3.Course Name - Marketing Management

Classmate 1:

by JYOTHSNA MALLURI - Sunday, 12 July 2020, 7:41 PM

 

The biggest problem a company faces when delivering a new product or service is the inability to understand what the customer really wants (or needs) and whether the product is right for the intended customers. This is a great source of frustration because companies invest a lot of money in implementing a product or service, but if the market situation does not match the product, this results in a loss. One of the main reasons for the TATA Nano error in the Indian car market is the poor research that has led to the misapplication of the marketing strategy. According to this principle, the population is due to the low price strategy with the idea that people who cannot afford a car can buy it easily and that it is the cheapest car. The “TATA Nano” concept became a good idea when its time was proposed, as it paved the way for failure in a large potential market. People think that a car increases their confidence in the community, so even small cars believe that a cheaper car reduces their confidence. The price you choose for your product depends on the cost and what your market research shows. Your goal is to set a target price consistent with what your audience can expect, the benefits of your product, and at competitive prices. You need to control your costs to get the desired price at the target price. If you set a price target that is too high for the market, you will sell too many products. You can solve this marketing problem by controlling prices and reducing costs (John).

Quality speed information is not risky, it is not mandatory. Trust each stage of development. No matter how fast you work in these first steps, they only offer a limited short-term benefit. At this point, you should try again to ensure long-term product flexibility. Here it is important to save time to improve things. As your business grows, your strategy should evolve with changing circumstances. For example, it had to focus on moving from gaining new customers to creating profitable relationships and maximizing growth with existing customers. Current business relationships tend to have higher revenue potential and can also provide a reliable cash flow. New relationships may increase revenue, but profit margins may be lower, which may not continue. Read this guide on cash flow and financial management (Ely Dahan).

Classmate 2:

by Sabhari Rajan Periyaandhavar - Tuesday, 14 July 2020, 3:52 PM

 

Hello Class,

Design is one of the challenges that the organization, faces while developing the product. To have a successful product design, the team must have to design a product with all its functionalities. The organization needs to manufacture all the products within its product cost and has to meet safety regulations. The challenges that the designer faces while developing the product is the designer has to keep in mind about all the aspects of developing the product (Markgraf, n.d.).

The newly developed product is not for selling the product in the marketplace, it includes setting up the production line and preproduction validation of the design. The organization needs to show its customer that the product has been produced with its estimation cost (Markgraf, n.d.).

Major challenge that the organization has faced while developing a product

There are many major challenges that the organization always faces while developing new product. One of the main challenges that the organization faces are Team in the organization. Team is always a primary concern in the organization in the field of designing a new product. A good team will always has potential to develop all the major aspects that is needed while developing the product (Markgraf, n.d.).

A good team in the organization will have certain responsibilities towards the organization and always wants that the organization must improve in its productivity. A bad team will always hamper the productivity of the organization and will have less knowledge on the production development and always design, analyze the bad product in the organization. This may leads to loss in the organization (Markgraf, n.d.).

Team work in the organization will always have important impact on the organizational growth. A good team will must have good communication with each other while developing the product but most of the organization normally does not find it in the organization while developing a new product in the organization (Markgraf, n.d.).

Organization needs to focus on its organizational team and must encourage the team in every aspect. If the organization finds anything suspicious about any team then the organizational top leaders such as managers needs to have conversation with the entire team and explain about the product more clearly. Even if one of the person in the organization do not have any idea about the product then he or she must needs to go to the training about how to develop a product in an effective way (Markgraf, n.d.).

 Organization needs to overcome this problem as team has to analyze, design and develop the product as per user or customer requirement. If team is good then only the customer trusts the organization before giving project to the organization for developing the product or services (Markgraf, n.d.).

There are many challenges that the organization faces while developing a new product and organization needs to overcome from the problem. If the organization is able to handle all the challenges that has came while developing the product then that organization is called a good and efficient organization