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- TS TS
- #56
Answer:
The industrial revolution initially began in the Great Britain in the early stage of 18th century and it spread entire European nations little later. In the 19th and 20th century, it has taken place to increase the standard of living for the general population through new innovations of machines tools, stream power and advanced technology in all fields of European nations. Almost the Western nations produce more goods and services and those export to non-western countries with less prices and dominate the rest of the world. For example by 1820, its levels of income and productivity were more than twice as high as in the rest of the world and by 1913 , the income level in Western Europe was more than six times.
Today, the Western nations became the most successful with strong economies, advanced industrial and medical technology and well-organized government etc., The nations like the United Kingdom, Netherlands, French, and Portugal were experienced in understanding the roots of economic growth. To develop their nation’s growth, they caught economic backwardness of African, Asian and other nations in the world.
The industrial revolution initially began in the Great Britain in the early stage of 18th century and it spread entire European nations little later. In the 19th and 20th century, it has taken place to increase the standard of living for the general population through new innovations of machines tools, stream power and advanced technology in all fields of European nations. Almost the Western nations produce more goods and services and those export to non-western countries with less prices and dominate the rest of the world. For example by 1820, its levels of income and productivity were more than twice as high as in the rest of the world and by 1913 , the income level in Western Europe was more than six times.
Today, the Western nations became the most successful with strong economies, advanced industrial and medical technology and well-organized government etc., The nations like the United Kingdom, Netherlands, French, and Portugal were experienced in understanding the roots of economic growth. To develop their nation’s growth, they caught economic backwardness of African, Asian and other nations in the world.
- TS TS
- #57
Answers
a)
Competitive Environment
A competitive environment is the dynamic external system in which a business competes and functions. The more sellers of a similar product or service, the more competitive the environment in which you compete.
Internal Environment
The internal environment in marketing refers to components inside the firm that are unique to the firm. An analysis of the internal environment is critical in the development of marketing strategy to ensure to ensure that the firm's strategy is based upon its situation, resources and goals.
Macro Environment
In the field of marketing, the macro environment is the set of external factors and forces, not controlled by the company, that influence its development. It mainly includes demographic, economic, cultural, technological, legal or political elements.
Micro Environment
The micro-environment refers to the forces that are close to the company and affect its ability to serve its customers. It influences the organization directly. It includes the company itself, its suppliers, marketing intermediaries, customer markets, competitors, and the public.
b)
Physical Evidence
Physical evidence are the elements of marketing mix which customers can actually see or experience when they use a service, and which contribute to the perceived quality of the service.
Place
In the marketing mix, the process of moving products from the producer to the intended user is called place. In other words, it is how your product is bought and where it is bought. This movement could be through a combination of intermediaries such as distributors, wholesalers and retailers.
Product
Product refers to a good or service that a company offers to customers. Ideally, a product should fulfill a certain consumer demand or be so compelling that consumers believe they need to have it.
Promotion
Promotion includes advertising, public relations, and promotional strategy. This ties into the other three Ps of the marketing mix as promoting a product shows consumers why they need it and should pay a certain price for it.
c)New Product Development
New product development is the process of bringing an original product idea to market. Although it differs by industry, it can essentially be broken down into eight stages:
1. Idea generation
The first step in new-product development is idea generation.
New ideas can be generated by:
Most companies have a "Idea Committee." This committee studies all the ideas very carefully. They select the good ideas and reject the bad ideas.
Before selecting or rejecting an idea, the following questions are considered or asked:
3. Concept testing
Concept testing is done after idea screening. It is different from test marketing.
In this stage of concept testing, the company finds out:
4. Business analysis
Business analysis is a very important step in new-product development. Here, a detailed business analysis is done. The company finds out whether the new product is commercially profitable or not.
Under business analysis, the company finds out...
5. Product development
At this stage, the company has decided to introduce a new product in the market. It will take all the necessary steps to produce and distribute the new product. The production department will make plans to produce the product. The marketing department will make plans to distribute the product. The finance department will provide finance for introducing the new product. The advertising department will plan the advertisements for the new product. However, all this is done as a small scale for Test Marketing.
6. Test marketing
Test marketing means to introduce the new product on a very small scale in a very small market. If the new product is successful in this market, then it is introduced on a large scale. However, if the product fails in the test market, then the company finds out the reasons for its failure. It makes necessary changes in the new product and introduces it again in a small market. If the new product fails again the company will reject it.
Test marketing reduces the risk of large-scale marketing. It is a safety device. It is very time-consuming. It must be done especially for costly products.
7. Commercialization
If the test marketing is successful, then the company introduces the new product on a large scale, say all over the country. The company makes a large investment in the new product. It produces and distributes the new product on a huge scale. It advertises the new product on the mass media like TV, Radio, Newspapers, and Magazines, etc.
8. Review of market performance
The company must review the marketing performance of the new product.
It must answer the following questions:
a)
Competitive Environment
A competitive environment is the dynamic external system in which a business competes and functions. The more sellers of a similar product or service, the more competitive the environment in which you compete.
Internal Environment
The internal environment in marketing refers to components inside the firm that are unique to the firm. An analysis of the internal environment is critical in the development of marketing strategy to ensure to ensure that the firm's strategy is based upon its situation, resources and goals.
Macro Environment
In the field of marketing, the macro environment is the set of external factors and forces, not controlled by the company, that influence its development. It mainly includes demographic, economic, cultural, technological, legal or political elements.
Micro Environment
The micro-environment refers to the forces that are close to the company and affect its ability to serve its customers. It influences the organization directly. It includes the company itself, its suppliers, marketing intermediaries, customer markets, competitors, and the public.
b)
Physical Evidence
Physical evidence are the elements of marketing mix which customers can actually see or experience when they use a service, and which contribute to the perceived quality of the service.
Place
In the marketing mix, the process of moving products from the producer to the intended user is called place. In other words, it is how your product is bought and where it is bought. This movement could be through a combination of intermediaries such as distributors, wholesalers and retailers.
Product
Product refers to a good or service that a company offers to customers. Ideally, a product should fulfill a certain consumer demand or be so compelling that consumers believe they need to have it.
Promotion
Promotion includes advertising, public relations, and promotional strategy. This ties into the other three Ps of the marketing mix as promoting a product shows consumers why they need it and should pay a certain price for it.
c)New Product Development
New product development is the process of bringing an original product idea to market. Although it differs by industry, it can essentially be broken down into eight stages:
1. Idea generation
The first step in new-product development is idea generation.
New ideas can be generated by:
- Conducting marketing research to find out the consumers' needs and wants.
- Inviting suggestions from consumers.
- Inviting suggestions from employees.
- Brainstorming suggestions for new-product ideas.
- Searching in different markets viz., national and international markets for new-product ideas.
- Getting feedback from agents or dealers about services offered by competitors.
- Studying the new products of the competitors.
Most companies have a "Idea Committee." This committee studies all the ideas very carefully. They select the good ideas and reject the bad ideas.
Before selecting or rejecting an idea, the following questions are considered or asked:
- Is it necessary to introduce a new product?
- Can the existing plant and machinery produce the new product?
- Can the existing marketing network sell the new product?
- When can the new product break even?
3. Concept testing
Concept testing is done after idea screening. It is different from test marketing.
In this stage of concept testing, the company finds out:
- Whether the consumers understand the product idea or not?
- Whether the consumers need the new product or not?
- Whether the consumers will accept the product or not?
4. Business analysis
Business analysis is a very important step in new-product development. Here, a detailed business analysis is done. The company finds out whether the new product is commercially profitable or not.
Under business analysis, the company finds out...
- Whether the new product is commercially profitable or not?
- What will be the cost of the new product?
- Is there any demand for the new product?
- Whether this demand is regular or seasonal?
- Are there any competitors of the new product?
- How the total sales of the new product be?
- What will be the expenses on advertising, sales promotion, etc.?
- How much profit the new product will earn?
5. Product development
At this stage, the company has decided to introduce a new product in the market. It will take all the necessary steps to produce and distribute the new product. The production department will make plans to produce the product. The marketing department will make plans to distribute the product. The finance department will provide finance for introducing the new product. The advertising department will plan the advertisements for the new product. However, all this is done as a small scale for Test Marketing.
6. Test marketing
Test marketing means to introduce the new product on a very small scale in a very small market. If the new product is successful in this market, then it is introduced on a large scale. However, if the product fails in the test market, then the company finds out the reasons for its failure. It makes necessary changes in the new product and introduces it again in a small market. If the new product fails again the company will reject it.
Test marketing reduces the risk of large-scale marketing. It is a safety device. It is very time-consuming. It must be done especially for costly products.
7. Commercialization
If the test marketing is successful, then the company introduces the new product on a large scale, say all over the country. The company makes a large investment in the new product. It produces and distributes the new product on a huge scale. It advertises the new product on the mass media like TV, Radio, Newspapers, and Magazines, etc.
8. Review of market performance
The company must review the marketing performance of the new product.
It must answer the following questions:
- Is the new product accepted by the consumers?
- Are the demand, sales and profits high?
- Are the consumers satisfied with the after-sales-service?
- Are the middlemen happy with their commission?
- Are the marketing staffs happy with their income from the new product?
- Is the Marketing manager changing the marketing mix according to the changes in the environment?
- Are the competitors introducing a similar new product in the market?
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