Principles of Marketing: New Product Development

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According to our period to period Tradeoffs Plot, Allround remained the leader in symptoms relief but at the same time was under priced. Because Allround’s price

• Selling concept is the idea that consumers will not buy enough of the firm’s products unless it undertakes a large scale selling and promotion effort

The traditional view of marketing is that the firm makes something and then sells it. A) Will not work in economies where people face abundant choice. B) New

Benderoff, E. (03/24/2006). Ink-refill stations catching on as a cheaper, no-mess option. Retrieved from http://www.utsandiego.com/uniontrib/20060324/news_1b24ink.html

Our product is a consumer product, the Crossfire 5.0. The Crossfire 5.0 is an athletic shoe with interchangeable soles, suitable for most sports. The shoe is made with mesh for easy breathing and features a high ankle for support. The side presents the logo for easy identification of the shoe. The Crossfire 5.0 allows athletes to use the same shoe for both training and in season work. The sole is easily switched with two push buttons on the side that lock the sole in place. Having this option will keep the number of shoes that athletes have to own to a minimum and allow them to adapt to many different situations.

Average income earned by households owned by African Americans was $47,300 to $67,000 (Nielsen 9).

1.The business name will be "Beware the Beak" and provides a pet-related service. It will be located in Los Angeles with the plan to expand it to other large cities.

Brand: The L 'Oréal Group is world 's largest French cosmetics and beauty company that is headquartered in Clichy, Hauts-de-Seine.‪‬The company has a registered office in Paris and has developed activities in the field of cosmetics, concentrating on hair colour, skin care, sun protection, make-up, perfumes and hair care, the company is active in the dermatology, toxicology, tissue engineering, and biopharmaceutical research fields and is the top nanotechnology patent-holder in the United States.‪ (Wikipedia, 2015)‬‬‬‬‬‬

In today’s marketing environment, which changes rapidly, companies are enforced to adjust their business strategy to please their customers. Adjustment of business strategy is complex desire, especially to those firms which try to offer to their customers more, better and different products or services. Hence, we can see marketing problem, which will be defined through problematic questions:

New product development is a vital segment to consist of a successful business. It closely integrated with the perspective of business. It is a process from idea generation to post evaluation.

The marketing process of any product or service begins with potential consumers; it is a customer-centric environment which primary function seeks to fulfil the needs and wants of each individual customer (Sheth, Sisodia, Sharma, 2000, p.55). It is these ‘wants’ that marketers have to identify and manipulate to turn them into a need and subsequently a sale, “people have narrow, basic needs but almost unlimited wants” (Kotler, Armstrong, Wong, & Saunders, 2008, p.9). The majority of the population may have unlimited wants however they also have limited resources so value for money is a crucial factor in the process of turning potential customers into consumers. Understanding the market is therefore the first step in determining whether a

A promotion of activities offered to clients which is largely intangible. Service Marketing Practices have to promote a valuable relationship between seller and buyer.

To realize this, they need to come up with strategies of staying at a competitive edge, dominating in the market, positive image positioning, and expansion. When they are threatened, new opportunities are sought to enhance survival and thriving in the market.

This is the concept of the product that might facilitate the cleaning of offices and houses. By observation of time, Group thinking is to develop this idea into actual product.