Marketing Philosophy and Strategy

Marketing Philosophy and Strategy

Introduction

This discussion will shed light on the challenges that a company faces when developing new products in the global economy. In order to do so adequately, the discussion will give relevance to some specific challenges using examples of some product/service launches in which companies considered the role and relevance of the challenges faced when developing new products in the global economy. This will be followed by an elaboration of the manner in which technology has assisted in the effort of coping with challenges faced when developing new products in the global economy. This will be followed by a reporting of three situations in which technology supported marketing efforts that were designed and intended to provide support to the product launch in the face of the challenges of developing new products in the global economy.

Discussion & Analyses

The challenges that a company faces when developing new products in the global economy are undeniably relevant and merit significant consideration in order for the product launch to be successful (Calantone, Di Benedetto & Song, 2011; Richey & Ponte, 2010). These challenges generally pertain to the fact that the company tends to lose the home-ground advantage when it enters the global economy with a product. The product may be new or it may be a currently running item - in both cases, the number of external variables to which the product will be subjected can be expected to be nearly similar and equally unpredictable (Schmitt, 2011; Lee, Wang & Liu, 2011). It is because of the same reason that organizations choose to spend a significant volume of time and resources on the preparation involved in launching the product.

There are countless examples that can be found in this regard. For instance, McDonald's had to alter some of the core ingredients of its menu when taking its products to India; where the harvesting, processing and consumption of bovine meat goes against the local socio-religious norms, culture and tradition (Edmondson, 2012; Ismail, Leow, Yong, Abdul-Majid, Thwala & Ajagbe, 2012). Another example can be found in the case of shampoo manufacturers who customized their products to suit the needs of scarf-wearing women. Middle Eastern and Asian countries were amongst some of the areas in which these customized products were introduced (Winer & Dhar, 2000; Calantone, Di Benedetto & Song, 2011). These examples represent the degree to which it is imperative for companies to realize the challenges faced when developing new products in the global economy.

Technology has become a significantly influential factor in helping companies expand their markets beyond native borders and enter the global economy (Richey & Ponte, 2010; Schmitt, 2011). Technology not only allows companies to effectively gauge the market but also enable companies to prepare the market for the reception of the production that is to be brought into the region. One of the oldest uses of technology for this purpose is that of the television. Lines such as "coming soon to a store near you" have continued to follow commercials for ...