...Marketing research definition: It is a development interpretation and communication of decision oriented information used in the strategic planning process. Steps for NEW products: 1. Idea generation 2. Screening ideas 3. Business analysis 4. Pro- type development 5. Test marketing 6. Commercialization Idea generation: The PIC should then direct the search for new-product ideas. Idea generation should be systematic rather than haphazard. Otherwise, although the company will find many ideas, most will not be good ones for its type of business. A company typically has to generate many ideas in order to find a few good ones. A recent survey Irproduet managers found that of 100 proposed new product ideas, 39 begin the product development process, 17 survive the development process, 8 actually reach the marketplace and only 1 eventually reaches its business objectives.7 To obtain a flow of new-product ideas, the company can tap many sources. Chief sources of new-product ideas include internal sources, customers, competitors, distributors and suppliers. * Internal Sources * Customers * Competitors * Distributors, Suppliers and Others Screening ideas: The purpose of idea generation is to create a large number of ideas. The purpose of the succeeding stages is to reduce that number to a manageable few which deserve further attention. The first idea-reducing stage is idea screening. The purpose of screening is to spot good ideas...
Words: 1349 - Pages: 6
...Internet Has Impact on International Marketing of Companies and Consumers Student name: Chuqian Ma Word count: 1457 Date submitted: August 26, 2015 Abstract Companies and customers in international marketing have been changed by internet. The internet influences on companies in three aspects in this article, place, price and promotion, which are elements of Four Ps of marketing mix. The place and price are focus on the cost and supply chain, examples of Zara and Walmart are provided to prove the statements. The promotion of international marketing is focus on advertising channel and communication. Three main things of time, space, efficiency are used to identify the influence on the supply side by internet. Some negative effect such as information explosion and viral campaign are mentioned. As to the demand side, consumers are able to access various information and get more options in purchasing. Buyer behaviors changes along with online shopping. In such competitive marketing environment, companies have to improve their products and services that meet customers’ need for profit gained. The high level adoption of internationalization nowadays offers great opportunities in international marketing activities. As Internet has grown dramatically, more and more companies have realized its unlimited possibilities of development and have been involved in e-business. The purpose of this essay is to illustrate how internet can change the nature of the relationship...
Words: 1805 - Pages: 8
...Question 1 (This question provides evidence for grading criterion 1.1) Give detail of the various elements of the marketing process. Answer 1: The very first thing that must be done regarding any new marketing endeavor is to perform a Marketing Audit, in order to obtain clear understanding of the current position of the business and what needs to be done in order to achieve certain marketing objectives. A Marketing Audit can be done effectively using the following steps, we will be applying these steps to our given scenario; The umbrella factory, and since no name was given in the scenario, we shall name it: Rain&Sun. 'R&S' for short. • Assemble an overview of R&S: We already know that R&S is a newly-found company, therefore no marketing actions were taken before reaching out to Global Marketing LTD, this allows us to innovate new marketing campaigns in a fresh way totally controlled by Global Marketing LTD. We also know the production capacity of R&S, 200 umbrellas/day current, 700 umbrellas/day maximum. We are aware that the umbrellas can be manufactured in any color or design, which is very important to produce visually attractive product. • Describe the marketing goals and objectives of R&S: These objectives must be set in accordance with the vision and objectives of the management team at R&S, in our given scenario, R&S aims to have a sizeable piece of the market within one year, another way of stating the parameters of success is to achieve a sales rate of...
Words: 10177 - Pages: 41