality Marketing: The Key to Regaining Market Shares. Quorum Books.  Trias de Bes, F. & Kotler, P. 2003. Lateral Marketing: New Techniques for Finding Breakthrough Ideas. Wiley.  Tutor2u Limited (2005), Strategies – Competitor Analysis. Retrieved from: <http://www.tutor2u.net/business/strategy/competitor_analysis.htm>. Wint, Alvin. 1995. Corporate Management in Developing Countries:  The Challenge of International Competitiveness. Quorum  Books.   Credit:ivythesis.typepad.com

MARKETING A NEW PRODUCT

MARKETING A NEW PRODUCT Introduction With the advent of globalization, innovation is the key and the bases of staying on t...

Discuss and critique how advertising is regulated in Hong Kong.

Television advertising must be legal, honest, clean, and truthful. In Hong Kong, there are a set of standards by which these advertisements must comply with. Basically, laws on television advertising in Hong Kong are more or less the same as that in other areas around the world. Just as other laws, Hong Kong advertising laws prohibit improper advertising, unfair promotion, and unreliable promotion among other things. With the advent of globalization, innovation is the key and the bases of staying on the competition. More new products are being developed to replace products that have been with us only a few years (Trias de Bes & Kotler, 2003). Sometimes, advertisements go beyond clean and truthful advertising just so to stay ahead of the competition. What happens is that there is usually disparagement. The advertisement would contain ideas that slander the competitors. In Hong Kong, there is law against this.             Additionally, there are many advertisements that contain misleading materials. Such is the case that happened in the United States when a diet regimen advertised by the former Ana Nicole Smith did not give out the results it guaranteed to the costumers. Although in many countries there are laws against this, such as in Hong Kong, there is still a lax in the implementation. There are still many advertisements that often mislead costumers. There should be strict implementation of this law; aside from misleading the customers, this could cost companies money when customers would decide to file suit for a product that doesn’t work as it is advertised.             In the field of health care, consumer behavior is being made into consideration when advertising. The increase in consumer-directed advertising has helped to foster a health care atmosphere in which it is the patient, and not the medical practitioner, who initiates a discussion regarding possible drug therapy. Consumer-directed advertising also has a profound impact on the doctor-patient relationship and results in patients consuming drugs with attractive benefits and undisclosed possible adverse reactions. This creates an increased dependence on prescription drugs, and the falsified notion that there is a prescription drug to cure most any condition (Holtz, 1998).             In Hong Kong and elsewhere in China, cigarette advertising was banned even on television in February 1995, as part of the Advertising Law. This ban is somewhat ironic, in light of the fact that China represents the largest cigarette market in the world. While federal law bans cigarette advertising, some manufacturers have resorted to using promotional techniques on the fringes of the law. These promotions include conducting giveaways at bars and nightclubs, putting up parasols bearing the name of the product, erecting illegal billboards, and offering products in exchange for used packs of cigarettes (Taylor & Raymond, 2000). On the other hand, while Korea is one of the largest and fastest growing markets in the world for tobacco, promoting tobacco products is not allowed in broadcast media. In addition, no promotion or advertising for tobacco products may be targeted to children or stimulate excessive smoking. A warning stating that tobacco is bad for one’s health must be written in Hangul, the Korean alphabet, on all wrappers of manufactured cigarettes and on all sales promotion activities. While advertising on television and radio are not allowed, sales promotional activities such as distributing free samples of cigarettes are allowed. Cigarette advertisements on billboards, through sponsorships, and in magazines are increasing (Taylor & Raymond, 2000) There is one study that compared services advertising appeals between Hong Kong and the USA, and between experience services and credence services. Information cues on physical attributes, association attributes, and terminal values conveyed in 212 services ads were analyzed. Services ads in the USA scored high on the quality cue, but much lower in price and availability than their Hong Kong counterparts. In terms of instrumental values, services marketers in the US emphasized traditional heritage more than their Hong Kong counterparts. In terms of terminal values, services marketers in the US were more likely to appeal to consumers’ health than their Hong Kong counterparts. Other differences between the instrumental values and terminal values between the two markets disappeared when the service type is controlled (Ha, 1998). In Hong Kong law, networks can refuse to air advertisements if they have reason to believe that the claims are doubtful or there is doubt on the advertiser itself. If for example, the company, product, or service that should be advertised has never been heard of or does not have a license, then the network can refuse to show the advertisement.   Recommendations             Learning is vital in the success of a company’s strategy. 
Arial">To encourage and to make learning an integral part of management technology, companies must lift their sights from the short term. To design strategy, we must learn to search for and to identify patterns of change over time. To practice strategy design and to act proactively, we should replace our transaction-driven calculus with scenario analysis. Learning is not a luxury; it is how firms create their own future. Creating the organizational capability of and ambiance for learning will lead to a truly sustainable advantage. Since marketing has two key concepts, customer/clients acquisitions and maintenance of customers/clients.In the context of marketing, learning is a result of information received through advertising or other publicity or through some reference group or other (Keith, 1990). In order to have an effect on motives or attitudes, Trap-ease America must implement marketing effort and associate the product with positive drives and reinforcing messages.             Understanding and adapting to legal regulations across cultures is a challenge facing many multinational businesses. Laws vary and regulations that often must be translated may contain ambiguities that are difficult to interpret. Adding to the difficulties for foreign marketers is the presence of self-regulation and voluntary compliance in some countries. These concerns are particularly true in emerging and previously protected markets.       References Ha, L. 1998. Advertising Appeals Used by Services Marketers: A Comparison Between Hong Kong and the United States. Journal of Services Marketing Vol12 No2. Holtz, W.E. 1998. Consumer Directed Perception Drug Advertising: Effects on Public Health. Journal of Law and Health 13. Keith R. F. 1990, “The Marketing Revolution”, Journal of Marketing: Vol. 24, pp. 35-38.  Taylor, C.R. & Raymond, M.A. 2000. An Analysis of Product Category Restrictions in Advertising in Four Major East Asian Markets. International Marketing Review. Trias de Bes, F. & Kotler, P. 2003. Lateral Marketing: New Techniques for Finding Breakthrough Ideas. Wiley.        Ways to Prevent Medication Administration Errors             
Arial">The table below can help serve as a guide for nurses in avoiding errors in medication administration. PRECAUTION RATIONALE   Read medication labels carefully.     Be aware of medications with similar names.   When new or unfamiliar medication is ordered, consult resource.     Do not administer medication ordered by a nickname or unofficial abbreviation.   Do not attempt to decipher illegible handwriting.       Know patients with same last names. Also have the patients state their full names, or ask their families if you cannot talk to the patient.   Many products come in similar containers, colors, and shapes.   There are many medication names that sound alike.   If prescriber is also unfamiliar with the drug, there is greater risk for inaccurate being ordered.   Many prescribers refer to commonly ordered medications by nicknames or unofficial abbreviations.   When in doubt, ask the prescriber. Unless nurse questions order that is difficult to read, chance of misinterpretation is very high.   It is common to have two or more patients in the hospital with the same or similar last names. Special labels n a medication book can warn off potential problems.         Risk Management Process and Action Plan   Mental health nursing is a profession in which “genuine human to human connection should be of particular interest and priority” (Mohr, 1995, p. 365). The identity of mental health nurses should be continually sought and defined in the relationship. However, it has been argued that mental health nursing is in danger of losing its identity if mental health nurses become puppets and just simply imitate psychiatry’s footsteps, particularly after the field of psychiatry has debated the wisdom of an exclusive focus on explanations and treatments in the realm of biology (Raingruber, 2003). The action plan should also include how as a registered mental health nurse I was able to educate my patients and their families. First it is important that as a registered mental health nurse I am aware of nursing theories that are applicable to the mental health patient. One such theory that is important is the preventive theory. Preventive theory as developed by Caplan (1964) has three dimensions: primary, secondary, and tertiary. Primary prevention emphasizes health promotion and prevention of disability or disease. Education is the principal vehicle for this kind of prevention. Early case detection and prompt treatment if disease occurs constitute secondary prevention. Tertiary prevention refers to minimizing the severity and residual effects of the disability or disease. Rehabilitation is the principal method for this kind of prevention.             Certain social, political, and economic actions on behalf of a patient’s mental health are inherently compatible with professional values, and should be considered by all mental health nurses. Nurses can be excellent participants and leaders on community action boards, bringing to them special healthcare system knowledge.   Corporate Level             Various health groups in different countries have set up policy and health program developments, and strategic goals in relation to minimizing risk for errors when it comes to medication administration. Various health services and agencies have come up with a clinical guideline for medication administration risk assessment and prevention of errors.             The answer to reducing the prevalence of medication administration errors lies not in implementing any one strategy, but in providing an institution-wide prevention program. Assessments need to be repeated regularly throughout a patient’s hospital stay and when there is a significant change in health status. A number of risk-assessment tools can be used (Potter & Perry, 2004).   Organization Level A major challenge in many areas of medical practice is to successfully implement guidelines for clinical practice. A recent review of effective strategies for implementing guidelines against medication administration errors concluded that active strategies were more successful in reducing the rates. The most effective strategies used targeted educational sessions and, in particular, multiple approaches.             To formulate the action plan on this level, hospitals and other health care organizations can develop reporting and feedback processes for tracking medication administration to mental health patients and the occurrence of errors. Health care organizations can also develop and implement a comprehensive education program for nursing staff on assessment, identification of risk and management of medication administration.   Project Level Healthcare professionals must work together in groups or teams in the care of a mental patient especially when it comes to administering medications.   Nursing director: The nursing director has the role of getting reports from the head nurse. These reports would include statistics of how many incidents of errors in administration of medication to mental health patients are occurring in the hospital and how it is prevented according to new research. In addition, the nursing director also has the responsibility of providing qualified nurses and offers them new courses for continuing education.   Head nurse: The head nurse plays an important role to prevent the incidence of medication administration errors. The head nurse has the responsibility of providing the policy and procedure in the unit for all staff; as well as making the staff understand the need and importance of such policies and procedures. The head nurse must also distribute enough staff nurses to cover all shifts in the hospital unit because a shortage of nurses may cause bad care for the patients that could lead to an increase in the incidence of medication administration errors in the unit.   Clinical instruction: Education and clinical instruction of mental patients and their caregivers is an important function of health care professionals, especially of the nurses (Potter & Perry, 2004). Also, the caregivers of the mental patients should be the ones that should be more educated about the situation since mental health patients could have deficits in their understanding level. There are times that the caregiver should be the one to administer medications to the mental health patient. There are a variety of educational tools, including videotapes and written materials that can be used by the nurse when mental health teaching patients and their caregivers or family to prevent the errors in medication administration. Patient instruction should be individualized for each patient, depending on the degree of mental health impairment of the patients.   Nurse: The nurses are responsible for regularly monitoring patients and giving them the correct medication. However, the nurse does not have the sole responsibility for medication administration. The prescriber and pharmacist also help ensure the right medication gets to the right patient. But still, the registered mental health nurse administering medications is accountable for knowing which medications are prescribed, their therapeutic and nontherapeutic effects, and the medications associated to nursing implications. The registered mental health nurse is also responsible for knowing why the patient needs the medication and determining if the patient and their family require supervision with administration and education about the medication and its effects.   Individual Level             All health care professionals should receive relevant training or education in medication administration and the prevention of errors in the field. Health care professionals with recognized training the administration of medications should cascade their knowledge and skills to their local health care teams. An inter-disciplinary approach to the training and education of health care professionals should be adopted.                           References Caplan, G. (1964). Principles of preventive psychiatry. New York: Basic books. Kozier, B. and Erb, G. (2004). Fundamentals of Nursing: Concepts, Process, and Practice 7th Edition. Pearson Education Inc. Potter, P. and Perry, A. (2004). Fundamentals of Nursing. Mosby. Raingruber, B. (2003). Nurture: the Fundamental Significance of Relationship as a Paradigm for Mental Health Nursing. Perspectives of Psychiatric Care.     Credit:ivythesis.typepad.com

Discuss and critique how advertising is regulated in Hong Kong.

Television advertising must be legal, honest, clean, and truthful. In Hong Kong, there are a set of standards by which these advertise...

MARKETING A NEW PRODUCT

Introduction With the advent of globalization, innovation is the key and the bases of staying on the competition. Businesses believe that innovation, in the form of new processes, products, machineries, and techniques, is essential to the continued growth of a company. More new products are being developed to replace products that have been with us only a few years. As technology gets better, there are more upgrades to these new products (Trias de Bes & Kotler, 2003), such as the Trap-ease mousetrap which is designed differently from the usual spring mousetrap. True, there are many new products being introduced to the market but not all of them have succeeded in their market entry. Some of them, like in the case of Trap-ease have started to become a failure. Thus the company needs to rethink its marketing strategy.   Marketing of a New Product             For most people, the interesting question is what is going to happen next on the marketing plan. For producers, this is important because they have to make entry, product positioning, marketing and other business decisions; for consumers, it is important to understand whether investments made in what is on offer today will be made obsolete by what comes tomorrow (Geroski, 2003). A product’s Market Perceived Quality is a driving force that increases market share. They further it is argued that when superior quality and large market share are both present, profits are virtually guaranteed, changing the “competitive positioning” of the product (Reddy, 1994). Marketing plan strategy is very important for any organization as it offers the direction the organization would like to pursue to attain its objectives. In the recent years, the integration of strategic planning and functional marketing has been perhaps the most relevant development in the field of marketing management as marketing managers have all the more realized that tactical marketing decisions must be made within a wider strategic framework. In addition, it is necessary that management of the marketing function be built upon purposively defined and analytically based marketing strategies. Strategic marketing planning offers the analytical process which develops efficient marketing strategies. The strategic marketing planning, according to Allen (2006), involves basically three stages: (1) segmenting the market; (2) profiling the market segments; and (3) developing the market segment marketing strategy. Marketing departments had the use of large budgets to develop and launch new products, and educate and communicate with consumers toward generating product trial, repeat purchase, and brand loyalty. However, some of these companies did not use the right strategies and therefore they have experienced failures in the launching of their new products. Before creating a new product, needs identification and segmentation of market should first be done. This is to see if there is a need for a certain product before it will be created or produced. Marketing starts by studying consumer needs and consists of knowing how to satisfy them. Yet many manufacturers forget to focus on needs and instead focus only on selling their products (Trias de Bes & Kotler, 2003). In the case of the Trap-ease mousetrap, it is created for the need of new mousetraps designed for women consumers as target consumers. After analyzing the market segments, customer interests and the purchase process, the firm must then establish the strategic marketing plan. This strategic marketing plan document usually constitutes (Allen 2006): (1) situational analysis – Where is the company now? – i.e., characteristics of the market, key success factors, competition and product comparisons, technology considerations, legal environment, social environment and problems and opportunities; (2) marketing objectives – Where does the management want the company to go? – i.e., product profile, target market and target volume; and (3) marketing strategies – What should the initiatives be taken in order to attain its objectives? – i.e., product strategy, promotion strategy, pricing strategy, distribution strategy and marketing strategy projection. The starting point in selecting targets for established products and services involves the examination of current users. The logic for this focus can be explained in terms of current understanding about how people make decisions. In response to brand information, consumers access their own knowledge about a brand and relate it to new information presented by some marketing effort. This depiction suggests that current users should be the center of focus because their status as users makes them likely to activate favorable associations to the brand and thus be attractive candidates to repurchase the brand. Following this strategy, the goal is to increase brand consumption by prompting its greater use by current users. Retaining customers for an extended period is demonstrated to have a significant positive impact on profits (Iacobuccid, 2001).             Level of use is also often the basis for refining the segmentation strategy. For many brands, it is appropriate to focus on heavy users rather than on the broader category of all users, because heavy users of a brand often account for a disproportionate share of a brand’s volume and thus are worthy of special focus (Reddy, 1994).             When a product category has slow growth, targeting competitors’ users may be a viable strategy. The success of this strategy depends on the firm’s ability to convince consumers of the superiority of its brand in relation to the incumbent. For example, Pantene was able to expand its market share rapidly by providing visual demonstrations of the brand’s superiority in leaving hair shiny. Consumers found “shiny” to be a compelling way to say “clean and manageable” (Iacobuccid, 2001).             Point-of-entry targeting typically involves a narrowing of the target to those users who are entering the market. When this target is deemed to be too narrow, point of entry can be deployed in conjunction with other targeting strategies such as maintaining current users. It can be used by category leaders or by followers. In such instances, it is usually appropriate to segment the market, as the motivations for consumption differ between the point-of-entry targets (Iacobuccid, 2001). The exercise of segmentation, targeting, and positioning is followed by the practical fleshing out of the marketing mix, known as the 4Ps: product, price, place, and promotion. This is the tangible embodiment of the marketing strategy. When we say that the marketing mix needs coherence, we mean that not only must the mix elements be consistent with each other but also they must be derived from and consistent with the segmentation and positioning strategies (Trias de Bes & Kotler, 2003). Proctor (2000) notes that understanding competitors is also the core to making marketing plans and strategy. A firm has to compare its products, prices, channels of distribution and promotional methods with those of its competitors on a regular basis to make sure that it is not at a disadvantage. The process of the competitor analysis basically constitutes three steps. The first step is to identify the firm’s competitors. Understanding the competitors of a business in a given industry and developing methods as to distinguish it from them is a very relevant and critical aspect which influences the development of the competitive strategy of the firm. In addition, it is also an important aspect of the strategic planning process as it (1) facilitates the management to understand their competitive advantage or disadvantages associated to their competitors; (2) creates understanding of the competitors past, present, and future strategies; (3) offer an informed basis to develop strategies to gain and maintain competitive advantage in the future; and (4) to facilitate the firm in forecasting the returns that may be made from future investments (Tutor2u Limited 2005). The second step of the competitor analysis is the assessment of its competitors. This may be done through benchmarking as the firms will first have to determine the objectives of its competitors as well as their objectives, then later on assessing the strengths and weaknesses of its competitors. Finally, the third step in the competitor analysis is the selection of competitors to avoid or to attack. After the assessment of the firm’s competitors, the firm will have to formulate the specific strategies that will give them the competitive advantage against its competitors. It must be noted that during the process of competitor analysis and the implementations of its strategies, the firm will have to assess which of the competitors’ strategies that they will have to follow or not. The second stage which allows the company to compare their operations with others will necessitate some degree of change within the organization. Thus it should be very well noted that the company only as to follow the strategies that will apply to their business as every business is unique in their own nature. These strategies will have to be in lined with the company’s philosophies as well.             Both the mind-set of scenario-driven planning and the emerging understanding in the strategic management literature contend that, to speed up institutional learning, we must articulate our mental models through formal analysis. A recent article argues that formal analysis of managers’ cognitive maps will help them to overcome personal assumptions and to assess possible ramifications (Acar & Georgantzas, 1995).             To summarize, the marketing process is a sequence. It starts with needs identification in order to establish the persons/situations that become our potential market. The market such as it is defined is considered fixed and stable. Using a prefixed market allows the establishment of a competitive frame and allows tracking of key performance indicators about that market (or category): size, variation, market share. Defining a market is the basis of the segmentation, targeting, and positioning strategies and ultimately of the definition of the marketing mix. In fact, an operational segmentation is possible only because a context named market has been defined. Repeated segmentation leads to hyperfragmentation of markets, which reduces the chances of innovating successful new products. To visualize a market as a fixed model is extremely useful, but at the same time it blinds us to other innovative possibilities. This can constitute a loss of opportunities.   Recommendations             Learning is vital in the success of a company’s strategy. To encourage and to make learning an integral part of management technology, companies must lift their sights from the short term. To design strategy, we must learn to search for and to identify patterns of change over time. To practice strategy design and to act proactively, we should replace our transaction-driven calculus with scenario analysis. Learning is not a luxury; it is how firms create their own future. Creating the organizational capability of and ambiance for learning will lead to a truly sustainable advantage. Since marketing has two key concepts, customer/clients acquisitions and maintenance of customers/clients.In the context of marketing, learning is a result of information received through advertising or other publicity or through some reference group or other (Keith, 1990). In order to have an effect on motives or attitudes, Trap-ease America must implement marketing effort and associate the product with positive drives and reinforcing messages. Identifying what people buy and why they make the purchase choices they do is complex. Product features such as status, economy, price, style, color, comfort, and service appeal to different market segments with specific sensitivities (Elliot.1990). Purchasing motives are not permanent and change throughout time. Motivation is influenced by other buyers. The company must implement the buyer/decision model was not specifically designed for new products and its substance was concerned with search and problem solving. It begins with awareness. Marketers must first create awareness and then assist customers through subsequent stages of the process. Consumers cannot begin to consider a new product or service as a solution to need-related problems without this awareness. Successful innovative products should attempt to be problem-solving as successful innovative products should attempt to be problem-solving as far as the customer is concerned.   Awareness can come about as a result of the marketing effort of the company or simply by ‘word of mouth’ communication. If the product has potential interest and appeal, then potential purchasers will seek further information. Consumers then evaluate the new product against existing products, and then make an initial adoption by obtaining a trial sample, which might be a free sample or a ‘trial’ purchase. The adoption stage is when a decision is made whether to use the product (in the case of a fast moving consumer good on a repeat purchase basis). Post adoption confirmation is when the product has been adopted and the consumer is seeking reassurance about the wisdom of the purchase. After a major purchase, dissonance (termed cognitive dissonance) is present in the sign of unease that what was thought to be value for money at the time of purchase may not, after all, turn out to be true value. Consumer behavior can also be characterized through the use of psychological factors which include motivation, perception, learning and attitudes and beliefs. Motivation or drive refers to an urgent need which causes a person to seek satisfaction of the need. The next psychological factor is perception which is the process of selecting, organizing and interpreting information in order to form a meaningful picture of the world (Kotler & Armstrong, 2001). Another psychological factor which influences consumer behavior is learning. It modifies consumer behavior from the consumer’s experience. If the experience of availing the service or product is rewarding, it is most likely that the purchase will be repeated until the consumer becomes loyal to the company. The company also needs to attract their consumers, and market attractiveness is measures through the following elements: market forces, competitive intensity and market access. The company should develop a product with long term profitability in mind in order to monopolize the toy industry. The element of market forces examines the market size, growth rate and buying power of the target market (Wint, 1995). Thus, the marketing plan needs to re-evaluate if the target market still suits company objectives of providing long-term stability. The other important element of competitive intensity which includes number of competitors, price rivalry and ease of entry indicates that the plan will seek to develop strategies that will ensure competitive advantage without having to resort to a price war. The last element of market access covers customer familiarity, channel access and sales requirements. The last dimension is competitive advantage which seeks elements of cost advantage, differentiation advantage and marketing advantage. Moreover, the company must also give importance to their pricing strategy.  This can be done without having to resort to lowering the price seeing that only a fraction of that goes to the company (Ledger, 2001).             Trap-ease America should also tackle the problem of how to segment, target and position by beginning with competition-based positioning. The company should create their identity by focusing on motivations for product use that had been neglected by competitors and then built business models that could support the desired positioning. The intended positioning then could guide the segmentation and targeting effort. Credit:ivythesis.typepad.com

MARKETING A NEW PRODUCT

Introduction With the advent of globalization, innovation is the key and the bases of staying on the competition. Businesses believe t...