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Complete 8 page APA formatted essay: Marketing Foundations and Applications.New product development often entails modifying an existing product or creating totally different offerings to satisfy a cur
Complete 8 page APA formatted essay: Marketing Foundations and Applications.
New product development often entails modifying an existing product or creating totally different offerings to satisfy a current need. In these product developments, business organizations may encounter hardships in identifying features which adds value to the customer. There are cases when current products cannot be enhanced because of shortage of ideas that can improve the offering. A good example of detergent soaps. Companies may be hindered in developing new detergent products which can boost the satisfaction of customer in this particular product.
Next, product development can be unlikely because the business organization is operating in a fragmented market which implies that they need to aim their new products at smaller market segments thereby generating only meager profits and revenues. When developing new products, companies should take into account all of its current market and not just a segment of it. If not, the new product developed will completely change the positioning of the business organization in the industry and may also discourage their current customers in purchasing the new product.
With the increasing clamor for being socially responsible, companies are often under the scrutiny and regulations of social organizations and the government. New product development can be critised because of the hazard that these products can bring to the consuming public. An example of this is the growing concern for obesity in the global arena which forces business organizations to modify their products and add only those which have more health benefits.
Another criticism of product development is the large cost associated in the process which cannot be adequately provided for by the business organization. New product developments are investments which companies undertake. It should be noted that as investments, the greater the possible gain, the greater the risks which should be incurred. Product development can bring adverse financial impact to business organizations if gains are not realized.
Another criticism of product development is the faster required development time which is needed in order to account for shorter product life cycle. It should be noted that the key to the success of a company is often linked to its ability of bringing products to the market at speed faster than its competitors.
2. What are the features and characteristics that differentiate business-to-business markets from consumer markets Illustrate your answers with examples.
Since marketing deals with the identification and provision of customer needs, companies are intensifying their efforts in knowing their customers. Business organizations often cater to individual buyers which are collectively called consumer markets and other commercial
