Marketing Strategies in Business: Marketing Strategy
Write the paper based on watching these videos. The word limit is around 2000 words (Exclude references) with a 2cm margin-left and right side. Using at least 10 references as evidence.
Using the NPD/NSD concepts and frameworks that were discussed, you will write a paper based on the following section
(a)Critically analyze how the NPD/NSD process was undertaken in two video case studies of high-tech firms, namely, iOmniscient and NOJA Power. In addition to this video, you will have to look for additional information about these firms on their websites and other sources.
(b) You must bear in mind that the two case studies are industrial marketers. You must critically reflect on to what extent the NPD/NSD concepts and frameworks discussed in class (that are primarily consumer product-focused) can be applied to them. Also, reflect on how industrial firms handle NPD/NSD stages.
(c) In addition to these two case studies, you will research for appropriate information from other technology firms such as Apple, Microsoft, Amazon, Google, Samsung Huawei and integrate such findings to sections indicated below as applicable to strengthen your discussion.
The paper needs to include following parts:
1.Introduction about iOmniscient and Noja:
• Brief description of the two firms
– Size in terms of employees and sales volume etc., – Markets served (domestic and overseas)
• Core products/services
– Nature of product or service
– Targeted customers (B-to-C or B-to-B) – Degree of innovation
• Competitive advantage of the product/s and service/s marketed – Newness and value creation – problem-solving capacity
• Competitive market position
– Market leader, market challenger, market follower, market niche.
(2) Opportunity identification and screening (1 extra case evidence)
• What opportunity/is led to develop the product/service concept
– internal and external factors framework–and the corporate product strategy framework (eg: product innovation charter, product/service platform strategy, etc.,).
(3) Idea and concept generation (2 extra case evidence)
• How was the product idea conceived – identification of problems with existing products and services or extending an existing product?
• How is creativity is built and nurtured?
• Developing the product/service concept
• – Market-driven – Solving a customer problem that was identified through market scanning
• – Market driving – first developing cutting-edge technology and applying to solve a customer problem
• – Or combination of both
• How were the three components of the new concept developed- NEED/BENEFIT, FORM, and TECHNOLOGY? What is the sequence followed (need technology form?)
(4) Concept testing process (potential customer feedback) (2 extra case evidence)
• Broadly how was the concept tested for its feasibility?
To what extent the firm followed the process discussed in seminars?
o developing a concept statement with a price or used a prototype of the product concept or virtual design?
o undertaking a survey with potential customers or focus groups? o worked with lead users of their products?
• Or did the firm being industrial marketers follow a different approach?
• What were the findings of the concept testing process?
• Any evidence of full-screen process i.e. evaluating technical and commercial feasibility
(5) Sales forecasting and Product protocol (1 extra case evidence)
• How was the sales forecasting undertaken? What methods? To what extent the cases used the methods discussed in seminars or did they follow a different way to determine sales potential of the product/service concept?
• Product protocol – how did the firm allocated and managed tasks needed for the timely completion of the product?
• How were the core protocol elements (eg: target market) were determined
(6) Product design (1 extra case evidence)
• To what extent product design was important to the firm?
• Design process – issues encountered and innovative aspects of product/service design?
• See the applicability of frameworks discussed in seminars (eg: functionality vs aesthetics,
contributions of design to new product goals, design goals and constraints, product architecture))
(7) Product use testing and team-building issues (2 extra case evidence)
• To what extent they used the methods discussed in seminars? (Alpha, Beta, and Gamma testing) or did they had different ways of product use testing?
• What emphasis the firm placed on building effective product/service development teams?
• What was the preferred team format adopted (functional, matrix and venture)?
(8) Product launch and marketing strategy (2 extra case evidence)
• How was the product launch done? Was there a formal product launch?
• How was the first sale achieved? How did it help in subsequent sales?
• Subsequent modifications/improvements to the product
• Any evidence of entrepreneurial marketing strategies to reach mainstream customers who are generally skeptical about new technology? (examples below)
o Gaining legitimacy in the market
o Use of a reference site
o Developing a compelling unique selling proposition (USP) o Competitive differentiation
o Compatibility with current technology used in the market
• To what extent they used services in their product marketing strategy?
• If the core ‘product’ was a service, what stages of the service development adopted?
Training staff with the needed skills? How were the employees empowered?
(9) Public liability and environmental/sustainability/ ethical/societal issues (2 extra case evidence)
• Was the product’s marketing campaign affected by any product liability or environmental/sustainability/ societal issues?
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