Marketing - Real-World Write-ups - Article Example

“Real-World” Write-Ups An article written by Matt Mansfield en d What You Can Learn About Marketing From American Idol and published in the Matt About Business site on March 16, 2011 proffered on contemporary issues about the concepts on PRODUCT DEVELOPMENT applied to one of the most watched programs in America today, the American Idol. According to Mansfield (2011), “Idol has become one of the largest multimedia franchises in history, with an estimated worth, according to Forbes Magazine, of well into the billions of dollars.

They have made a science out of product development. In the case the products are singers, but the same powerful principles could well be applied to virtually any product, physical or virtual” (par. 8). One of the crucial factors that should be considered in the development process is PRODUCT RESEARCH. Mansfield (2011) advised “does careful product research so you know exactly what your customers want” (par. 10). Other subsequent phases in the development process entails development of a customer list and implementing policies of regular customer contact, of which “E-MAIL MARKETING is one of the most devastatingly effective methods of keeping existing customers “in the loop” and warm for your future marketing efforts” (par. 15). The article discussed SURVEYS as effective methods to solicit customer information regarding the new product the organization envision launching.

The experience of American Idol in launching singers and marketing them, soliciting feedback through diverse media have proven to be a successful marketing effort that generated millions of viewers all over the world. Definition of Terms E-MAIL MARKETING utilizes the World Wide Web through the internet to market products and services. PRODUCT DEVELOPMENT is the “creation of products with new or different characteristics that offer new or additional benefits to the customer” (Business Dictionary, 2011, par. 1). PRODUCT RESEARCH is “the component of market research whereby the characteristic of a good or service, that will satisfy a recognized need or want, are identified” (Business Dictionary, 2011, par. 1). SURVEY is the “detailed study of a market or geographical area to gather data on attitudes, impressions, opinions, satisfaction level, etc.

, by polling a section of the population” (Business Dictionary, 2011, par. 1). Works Cited Business Dictionary. Product Development. 2011. Web. 22 March 2011.