Challenges in developing new Products in a Global Economy - Essay Example

? Marketing Essay Challenges in developing new Products in a Global Economy The world has become a global village due to advancements in communication technologies and this has given rise to a global marketplace. Products and services launched today are no longer restricted by geographical boundaries and are meant for global consumers. One challenge in doing so is to make sure that everything is culturally neutral and no specific cultural values are violated. Firms launching new products in a global economy should keep in mind that their target market is not one specific market but the entire globe and therefore should paint a global message. Another major challenge is to anticipate the changing needs of consumers as this is essential for the success of any product launch (Chen, 2011). Consumer needs in a global market are changing rapidly and this is why it is difficult to keep up in a rapidly changing market. Because of this positioning of the product in the market becomes important. The launch of Apple’s I Pad is a very good example of how difficult it is to launch and market a product in a global marketplace. There are some many things happening in the world that it is difficult to garner the attention of the customers and this is a significant challenge. This is essentially why Apple creates a buzz on the internet before its product launches with rumors and speculations. The product launch is telecasted on the internet so that the global audience can have access (Friedman, 2012). While announcing a new product, Apple also focuses on exclusivity and invites only a limited number of technology experts. All this depicts the challenges that a firm face while launching a product for a global market. The launch of Samsung Galaxy S4 Smartphone is also an example of how firms are challenged when dealing with a global clientele. Samsung used different acts or plays to make it easy for the consumers globally as to how the phone can be used in performing day to day functions. One of the main challenges in marketing communication is to create a global message. This challenge was overcome by Samsung by using a medium (acting) that is understandable all over the world. Samsung is mainly a design oriented company that focuses on innovative designs that suits the needs of the consumers (Jones, McCormick, & Dewing, 2012). This was communicated to the consumers by playing daily life situations on the stage. Another major challenge for brands is to build a positive association in the international market before the launch of the new product. This is where power of branding comes into play. Positive associations and branding is so important that Research in Motion decided to change the name of its company to Blackberry in order to build a positive association in the minds of consumers before the launch of its highly anticipated BlackBerry 10 device (The Berkshire Eagle, 2013). By doing this RIM tried to associate itself with BlackBerry in the eyes of the public because BlackBerry had become a household name. How technology Assist in Development and Launching of New Products? Technology has assisted a lot in marketing of new products to global consumers. Internet has redefined communications industry and has dissolved geographical borders. People all over the world can stay connected with each other and this has done wonders for the marketing world. Now marketers can use innovative techniques to attract a large target market without spending too much money in a more targeted way. All this is possible because of the advent of internet and advancements in communications technology. Apple used internet to broadcast its launching all over the world which is a good example of how technology can assist in marketing of new products (Friedman, 2012). The company used technology to market its product to consumers as there was no other way to make sure that consumers all over the world can watch the launching ceremony easily. This is how technology can help marketers in the launch of new markets. The hype created before the launch boiled down to the product launch and accessibility to it can definitely influence consumer purchase decision. By using internet, Apple also allowed people to generate online buzz which was fruitful for marketing purposes. Social media is another technology that can be used to generate marketing hype before product launch. People are increasingly using social media in order to stay connected and therefore brands can communicate with prospective consumers through social media easily. Communication strategy today is considered in complete without a social media strategy because social media has become an essential part of our lives. People are quick to check their Facebook everyday and information shared is often paid heed to by consumers. This is another way in which technology can influence marketing efforts of any company that is looking forward to launch its products. Interest of consumers can be increased by sharing posts and asking their feedback in order to stay in the minds of the consumers. The trick is to communicate constantly with the consumers and social media allows just that. Another great example of use of technology was the Red Bull marketing sponsorship of highest freefall event of Felix Baumgartner which was televised on different channels and shared on YouTube. The event was extremely successful and it allowed Red Bull enhance its presence all over the world (Channick, 2012). The event was surprisingly successful and was witnessed all over the world through television and internet. The marketing efforts of the company were supported by this event as the name of Red Bull was everywhere in the event. This also created an interesting association between the brand and its message. Red Bull advertises its energy drinks as drinks that can give extraordinary energy to people. This was perfectly in line with essence of the event because Baumgartner was trying something that was not considered humanly possible. The event proved to be a great source of interaction with the public and allowed the company to increase its marketing presence. Legal and Ethical Issues in Marketing of Products Ethical issues arise in the world of marketing because of conflicting interests. Brand owners want to increase their sales at all costs in order to increase their profits while at times this is not particularly good for the consumers and overall societies. This is particularly true for products like Tobacco that are injurious for health. Fast food companies and beverage companies also face this conflict of interest because they aim to increase consumption of their products and this is not good for health of consumers. This is the bedrock of ethical dilemma in marketing of products. One of the main ethical issues in marketing is the use of attractive and sexually tempting women in advertisements in order to entice public interests (Dubihlela & Dubihlela, 2011). This is not morally correct because children might also view such advertisements and they might be negatively affected by them. Moreover, portraying women as sexually desirable objects is also not appropriate. It is demeaning to just show women as a sex symbol or a showpiece. Many advertisements of clothing and alcohol depict women in a sexually explicit way which is not appropriate. Advertisements of Hardees’s are an example of nudity for no particular reason as the company uses different models to highlight its chain (Toronto Sun, 2013). The advertisement of Dove showing sketches of women is another example of controversial marketing. Dove argues that it has highlighted a problem of women by showing that women are too harsh to judge their own beauty (Sebastian, 2013). The main ethical issue highlighted by many is the fact that the company is trying to earn money from the insecurities of women. The parent company of Dove is Unilever and it also produces many whitening creams and this is why there is a conflict of interest involved. By highlighting that women do not consider themselves pretty the company is trying to capitalize on the insecurities of women and this is unethical. Mountain Dew advertisement regarding violence, women, and racism was highly controversial and forced the company to issue a public apology (Haymarket Business Publications, 2013). The commercial was highly inappropriate for many because it implies that African Americans are criminals. The issue of violence is also made trivial in the advertisements and this ignited a lot of criticism. The advertisement was aimed to attract customers and encourage the risk taking attitude portrayed by the advertisement but it violated basic moral values. Firstly, it is not ethical to generalize a particular race as criminals. African Americans should not be generalized as criminals. Racial hatred against African Americans stems from such stereotypes. This is why it is not ethical to show African Americans as criminals in an advertisement. The case of women abuse is also not something that should be made fun of as it is an important issue. The media reacted extremely negatively towards this advertisement and this is why company had to apologize for the advertisement. References Channick, R. (2012). Free fall takes Red Bull to new marketing high. Orlando Sentinel. Retrieved on 4th August, 2013 from http://search.proquest.com.proxy.cecybrary.com/newsstand/docview/1112770702/13FAE3843006C854380/1?accountid=144790 Chen, C. (2011). Integrated Marketing Communications and New Product Performance in International Markets. Journal of Global Marketing, 24(5), 397-416 Friedman, L. (2012). Why Apple Events Dominate the Spotlight. Macworld, 29(6), 14-15 Hardees’s Advertisement. (2013).Top 10 controversial advertisements. Toronto Sun. Retrieved on 4th August, 2013 from http://www.torontosun.com/2013/05/02/top-10-controversial-advertisements Jones, T. McCormick, D. & Dewing, C. (Eds). (2012). Growth Champions: The Battle for Sustained Innovation Leadership. New York: John Wiley & Sons Mountain Dew apologizes for 'racist' ad. (2013). Haymarket Business Publications. Retrieved on 4th August, 2013 from http://search.proquest.com.proxy.cecybrary.com/newsstand/docview/1416204183/13FAE8D541240BD4A36/1?accountid=144790 Research in Motion cleared to adopt Blackberry name. (2013). The Berkshire Eagle. Retrieved on 4th August, 2013 from http://search.proquest.com.proxy.cecybrary.com/newsstand/docview/1398917180/13FAEC958503448E768/4?accountid=144790 Sebastian, J. (2013). Dove camera shy video aims to reveal universal truth about women. Marketing Week (Online). Retrieved on 4th August, 2013 from http://search.proquest.com.proxy.cecybrary.com/newsstand/docview/1398867810/13FAE88A1AF3B5D243E/3?accountid=144790 Read More