Marketing Management and Business ethics
Srikanthjanga
QuestionsAssignment.docx1. Select a problem that a firm might have introducing a new product or service and discuss how the firm could overcome that problem.350+ words.
And one reply 250+words.
Discussion to reply
While introducing a new product, many firms face different difficulties. Starting from accounting to marketing, everything will be a challenge. This is because, unless the product is extremely different, it is always bound to have many competitors (Araman & Caldentey, 2016). One such challenge will be discussed in the following paper.
In this article, we shall discuss one of the hindrances faced by the firms when they introduce new products, brand establishment. The brand by itself has many major advantages. The brand is the image of the product that will be retained by the new customers. When a new product is introduced, it enters the market with a pre-determined price. Even setting this selling price is a huge task for new brands. A firm that does not have any other major lines, would entirely depend on the new product for covering all the costs. But the sales price must be determined after considering various factors such as demand for the product, audience taste and preferences, and competitors' product price (Bhuiyan, 2011). The firm must choose the price in such a way that the brand is exposed more when compared to others.
The above situation shows that to launch the product with the view of gaining reputation and market share, the price at some point should be compromised. Moreover, in reality, to make the brand known, the organization would have to take various steps. The costs to cover the expenses of these activities should also be compensated through the sales price of the product over the years. This is where life-cycle accounting comes into the picture. The method enables firms to forecast the life cycle of the newly launched product and take steps accordingly (Shirai, 2015). This process enables the firm to overcome the drawback of setting low prices to achieve market share. However, what exactly can be done to acquire a major market share? The first and foremost is the quality of the product or service in concern. If the product is of good quality, with a slight push it can take off easily. This push is given by the marketing department.
To effectively acquire the desired market share, the firm must adopt relevant marketing techniques. The usage of social media is at its peak right now. There are influencers everywhere. The firm should use current factors like these to its advantage. Many digital marketing techniques can be adopted. Say the newly established product is a beauty product, the firm can then contact influencers, send them samples and ask them to endorse it on an episode basis.
References
Araman, V., & Caldentey, R. (2016). Crowdvoting the Timing of New Product Introduction. SSRN Electronic Journal. doi: 10.2139/ssrn.2723515
Bhuiyan, N. (2011). A Framework for successful new product development. Journal Of Industrial Engineering And Management, 4(4). doi: 10.3926/jiem.334
Shirai, M. (2015). Impact of “High Quality, Low Price” Appeal on Consumer Evaluations. Journal Of Promotion Management, 21(6), 776-797. doi: 10.1080/10496491.2015.1088922
2. Select one element of the Marketing mix and discuss how marketing research could help that area. Be specific in your recommendations. 350+ words.
And one reply 250+words.
3. Using the MLB steroids case as an example, explain how unethical choices by some players harms players who comply with the rules. 350+ words.
And Two replies 250+words.
Discussion 1 to reply
Goldman Sachs an investment banker took advantage and withhold the information of the buyers and about the securities that was buyers. This might have detained the buyers to take the deals which lost millions of dollars. Since the buyers are very much capable towards evaluating the riskiness of the security, it was clear that the company did not without information. These transactions are icy transactions but cannot be regarded as illegal or ethical. In most of the cases the transaction of Goldman Sachs is misplaced (Reuters , 2010). For Goldman withholding the information is regarded as a game strategy and follows the discipline of the theory of Albert Carr that business is a game of poker and in a business environment all are bluffing.
Bluffing is a form of lying. As per Albert Carr bluffing in an individual perspective hampers the private morality truth, but from a business perspective bluffing is regarded as a game strategy. Truth is expected from a businessman but bluffing is like a poker game which does not reflect on the morality of the bluffer. Bluffing in poker reflects the diplomacy of the game. In a business setting most of the executives do have a pressure to deceive due to the interest of the company or due to individual interest in negotiation with the suppliers, the customers and the dealers conceal the facts or exaggerate the facts seeks to persuade the others (Carr, 1968). Thus they indulge in a game of bluff to persuade the others towards agreement. The Goldman Sachs reflects the poker analogy as both this game and business runs an element of chance and the winner is the person with steady skills. In both the situation the philosophy is the ultimate victory with having intimate knowledge of the rules, the insights of the psychology of the other player and as per the amount of self-discipline.
References
Carr, A. Z. (1968, Jan). Is Business Bluffing Ethical? Retrieved from Harvard Business Review : https://hbr.org/1968/01/is-business-bluffing-ethical
Reuters . (2010, Jul 23). Goldman anger is misplaced. Retrieved from Reuters : http://blogs.reuters.com/great-debate/2010/07/23/goldman-anger-is-misplaced/
Discussion 2 to reply
The Major League Baseball steroids case can be taken as an example that changed the perception of the people who take great interest in the game and thus pays big bucks for it. The steroid era was one of the darkest times in US baseball. The MLS though banned steroids in the game in 1991 but the first testing for Performance enhancing drugs was only started in 2003. In many ways it acted as a safe passage for the players involved in the offence. The "steroid era" threatens baseball's integrity. While the process of restoring this pastime pride begins, it always creates a sense of loss and traceability when players have more than 30 strokes. Finally, despite the coming of it, the era of steroids is becoming a baseball forever. It reminds us that we have been boasting about some inhumane and unusual results from great hard work, but everything has changed. It also affects other players who are bound by the rules and regulations of the game. If players don't use this performance-enhancing drug, they may even stand at the Great Pantheon. They feel they are caught in a pointless interest. They feel that facing their thoughts in the early years can lead to nightmares, fear and low self-esteem. It's an integral part of every game, like not all talented, they have superhuman abilities. Perhaps it's also the anger of the fans that they can't manage the level they give. All of this affects multimillion-dollar agreements, so they are isolated from the package. The most popular example is Alex Rodriguez's $200 million deal, but was banned for 211 after admitting to using steroids during the 2003 season. It also affects the integrity of the club and the configuration of the club and its players.
Still, steroids don't always work with their favorite sports. It's as clean as young people and their teammates. If the baseball table brings back the kids' enthusiasm for the game, then steroids won't win. Baseball fans should see this as a bad memory of 10 to 20 years and bring it back to baseball's respect and back to glory. It may seem like a long way to go, but MLB is finally on the right path, with the right guidelines in the debate (Goldstein, P. J. (2005)).
References
Drug Enforcement Administration. Controlled Substances Act. Retrieved November 10, 2006, from http://www.dea.gov/pubs/csa.html.
NIDA Research Report. “Anabolic Steroid Abuse.” Retrieved November 10, 2006, from http://www.drugabuse.gov/PDF/RRSteroi.pdf.
Goldstein, P. J. (2005). “Anabolic Steroids: An Ethnographic Approach.” In J.A. Inciardi and K. McElrath, The American Drug Scene: An Anthology. Los Angeles, California: Roxbury Publishing Company.
Article:
1)Read Google's Handling of the "Echo Chamber Manifesto" and complete the questions at the end of the case study. 350 words
Article:
2) Pick one of the following terms for your research: Stakeholder, corporate citizenship, reputation, corporate governance, or executive compensation.350words
Check below Discussion and Reply to below post 250 words Introduction: The reason behind why the customer need marking. What demand that customer wants? By acknowledging all kinds of customers needs gives the huge profits. To get huge success in firms they need to understand the customers notation. By Daniel et.al,2018 firms always act according to customer level criteria which they need to connect their goods and services to customer level. Furthermore, it’s been controversy question will be customer are doing always right?
Discussion:
As of today, the firms are using lots of cheap tricks like who to attract the customer on goods and services to push on customer satisfaction as season-based discounts. For instance, most of firms are targeting the customer even in monthly and weekly based advertising and coupons. Rapidly reducing the prices of goods and services by using coupons technique by selling them heavily. Huge advertising on products and newly posting their discounts in social media and they even using TV, radio station as well as newspaper (Warren,2010). Firms are providing huge benefits for customer in way of 30 day returns policy which includes very small product to huge products so customer can get convened how to deal with product by this option there are lots of chance were firms are getting loses by those customers.
Firms are still following like kind of “old school structure” Demand and supply chain process. This process is about to make end customer happy with their products. Firms do believe that customers are the key of success to any goods and services its well known fact, but this shows not only getting benefits from the customers but also, they need customer satisfaction. In these processes the firms are offering a huge discount and lots of investments on advertisements may leads to loss.
Anyway, as of today firms are believe in customers are always right. As they believe that customer are base line for the business, once the business kick start in growth and development wise automatically policy are started like coupons and warranty anyway firms are still thinks on profits and revenue systems so they provide end date on coupons and discounts sales (warren,2010) this might help the firms not to lose the profits thorough customers. Which also proves that customer is also not always right because if they don’t like any sales or products, they start circulating unwanted behavior in market.
Conclusion:
I can conclude that customer is not always right. They might miss use the sales to overcome this firms need to market the best-selling products and good marketing strategy. It will help for both customs and firms.
References
Christopher, M. & Payne, A. & Ballantyne, D. (2018). Relationship marketing: bringing quality customer service and marketing together.
Wagner, W. (2010). Divestment, entrepreneurial incentives, and the life cycle of the firm. Journal of Business Finance & Accounting, 37(5‐6), 591-611.
