Market Management Assignment Help
You are an economist for the Vanda-Laye Corporation, which produces and distributes outdoor cooking supplies. The company has come under new ownership and management and will be undergoing changes in its product lines and operating structure. As an economist, your responsibilities include examining the market factors that affect success or failure of a product, including the supply and demand for the product, market conditions, and the behavior of competitors with similar products.
The new management has identified several possible investments for the coming year. It has asked you and your team to evaluate the possibilities and make a recommendation to the board of directors. Jorge has identified an opportunity and assigned you the task of making a recommendation on the investment.
Use any product that a company similar to Vanda-Laye might produce.
Tasks:
Summarize the course project including information you have learned each week.
Analyze marketing factors that can contribute the success or failure of a product for a company such as Vanda-Laye.
Evaluate the role capital budgeting can play in the recommendation of a new product.
Explain how government intervention can impact a new product such as the one you chose.
Justify if the product should be recommended. What were the determining factors in this decision?
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1. Summarize the course project
In the course project, market and product management have been focused. The factors that impact on success or failure of launching a new product are determined in the course. In addition, the supply and demand for the product, market conditions as well as behaviour of the competitors with similar products are learnt in the course project. In addition, the role of government, success or failure factors as well as determining factors for product launching are learnt in the course.
2. Analysis of the marketing factors contributing the success or failure of the company
Stark (2015) stated that there are several factors that are required to analyse while launching a product and running the product in a market. Marketing a new product is always challenging. It is essential to target the right customers with appropriate product as well as message at proper time. The success of a new product involves in the process of planning consisting a market research in order to understand needs of the customers and preparing effective promotional strategies. Market place need is one of the major factors that contributes development of a marketable product or service, which has a high potential for success (Behrangrad 2015). Customer surveys, testing product sample marketing as well as polling are the main techniques to be utilised for detecting customers' requirements. In addition, product benefits is another factor responsible for success or failure of the selected product as Barbeque grill of the company. On the other hand, clear differentiation of the product with the same product an effective promotion strategy are important factors for the product.
3. Evaluating the role capital budgeting play recommending new product
Capital budget has a significant role in recommending new product as it assists the organisation to comprehend the several risks involved with the investment opportunity as well as the impact of the risk on the returns of the company. In addition, it assists the organisation estimating the type of investment that would be useful for best possible return. Apart from these, capital budget helps to develop accountability as well as measurability where the capital budgeting works a measureable way for the business in determining long-term economic and financial profitability of any investment related project (Manyika et al. 2015). A capital budgeting decision is also helpful in making financial commitment and investment that are related to recommending a new product successfully.
4. How government intervention impact on new product like barbeque grill
The government intervention may have positive or negative impact on new product like Barbeque grill. Exploitation of environment by the industries is considered as a processing issue of modern world. It is not possible to stop environment unfriendly activities. On the other hand, preventing economic swings is one of the major role of the government while launching new product (Glaister et al. 2018). As economic ups and downs are not stable, the government has an important role to be played. Moreover, through enhancing market infrastructure and regulation of monopoly power, government intervention influences on new product like barbeque grill.
5. Determining factors for selecting Barbeque grill
It is important to determine several factors for selecting Barbeque grill as a new product to launch. Getting potential customer involved in the procedure is one of the major criteria to be considered. Selection of investor engaged in the process and having clear strategy on marketing the product can be helpful to select Barbeque grill as successful product (Glaister et al. 2018). In addition, proper development of price based strategy and allocated costs as well as communicating the strategy can assists to select the product.
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