Similarly, it is also essential to assess the feasibility of the constructed business strategy to determine whether it can be implemented to new product concept development successfully or not. It depicts that for Marks and Spencer the proposed business strategies in reference to new product development must be scaled. This process is started while idea generation and financial planning as well as continue to the process of implementation. Here there are number of aspects that are necessary to take in consideration such as company should make sure can the developed business strategy be funded, organisation have the capability to meet the required level of performance in terms of products quality, store services and other. At the same time, it is also essential for Marks and Spencer to determine the marketing and management capabilities needed to maintain the achieved market and competitive position.
The competition between businesses will ensure better quality of their goods and service they provide. Competition is well known for providing great productivity which leaders to a growth in the economy. Not only can competition improve the quality of work, it can also improve innovation. Innovation is an important quality to have in a company because it aids in keeping products and services fresh. “Economic Influence on Marketing” claims, “To keep current, your business has to adapt to changes in the industry and must always keep its eye out for innovative, cutting-edge technology and product improvements” (Bradley).
1.2 Explain different methods of segmenting and characterising customers The key to a successful business is to find out who our customer base is, what the customer wants, the age, gender, spending patterns etc. This is the reason we have marketing research because it can identify different customers and recognise what we need to do as a company to meet the demands of the market and keep us competitive.
The team’s overall objective is to enhance the company’s performance goals while keeping cost low. First, the team will focus on ways to increase market shares. Increasing market shares will aid in the company in obtaining new and keeping current customers. This will mean branding Allround with stronger and more effective advertising messages. Advertising is the number one factor when communicating to customers informing them about the brands available and the variety of products offered to them (MSG.com).
These tools mostly used for spreading the awarenes of the new products, enhancing the recall of the brand but mostly for increasing the number of sales as the company needs profits to survive in the long term. The report have deeply looked at the communication tools in practice when the creative strategy for the new Cadbury product was set. The paper analysed in what situation it is better to use advertising, PR or direct marketing for the Cadbury brand, therefore the advantages and disadvantages of the tools were found. For example, it has been identified that advertising is one of the useful tool for brand promotion because it is able to reach a wider audience within the shortest possible time frame (Egan, 2007. P 194).
When launching a new product or service, a company needs to develop the key group of customers in which they are targeting. There are many steps in identifying the target market; one of these steps is to look at past marketing plans in a company and collect information to produce a customer profile. This profile is important because “it influences the objectives, creation of the communications message and the channels and media mix being selected” (Gbadamosi and others, 2013, p. 275). When this profile is solidified, the appropriate methods to make a successful marketing plan can take action to launch the new product or service. Nordstrom’s Treasure & Bond, is a new clothing line by the leading fashion specialists, targeting 18-30 year
New hires are critical to the organization because of their knowledge on new technologies, attitudes about the work, and career aspirations. These are the initiatives we have taken to retain new hires. 1. Adopting management style of culture in the organization 2. Giving due significance to Corporate social responsibility and Ethical practices.
Using professional trainers or individuals experienced in training and using multimedia tools would help implement the new training program. The new training program should include a staff feedback survey to gather employee feedback data to measure implementation component effectiveness. If the new staff training is proven to be effective. The new training modules must be included in any new hired employee required orientation and
A huge advantage is that the economy will provide customers with goods that they want and need at an acceptable price. The sole reason is because people are willing to pay extra for what they want. The exciting part of being the customer is the new innovations that all companies are now coming up with. If we look at some companies such as apple, Samsung, Toyota, these companies are consistently bringing out new goods and services because of the growing demand, tough competition and rewards for popular products. Steve Jobs once stated, “you can’t just ask customers what they want and them try to give that to them.
People can use the product design in their business because product design can help the company to increase their sales quantities and sell the product with a high efficiency and smoothly. The customers will have more choices to choose their product and able to find what they are looking for. Product design can fulfil the demands of the customers and they are willing visit the same company again in the future. Referencing to the words of Vonderembse (n.d.),