Marketing Cross-functional Relationship during NPD and collaborative capability for marketing managers
Abstract
In the era of hi-tech and rapid information development, the success of the enterprises mainly depends on the continuous NPD. It is discovered by a lot of research that the collaboration between the marketing and other departments is critical to the success of new products. The marketing can have better promotion performance through effective collaboration with R&D and other departments.
Adopting deep interview for a special case, this study elaborates the cross-functional relationship (CFR) management based on research findings and related theories. The study suggests the structural, social and individual ways to
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How can the cross-functional collaboration be effective in NPD process?
How can marketing managers develop skills to be successful in establishing multiple collaborative relationships?
According to these questions, the discussion involves four parts:
First, the features of CFR in the process of NPD.
Second, the principles and critical factors for cross-functional collaboration.
Third, the collaborate capabilities of marketing managers.
Finally, the cross-functional collaboration in Chang Xin Asset Management Company, especially between Marketing Department and Investment Management Department in new mutual fund development process.
1.2 Review of Chapters
The dissertation is divided into five parts. In the introduction part, the background of CFR and its effect is introduced. The objectives and purpose of the study are listed. In the literature review part, the research results of CFR and managing methods in NPD are reviewed, some problems of the research are pointed out and the main topic of this study is raised. The research methods are introduced in the research methodology part. The research methods, investigation methods and interview design are examined. Part four is the case study on Chang Xin Asset Management Company. The investigation material and literature knowledge are combined to analyze the effectiveness of the cross-function relationship management.
A wide range of companies today prefer to adopt the marketing orientated approach to sell their new products rather than using product orientation before.In fact,marketing orientation also helps such companies to earn more profits in the long time.According to Jobber and Ellis Chadwick (2013),marketing orientation focuses on customers need as the primary drivers of organizational performance.However,this is not always the case.Product orientation still be used by some senior executives and this method can help these companies to sell more products and even acquire reliable reputation in the customers.In this essay,first the history of marketing concept development will be discussed and the specific definition of the two kinds of marketing concept will be given respectively.Then these two concepts will be compared by using some examples.The final part will investigate why although marketing orientation is very popular in modern society,some enterprises still adopt the product orientated approach to extend their new products.
Murray and O’Driscoll (1996) cite that if integrators and specialists are the building blocks of the successful marketing organisation, teams and teamwork are the binding mortar. While teamwork is important within each function and specialism, the distinguishing feature of the marked-focused
donot differentiate from the competition. Dominite R&D also should educate its customers technical by providing the uses of
Another major challenges of any technological industry is R&D and capital expenditures, the R&D and capital expenditures cost is more than innovative output (Fritsch and Franke, 2004). For this organizations have been progressively prompted perform cooperative R&D to establish technological collaboration. For industries to sustain in market they often requires knowledge beyond organizations boundaries in order to overcome the existing technological base and dynamics, which requires innovation to create innovative technologies to compete against other industries to sustain in the market, industries think “two heads are better than one”, Some tasks may be accomplished more easily by two entities working together than by one working alone. So industries are collaborating to develop variety of products, which leads to the business success. The speed of change, particularly as businesses look to move into new areas in tough times, mean that the industries must invest more in creative-focused R&D, and look to exploit existing strengths through new business.
The research and development department are responsible for releasing new and innovating products. They would work with the marketing department in order to create powerful
The first problem to be identified is the cross functional teams’ inability to communicate effectively. The purpose of a cross functional team is to put people with different
Also this report provided idea to create strategic marketing department. I’m not sure about the name of this department, but I guess we can call it simply strategic group. This group is needed for some reasons:
This shows that the loss of culture experienced by Tu during his life has caused him to lose his way, and he has come back to his roots to try and fix things. Unfortunately in today’s society culture seems to back a back seat on the scale of importance. Because of this sad face the reality of this poem is true for to many New Zealand people. For Tu, he may never have known much of his true heritage; either by fault of his own or of his upbringing, but the result remains the same. He relies on alcohol, violence and jail as his family, his friends, his sanctuary and choice of weapon (taiaha). This agrees with the statement that ‘The loss of culture and homeland causes a change in character’ as he now lives by the idea that alcohol and the pub is his life, rather than the traditional Maori pride and mana we used to see throughout society in New Zealand. This connects with the idea portrayed in the visual text ‘Once Were Warriors’ directed by Lee Tamahori. In this film, the person who undergoes a change in character due to loss of culture and heritage is
By the other side ,marketing they point out that, they have to wait for customer's review and suggestion for what they have to improve about the new product, usually it 4-6 mouths so they sometimes just give briefly description about the new product, but in reality they still working on the product and they have to keep change/improve.
Innovation refers to finding new ways to improve the existing products, services, processes, technologies, and employee performance in an organizational setup. In today's competitive business environment, organizations have to focus on bringing innovation in each and every aspect of their business operations; like products or service offerings, enterprise resource planning systems, marketing and promotional efforts, and organizational structure. The market challenges and competitive pressures also force organizations to use a blend of all these innovation processes in their business activities. Therefore, it is vital to give an equal focus on product innovation, process innovation, marketing innovation, and organizational innovation within the limited organizational resources and capabilities.
The article published by Academy of Management, “Managing the new product development process: Strategic imperatives” focuses on the issues regarding new product development, its processes and strategies. Now a days, new product development is single most important factor that leads to firm’s success or failure for many industries. Though the new product failure are still high the importance of new product development has grown dramatically over the last few decades, and is now the dominant driver of competition in many industries. So, it shows that the emphasis on new products has prompted researchers from strategic management, engineering,
The market is evolving rapidly, not only because of the role that the customer has purchased in recent times, but because new technologies in the economic world and the Internet have created the need to create a new strategic vision that makes it difficult to predict their Final scope and consequences. Now, marketing has many more functions that must be met before starting the production process; between them, include market research and design, development and testing of the final product.
EPD is struggling to face a transformation of business model. They should change their business from product oriented to customer oriented because the key success factor of the component market is not technological advantage anymore. In the instable component market, it is needed to have market-oriented people and built a close communication among teams in order to introduce new product into market quickly. They also don’t have enough marketing staff and their evaluation
The idea of management has changed over the years in order for their approach to working with different people and new technology. This has taken place in the new society and world of business. The way the world keeps changing from year to year is the reasoning for the different approaches to management systems. Research has shown a big change in just three years and still continues today, by becoming experts to working in teams and focus on putting their clients with great service. The CEO would also, come to each SunTrust Bank to stay in touch with team member on how to connect with clients. Team members were pushed in making more sales to promote a profitable growth by helping clients to make the right decision that best fits their investment needs (Slaughter, 2011).
For instance the company introduced its brand name Tide detergent in the market , at that time Swash was its only competitor but the market of tide grew as it provided better advantages such as better cleaning power, good smell, soft on skin and at a lower prices than it competitor. P& G realized that in order to increase the innovation output they needed collaboration with the experts from the world. They created a program called Connect and Develop which helped them to deliver innovation faster and cheaper to all areas of business.