Marketing Philosophy and Strategy Research Paper

Marketing Philosophy and Strategy - Research Paper Example The research conclusions assert that while, technological advancements such as the Contemporary Marketing Practice (CMP) framework, Hybrid Distribution Systems and Demand Change Remediation have significantly aided the effectiveness of marketing practices, ethical and legal issues such as concerns regarding consumer online privacy and targeting children via marketing efforts still need to be addressed. The paper also assesses the product launches of Sony BetaMax, Colgate Kitchen Entrees and Pepsi-Kona to determine the challenges in new product development in the marketing landscape of today. Marketing Philosophy and Strategy The dynamism of the marketing landscape requires a comprehensive understanding of the issues and concerns related to the development of new products and the impact of the global economy on the marketing philosophy and strategy of a business. The purpose of this research paper is to employ the findings of prior literature and scholarly articles to examine the chal lenges that are involved in the development of new products thereby, assessing the impact of technological advancements in assisting the effort of new product development. Furthermore, the paper conducts extensive research into prior literature to fulfill the objective of addressing the legal and ethical implications of marketing efforts. ... products is highly influential, such that the volatility of the worldwide business environment extends to the individual characteristics of consumers including patterns of consumption which increase the need for organizations to engage in practices that encourage the creation of products that can appeal to the specific tastes and preferences of the target market. In their article, Ogawa and Piller (2006) highlight the problem that is associated with the commercialization of new products that has led to the staggering failure of more than 50% of new product launches. Certainly, the pivotal challenge being faced by businesses in the economy of today is a failure to recognize the needs of customers (Chaturvedi & Rajan, 2000; Ogawa & Piller, 2006). Research into the failure of Pepsi-Kona, the launch of which was essentially inspired by Starbuck’s triumph in reviving the declining demand for coffee suggests that Pepsi did not undertake effective marketing testing and continued with the launch of the beverage even though initial results did not predict a successful product launch (D. Pitta & E.Pitta 2012). Ogawa and Piller (2006) note that developing sales forecasts and expected sales volume for new products is becoming a highly challenging task, this notion essentially asserts that the accuracy and preciseness of determining customer needs and creating sales forecasts during the extended period that is prior to the development of new products is a vital challenge. According to Jhang et al. (2012), extensive product innovation during the process of new product development and decisions regarding brand extension must be finalized once the product is aligned with the consumer product category expectations, products such Colgate Kitchen Entrees and Cosmopolitan Yogurt