New Product Development

New Product Development

Question 2

Marketing Management decision-making depends on a number of factors, most important being the management philosophy and behavior. There are three levels identified: Operational Management, Tactical Management, Strategic Management Operational managers or frontline managers are concerned with day-to-day works in the organization mostly handling tasks of routine and repetitive nature. The information required for this level of decision-making could include: Hours worked by employees in a week Vacancies Current stock levels Outstanding orders Work-in-progress levels(Proctor, 2000).

Decision support systems: give direct computer support to managers during the decision-making process. A Decision Support System is an interactive information system that rely on integrated user-friendly hardware and software designed to assist mangers make decisions related to the efficient and profitable running of the business.

DSS gathers, organizes, and summarizes data in for coordinating, controlling, and decision-making task. Laudon (2002) writes about importance of management information System, "Management information system is essential for creating competitive firms, managing global corporations, and providing useful products and services to customers." Information system provides information figure of reports and displays to managers. For example, sales managers through intranet may access sales reports conduct and sales analysis. Rapid advances in Information technology coupled with growths of the have changed the way business is conducted world over(Randall, 2001).

Question 4

Types of Products

Products are generally classified on the basis of organization purchasing the products and for what purpose. Whether the product is part of the organization's final product or facilities the organization's activities is the primary difference in determining product type.

Products used in the final product include raw and manufactured materials, component parts or OEM parts, and assemblies. Raw materials, or materials processed only to the point required for economic handling and distribution, are also sold to s for use in the products they manufacture. Gold and silver, for example, are purchased by companies such as AT&T for use in the manufacture pf telecommunications equipment(Valentine, Gordon, 2000).

Question 5

Definitions of a "brand" ranged from "a unique or differentiated product" to "a consumer recognized name" to "an identifiable image or personality tied to a product". Some respondents went further to assert that a "brand" is the actual relationship that a product has with the consumer, while others were more practical in assessing that a "brand" is the extra value added that a customer is willing to pay for that branded product. An asset, simply stated, is a property, with an assumed value that should be consistently maximized by an organization. A brand is a perceived image residing in the mind of consumers.

However, in today's world, propositioned by an estimated 1,000 brands a week, consumers have become highly sophisticated - and very demanding. Once, manufacturers designed products around their core technologies, a strategy that worked in an era of rapidly growing demand. Now, companies face the prospect of too many products chasing too little global demand. Marketers, in response, need to concentrate ever more on quality and service - not simply satisfying consumers' current needs, but anticipating future ones as well(Ziethmal, Bitner, 2003)...