Marketing Management Article on How to Assess Market Viability of New Products

A business must be highly competitive in the business markets today. For a business to grow successfully, remain sustainable, and competitive a business needs a good understanding of a marketing plan, and the knowhow to put the concepts to work for the business achieving a successful marketing strategy. Remaining successful when an economic growth has leveled out shows a sustainable business. Competitors that follow the same marketing concepts will need to develop a good marketing plan, and implement the concepts into a marketing strategy to remain a competitive business. A good marketing strategy contains a marketing plan describing the products offered, and taking into account

Mayo Clinic: is in the business of providing patient care through their many different Clinics and hospitals. They are ranked number two as one of the top twenty hospitals for heart and heart surgery per the Forbes list of top hospitals, and they ranked seventy one out of one hundred in the top one hundred places to work (Forbes, 2012).

The JW Anderson product range consists of menswear, womenswear and unisex garments and accessories. They currently produce six collections annually - two menswear and four womenswear.

This report assesses the potential internalisation of Vitel Water’s prill beads into either the Vanuatu or Kiribati markets. Clean drinking water is scarce in both nations but they offer different advantages and risks. The purpose of this report is to assess the best market fit for the product.

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Create a new positioning statement for your product, and provide justification for your new positioning strategy.

The Hedo-Falls shower system is the first of its kind. This kind of shower has not been seen before in the market. It offers something totally unique with no direct competition. No company has been ambitious enough to integrate so much into a device that has remained virtually the same for decades. The developers at Quantum Studio decided to take a chance and tap into a new and exciting market. Their risk paid off greatly. There is no direct competition for the Hedo-Falls shower system at this time, but there is secondary competition, such as other basic shower units.

In order to stay relevant and competitive in a global marketplace, companies must be able to be innovative and inventive. Therefore, new products and services need to be launched in order to keep from losing market share. Though most of the ideas for new products and services never see the end user, the ones that do have been through an intensive process in which the company lowers their risk of investment. For a high-end adult clothing line to launch a high-end children’s line, the idea must pass through proper screening in order to justify moving it forward to development. In order to create the parameters, the R-R-W (“real-win-worth doing”) new product screening framework should be implemented using market research as answers to key question.

Companies are continually coming out with new products; most new products are improvements of past products. However, the way a company markets a product and to whom they market the product can make a drastic difference in regards to the sales performance. Two products can be nearly identical and marketed very differently, while two products can be polar opposites and marketed almost identically. Two products that are similar but marketed differently are the iPad and the Amazon Fire tablet, and two that are different, but marketed similarly are Nike tennis shoes and Oakley sunglasses. It is important to understand how a company markets a product, but it is just as important to know why a company is marketing a product a certain way. The

To analyze the current market value of the company Walgreen there are other topics that need to be addressed such as is included in this report. They are as follows:

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Robert Rodriguez’s “ Marketing New Inventions “is an essay about the difficulties in marketing a new product. Rodriguez’s begins the essay talking Cindy Reichman and Shelly Conte the inventors or the Hide-N-Seek Haley and how quickly they are toy became “top selling toy during the 2005 holiday season (548). Quickly came down crashing down after a rival toy company introduced a similar product. Although they did experience some success experts in Mr.Rodriguez’s essay say “copycats and timing play a large role in a products longevity on the market” (549). He also talks to the inventor of the Daysago Jennifer Barney who has had success in the marketing world but says it come with a price because she has to continue to push her product forward by visiting each store she has sold her product. Later on in the Rodriguez it talks about Mike Summers, who says that there is a second option for people invent products: “

Today, the global business sphere is growing swiftly in terms of organizations and management in general. New market trends and strategies are being implemented from old fashion to modern ways, in order to best manage and take control of the organization, along with boosting the employees ' confidence. Ever since the dawn of trade and services, the customer has been the main priority in the promise of a fruitful business. In order to efficiently serve the valuable customer, organizations have opted to allocate more and more cash towards Research & Development in millions of dollars, along with efficiently knowing when to change management in correspondence with the organization 's progress. This has all helped with an advancement in corporate technology and asset growth in the desire of pursuing a healthy growth of profits in the long term.

With this come different strategies to achieve growth such as through market penetration, product development, market development and diversification. When these all are broken down in details, it becomes a clearer picture. So when it comes to market penetration it is the objective of reaching higher number of sales and having a larger share with products already existing. Out of the four strategies this is the least risky one. However, there is still some low risk because prices which are low are being used to penetrate markets and it could lead to potentially damaging price wars that reduces the profit margins of all firms in the industry. When it comes to market development, it means to sell the products already existing in a market, but to sell them in a new market, this includes exporting goods to overseas markets or selling to a new market segment. When it is about Product development it is the progress made in current existing products and then sold or even new products being sold in existing markets. For example, the launch of red bull standard, they took a product which had already been in the market before, changed it a little bit and modified it and converted into a different version and sold it in the same market where red bull standard was sold. Product development is about creating something new or modifying product into its better self to attract consumers. Moving to Diversification- it means selling unrelated goods or new products, in new markets The

Starting a new product is never easy for a company. The difficulties they face are diverse in nature, and often they lack initiatives so that customers are not interested in the product.