B2B Marketing Essay Example | Topics and Well Written Essays - 1500 words

B2B Marketing - Essay Example Product realization entails the preliminary research towards initiation of products that are to be marketed as well as the actual development and testing of those products over their effectiveness in meeting customer demand. In the framework of new product realization the entire process comprises a number of steps that constitute the procedure efficient in terms of matching the ‘new product’ to be launched with the market demand. However, as Storey and Easingwood (1999) indicate, new product development should be consistent with the market trends and with the firm’s capabilities and resources. In that extend, firms should be highly focusing on designing those characteristics and attaching those features to their new products/ services that are meaningful and ‘desirable’ for both customers and the firms themselves. Adopting a market driven strategy with regards to new product realization is vital in that it eventually allows management to identify and explore the critical stakeholders’ requirements or needs and gradually embed these in the product/service specifications prior to launching a new product/service (Herrmann et al., 2000). Strategic new product realizations offer comparative advantages to organizations mostly due to the fact that they are credited for increasing competence, adding value to the firms’ offerings and eventually strengthen the competitive opposition in the overall market environments (Storey and Easingwood, 1999). However, product realization strategy needs to be market – oriented in order to provide the fundamental basis for successful results. According to Chakravarty (2001) the development of new products is essential only if these new products incorporate and embed the customer requirements, customer needs and generally pertain to addressing customer demand. The author further expands this view by arguing that market driven product realization strategy reflects the strategic fit of the new

Case Study Response Coursework Example | Topics and Well Written Essays - 250 words

Case Study Response - Coursework Example oduct consumes a lot of funds in advertisements and it might not be a wise decision for the company that has been witnessing a constant decline in the total sales of its products. Against this background, it would be wise for Patterson to lobby for expanding the drug market using the existing brand that is known to the targeted customers. This is commonly referred to as standardization where an attempt is made to develop the market using the same brand. Effort will be made to attract new customers for the brand while putting measures that are designed to cut costs (Kotler & Armstrong, 2010). The main advantage of this strategy is that the revenue collected by the organization will increase as a result of economies of scales created by lowering production costs. The brand will be standardised such that it can appeal to the interests of many customers and this helps to increase the sales. Compared to launching a new brand, it can be seen that the strategy recommended above has many