The Power of Real Time Social Media Marketing - Essay Example

New Product Report Introduction The success of a business idea is on the ability to own it through the patent. The patenting of business ideas ensures that the idea is by the organization, and any of its use will lead to monetary value. The major challenge with patents is the process involved in obtaining the patents. The patents are to be used to protect intellectual property such as software. Changes in design and technology must be evaluated on the basis of success that they can bring to the society while the originators must be able to obtain a reward from the advancement. For Textile Company, several issues can be patented or trademarked to ensure that the new development brings positive results to the company. The success of the new development is on the ability to own it and make it the property of the company. Despite the hardships involved in the process of patenting the product, it is necessary for the textile company to look for the patent before the start of product sales and manufacture. The patent law has several terms that must be understood in order to apply and obtain patent easily. The term invention in the patent is too loosely defined as a wide range of objects (Allen, 2010, p. 67). Patents in legal terms may apply to things that do not exist. The legal language is vague in such instances, and the situation may be complex if a legal proceeding occurs when no patent has been obtained. Despite the beauty of the innovation, it is vital to illustrate the success of patents because some innovation may appear to be public property if not patented. The failure to patent an innovation may make such public recognized innovations a waste of money and resources especially if not patented on time. The roll out an innovation must be done after the receiving of the patent (Fisher, 2000, p. 45). For example, the law of relativity developed by Albert Einstein has never been patented even after influencing the physics world massively. Such failures could be fatal for a business because it will affect the earnings of the business. Business needs to patent before starting a massive production of the product such as the success of the coca cola company patents. Patents in the UK fashion industry must be taken because the imitation and copying of product in this sector is extremely fast. If not patented, the company may lose all the research money and the product money. The power to restrict such invasion is based on the patenting of any product developed by the textile industry. The success of the company will depend on the ability to evaluate the developments and innovation and know their ability to obtain patent. Despite the evaluation, the company must apply for patent regardless of the situation of the innovation because it will facilitate understanding of the conditions of patenting (Malaval and Benaroya, 2002). Patenting will help put a check on the competitors by guarding the innovation. However, when the application for patent is the knowledge and idea may be accessible to other members of the business community. The revelation of the secrets will affect the future of the product id the patent was obtained. The success of patenting of the new textile innovation will depend on the level of technology, and the uniqueness of the new product thus facilitates the development of product specification understanding. Action plan Intellectual rights that the company needs to protect before partnerships The development of new products and design requires patenting and protection to ensure that value can be obtained from new innovation. The failure to patent or protects it may not only lead to loss but also discourage innovation. The small textile company is in ransom because of the minimal capital outlay. Patenting and intellectual property protection is expensive to undertake especially in where the two applications must be made. For the small textile company, it must protect the new product and also protect the design as an intellectual property. The success of the whole process depends on the fast obtaining of patent and intellectual rights before any deal can be struck. The usage of recycled fibres is both environmental advantage and product advantage (Jiang, Xiao, Qi, and Xiao, 2009). However, the company needs to develop a trademark for the recycled product and connect with the society in the process of developing the brand. The financial limitation of the company restricts its operation because it cannot manufacture the innovated product, but requires other established manufacturing companies to engage in the production of the new product. The partnership must be documented, and the agreement document be clearly drafted including the stipulation of the patent and intellectual property rights. The UK fashion industry is dynamic such that the protection of the trademark is vital in the development of the new product and patterns. The success of the pattern will depend on the ability to own it and market it in as a unique product or brand. The creation of brand may not be successful if the marketing and promotion strategy is not properly planned. Commercialization process The commercialization process involves several steps that must be addressed in order to achieve success. These steps include; invention disclosure and assessment disclosure. Upon receiving the invention, the review offers insight on whether the protection of intellectual property is necessary. The commercialization of the product is complex based on various issues that affect the company. First, the company cannot produce the product by its own so requires other companies in the ventures. In such a situation, the company must be able to convince the other company of the beauty and ease to work with them. They must illustrate the profitability of the venture by highlighting the market potential of the new venture. The other problem is the intellectual property protection which the company must take before starting the partnerships (Crawford, 2000, p. 212). For the new designs, the company must patent them and look for the fund to kick start the production of the uniquely stitched handbags. The commercialization process involves several phases of development, which can be addressed in a different sector. Disclosure assessment The invention disclosure assessment follows a set path to ensure that success is in the whole process. Assessment in such case must be addressed in all issues that affect commercialization and partnerships these include legal issues, public disclosure issues, the novelty of the invention and the stages of development. Legal issues Ownership of the invention is vital in the process of commercialization. In most cases, the employee’s invocation is by the employer and patented as innovation of the company. Likewise, the company must patent the product before production otherwise it will lose the rights to own the product (Malaval and Benaroya, 2002, p. 234). The company must apply for the protection of the new product. The financial arrangements and implication of the merger and venture must be illustrated and explained in the contract to ensure the success of the whole process. Public disclosure issues The phase involves the understanding of the issues that could be shared with the public by the company about the innovation. Several issues can be shared with the public which include product specifications and the benefits of the product. The benefit of the product can be shared by the use of the media in highlighting the advantages of the product (Shostack, 2001). The product encompasses conservation issues as well as potential profit making venture which is the focus of the small textile company. The reviews of the novelty of the invention which is the main focus of the company. The company must develop the stages of implementation and instigate success through the partnerships. The success of the product is through market research and potential evaluation using the availability of natural resources. The recycling of the used fibres creates a serious situation in the evaluation of raw material. The collection strategy for the used fibres must be developed in order to facilitate the success of the raw material availability. Once the evaluation is complete the next phase of the process is filing for a patent after the decision has been made. The success of the patent application will depend on the evaluation of the innovation. Despite the beauty of innovation, the company must file for a patent even if the situation does not guarantee success for the company (Zanko, 2003, p. 232). After the creation and obtain the patent, the revenue sharing process must be evaluated to ensure the success of the company and the partnership developed. The company must be able to address the issues of partnerships. The partnership agreement must be written and must address all issues that will affect the operation of the company, and how the whole process must be run in order to achieve success. Product and brand are terms that are because of several properties shared by them. The brand relies on the characteristics of the product or service. These attributes when used to market the product, and to distinguish it from its competitors in the market gives birth to brand. Brand, therefore, is with the product by relaying the attributes and character of the product. Additionally the characteristic of a product used to distinguish it from other product is termed as a brand. “A brand is the aura that surrounds a product or service that communicates its benefit and differentiates it from the competition for the customer” (Ellwood, 2002, p. 17). This means that the attributes associated with the product in terms of the characteristics of the product gives rise to brand. While brand deals with the identity of the product which enables it to be different from other products, a product is the finished good or service provided by the firm. A product currently may mean a good with physical characteristics or service or intangible goods such as software or algorithm. This is the view of Sääksvuori and Immonen (2008, p. 1). Therefore, a product can be described as a product, service or intangible good such as software that a firm produces and use it to generate income. Companies like Microsoft Corporation deal exclusively with software as their end product. Such soft wares like Microsoft office 2010 is, therefore, a product of Microsoft Corporation. Brand deals specifically with characters that distinguish the product in the market. It is the impression that surrounds the product. “Nike sells motivation. Apple sells innovation. Pampers sells being a good parent” (Deatherage 2009). The online business dictionary defines a product as a good idea, method of doing something, information or data, or service resulting in meeting the need or want of the customer or population. It further describes it in legal term as commercially distributed item that may be physical, intangible such as a result, or output derived from an act of fabrication, manufacturing. This should pass through a distribution channel ending at the consumption of the good or service. It finally describes a product marketing perspective as an item, or service that meets the needs, or requirement of a specific market, or market segment leading to the realization of profits as the eventual outcome. “The other aspect of brand names equally as significant is in its extendibility and factors that influence it” (Laforet. 2011). Achieving profit leads to the justification of the continual existence of the product while loss leads to removal or phasing off of the product or service. Consequently online business dictionary highlights the definition of brand as unique designing, placing of a sign or signs, symbols or words and combining these qualities to create an image that is with the product. This image thus created, is to differentiate the product or service from its competitors in the market. In the legal environment, a brand can be defined as a trademark and thus when used to represent a firm termed as a brand name. It can be concluded that a product is the finished good or service produced by a firm while brand deals with creating of an impression, or image, which is to the customers leading to intimidation of other products of the same category produced by other companies. Additionally, brand disseminates the characteristic of the product to consumers. On the topic of brand, Haig (2011, p. 2) defines a brand by associating the brand with religion because of several attributes that they both share. First attribute is both brand and religion relies on faith, as such; consumers have a desire to have faith in what the brand offers. Secondly, is existence globally; brands desire to be everywhere such as being internationally accessible or nationally accessible thus desire the nature of omnipresence. Thirdly, they desire to be Gurus. This means they desire to be adored exclusively by customers and employees alike. Fourthly, brands expect to be associated with goodness and, therefore, tend to appeal to the philanthropic instincts of the consumer. The final character associated with the brand is purity. Brand and religion indulge on elaborating purity. In other words, the message to be passed across is about the purity of the product. Therefore, brand and religion rely on the same principles to spread the information that should be passed across, thus; the comparison of religion and brand. There are several functions of a brand these functions ensure that a product or range of product achieves recognition in the market. The function of brand ensures that a company or product of the company is differentiated from its competitors. In fact, this facilitates the recognition of the company’s range of products and services from competitors thus enabling customers to easily associate the product or service with the company or group of companies. “The Brand represented one specific product or a number of related products with certain specific attributes” (Franzen and Moriaty, 2008, p. 70). Brands have several functions that are simultaneous. It may have different function of different groups of person. These functions are not all necessary for brand preference. The strategic functions of brand enable the firm to develop message focused in mind and hearts of the target consumers. The brand must align itself with the marketing effort of the company; thus, ensuring that the marketing of the product carries along the specifics of the product, therefore, promoting the brand. The function of the brand is to deliver the message clearly and quickly. By delivering the message quickly and clearly, it reduces the risk of customer getting confused. The curiosity and needs of the customer must be met with clear information about the brand, product or service. This message must be passed quickly and clearly making it easier for the mass market to perceive the information. Brand ensures the creation of product credibility. Product credibility deals with showing how the product is best effective good with the property desired by the customer. The main function of brand to all companies is positioning and capitalization (Malaval and Bénaroya, 2002, p. 404). These two essential functions correspond to the objectives set for them. Positioning deals with the development of marketing strategy that aims to make a brand to occupy a remarkably distinct position. This position is relative to the competing brands and the company can employ several strategies including emphasizing the features that help in identifying it as a brand. Product marketing Social Media Marketing Online marketing is becoming a vital aspect of marketing. Relative to its newness and exceptional growth, the use of online tools for marketing and sales are becoming the new model of success. Online retailing is the latest shopping model available, and it is usual to observe the increase of sales annually. From the latest news, majority of consumers has resorted to shopping from their computers and other devices that can connect to the Web. The resultant effect can be quantified by the sales volume recorded in a single day. Comparing the sales recorded on 25th November 2011, and that of the same day in 2010, there is a significant increase in sales by a whopping 26 present from the previous year (Beverly and Thomson, 2011, p. 34). To help with the online marketing, social media has been employed in advertising and promotion of the brands. Several brands have registered success in the social media usage. Currently, social media usage must be employed to meet the younger generation. Marketing of products using online tools has increased sales volume because the clients employ online purchase of items. Apart from employing the online tools, social media have a massive impact on the success of the country both in business and politics. The Arab revolution is a product of social media usage in the airing of the grievances of the citizens. Facebook is the leading social media platform with massive subscribers and increased success in terms of usage. Facebook as a social media tool enjoys massive support from the youths who have employed it in communication and information transfer. Companies use social media marketing strategy to improve brand image and resonance (Beverly and Thomson, 2011, p. 123). Marketing involves the employment of all the necessary platforms of promotion and advertising with the SNSs offering a better platform for communication. Social media platforms offer the opportunity for collection of feedback. Traditionally, feedback collection of products released in the market was hard to obtain owing to the nature of information sharing systems. However, with the introduction of social media platform companies are able to prepare the market for the introduction of new product, while also collecting the customer preferences about the product. The success of products in the current society has been pegged on the marketing plan and action employed by the company. Public relations use social media to improve product perception and facilitate the development of positivity towards the company. Social media can be employed both in communication and persuasive advertising with enormous success. Facebook, MySpace and Twitter, are some of the widely used social media platforms that can be used by the companies in marketing and promotion of the products. The success of the company depends on the marketing strategy employed in the process and the establishment of a strong brand presence. Major companies such as sportswear companies have used social media in promotion of brand resonance. The employment of social media marketing has improved performance of companies and their product. Despite the success, social media poses challenges because of the faster information transfer. Product failure can be spread faster through social media leading to massive losses and brand image loss (Malaval and Benaroya, 2002, p. 111). Product and social media Social media are essential in marketing because it increases brand visibility and allows for the development of a new approach and strategy for consumer maintenance. Social marketing methods target customers with the ability to access the social media. In the Sales and Marketing, social media is used in the maintenance of communication with the target customers. With the development, of online payment platforms, the ability to sale to a variety of clients instantly has been developed. Additionally, the new approach has shaped the sales and marketing department with increased brand loyalty. Establishment of the brand helps in the creation of a strong customer care department with the understanding of the b new media approaches. With the increased information transfer, it is easy for the company to enjoy success and failure if it does not have a powerful customer care department that is in touch with the other department of the company. Manufacturing is dependent on product specification, which is a product of market research. Social media increase the speed of market research by allowing for ease of data collection (Sandhusen, 2000, p. 88). The data is useful in process designing which is the final product of research. The design of logistics both in bound and out bound is a significantly depend on demand and supply of the raw materials and the finished product. The final product must be transported and supplied to the demand areas at reasonable units to reduce costs and optimize profits. With the development of the new approach to logistics and marketing that is dependent on the use of social media; it is possible for the business to optimize profits. Human resource management is improved by the use of the media in the process of recruitment and evaluation of the company personnel. Conclusion The success of the innovation is pegged on the ability to obtain intellectual property rights and developed working partnerships with both the suppliers and customers. The success of the whole process will depend on the contacts reached as well as the development of a positive relationship between the firms. The fashion industry in the UK is dynamic and should be handled in the same way to ensure success of the whole process. In conclusion, the development of a new product and design is a complex process that requires absolute preparation and research. Bibliography Allen, J. (2010). Marketing Your Event Planning Business: A Creative Approach to Gaining the Competitive Edge. London: John Wiley and Sons. Anushree, B. (2012, June 20). Cannes Lions 2012: Five-points to a great marketing strategy. Retrieved July 10, 2012, from Cannes Lions: http://www.afaqs.com/news/story.html?sid=34444_Cannes+Lions+2012:+Five-points+to+a+great+marketing+strategy Benioff, M. (2012, May 12). Welcome to the social media revolution. Retrieved October 24, 2012, from BBC News: http://www.bbc.co.uk/news/business-18013662 Beverly, M., and Thomson, T. (2011). The Power of Real Time Social Media Marketing: How to Attract and Retain Customers. New York: McGraw-Hill Professional. Bratton, J., and Gold, J. (2001). Human Resource Management: Theory and Practice. London: Routledge. Crawford, M. (2000). Marketing Research and the New Product failure Rate. Journal of Marketing, 51-78. DESSLER, G. (2007). HUMAN RESOURCE MANAGEMENT. New York: PRENTICE HALL. Fisher, C. M. (2000). The Ethics of Inactivity: Human Resource Managers and Quietism. Business and Professional Ethics Journal, 55-72. Ivancevich, J. M. (2006). Human Resource Management. Chicago: McGraw-Hill Irwin. Jiang, Z., Xiao, Q., Qi, H., and Xiao, L. (2009). Total Reward Strategy: A Human Resources Management Strategy Going with the Trend of the Times. International Journal of Business and Management, 175-180. Legge, K. (2005). Human Resource Management: Rhetorics And Realities. San Diego: Palgrave Macmillan. Malaval, P., and Benaroya, C. (2002). Aerospace marketing management: manufacturers, OEM, airlines, airport, satellites. Berlin: Springer. Mathis, R. L., and Jackson, J. H. (2011). Human Resource Management: Essential Perspectives. New York: Cengage Learning . Noe, R., Hollenbeck, J., Gerhart, B., and Wright, P. (2012). Human Resource Management. Birmingham: McGraw-Hill Companies, Incorporated, . Nykiel, R. A. (2004). Handbook of Marketing Research Methodologies for Hospitality and Tourism. London: Routledge. Peterson, R. A., and Ferrell, O. C. (2005). Human Resource Management: A Critical Text. Michigan: M.E. Sharpe. PHartman, L., Shaw, B., and Stevenson, R. (73-116). Human Resources Opportunities to Balance Ethics and Neoclassical Economics in Global Labor Standards. Business and Professional Ethics Journal, 2000. Saget, A. (2006). The Event Marketing Handbook: Beyond Logistics and Planning. Berlin: Kaplan Publishing. Sandhusen, R. (2000). Marketing. New York: Barron's Educational series. Shaw, S. (2011). Airline Marketing and Management. London: Ashgate Publishing Ltd. Shostack, L. (2001). How to Design a Service. European Journal of Marketing, 20-34. Sims, R. R. (2007). Human Resource Management: Contemporary Issues, Challenges, and Opportunities. New York: IAP. Taylor, K. (2011, September 13). Arab Spring really was a social media revolution. Retrieved October 24, 2012, from TG Daily: http://www.tgdaily.com/software-features/58426-arab-spring-really-was-social-media-revolution Torrington, D., Hall, L., and Taylor, S. (2008). Human Resource Management. New York: Financial Times Prentice Hall. Wood, G. (2009). Human Resource Management: A Critical Approach. London: Taylor and Francis. Zanko, M. (2003). The Handbook of Human Resource Management Policies and Practices in Asia-Pacific Economies, Volume 2. Oslo: Edward Elgar Publishing. Read More