IMPACT OF NEW TECHNOLOGY AND NEW MEDIA
The other strategy is Ansoff’s Growth matrix is important for the organization to grow in the market so that Ansoff given four things which are market penetration, product development, market development and diversification. The first one is used for the penetrate the market which means the firm will penetrate the market means the organization like Primark is established firm in the market so that they have no need to penetrate the market because they are currently established in the market. The other one is market development means the organization will go for the development of the market so that the firm like Primark Ltd going to develop the market and the market is too broad. They are developed themselves in the European countries now they need to develop them in the Asian countries so that they have to develop the market in the European countries. They have to develop the product in such a way so that they will gain the competitive advantage. This is the new product which is new for the market and they are able to get the competitive advantage from it. The last one is Diversification strategy which is used when there is old product demand is dried up and they do not have any other option in the market. There is no need of this strategy to the Primark Ltd.
The product development life cycle consist of several steps like “Market introduction stage, Growth stage, Maturity stage, Saturation.” The first stage consist of market introduction in which they make the proper analysis of the market. They are able to get the knowledge about the market and then do the product introduction to the market. The other stage is growth stage in which they are grow in the market in this stage they are in growing stage. The other thing maturity stage is the stage in which the firm when they are well established in the market and they do not have nay problem in the market as well as the firm will be in this stage for the long time in their life. The last one is saturation stage in which they are develop the product and their product demand dried up and there is no more demand in the market of their product. Primark is currently growing stage it means they are growing in the market so that they are developing their product in the market. These are the important aspects of the every product.
There is planning principle for the market which is the Environmental planning and “Environmental Planning is the process of facilitating decision making to carry out development with due consideration given to the natural environmental, social, political, economic and governance factors and provides a holistic frame work to achieve sustainable outcomes.(Beer A., 1977)” The process of environmental planning concerns with the decision making process where they required relationship between the natural systems and human systems. These system has some elements like social and economical development, Urban development, regional development, infrastructure system and government frameworks.
The marketing mix was coined by Neil Borden in 1953 in his American Marketing Association president address. This was actually reformation of the earlier idea of his associate James Culliton who described role of marketing manager in 1948 as a “mixer of ingredients”. The other market researcher E. Jerome McCarthy proposed a Four P classification which has seen wide use in 1960. This concept is described in most marketing textbooks and classes. These elements are often referred to as “Four P’s”:
• Product: - Product is of two categories like tangible products and intangible products which are mass produced on a large scale with a specific volume of units. The products are service based like tourism and hotel industry in which the product is not physically available but it is feeling by the customers so it is come under intangible products. The other services like motor car and disposable razor are the tangible object because it is feeling by the customers. Every product is following the life cycle in which they follow the growth phase to the decline phase as the product approaches to the market saturation. Product differentiation is required because there is tough competition is going on in the market so every firm has to follow differentiate from its competitors. In the firm like Primark, they have to make some proper changes to their product and they have to provide the quality items so that they are able to get more and more customers.
• Price: - This is the very important point for customers in the market. The price will attract most of the customers in the market and Primark is very successful in terms of price comparison. They are able to catch more and more customers through their pricing. They are going to attract more and more customers in the market and going to make impact on each and every customer.
• Promotion: - The promotion is the key for every event and the organization has to promote their product. They have to follow it properly. Because competition is increasing day by day so the firm has to promote their products in the market. By doing this the customers are able to know the product and then decide whether the product is proper or not. This is important for every organization. This is very important for any firm because it will give more and more customers and in market it is very important thing.
• Place: - Every business has the proper place to establish them. There are two cases to choose the place first is to establish themselves near to the competitors and other is to establish themselves far from the competitors. This is very important things but it up to the organization to choose which is better for them. Today we have the two kinds of stores like online means Internet store and the other one is offline stores. The online store has low investment and marketing cost while offline store ahs the high investment and high marketing cost as well. This is also important for firm to establish themselves in both places online as well as offline. This is help organization most so that they gain much needed confidence. This is the most important thing for any firm in the market for firm like Primark.
There are other 3P’s added to the 4P’s namely people, process and physical evidence.
• People: - Every business has needed the customers and for that the organization has to prepare them to the best extent so that people are attracted to use their products. There are defining some segmentation like market segmentation and demographic segmentation. It addressed particular class of the people for whom the product or service made available.
• Process: - Process is the mechanism how the product reaches to the audience. They have to follow some path to reach to the customers and this is called the process.
• Physical Evidence: - The marketing strategy has to used effectively in order to achieve the satisfaction to potential customers. The customers who are satisfied by the services they were advertise the product more effectively through “Word of Mouth”. This is very important for every business in order to successful in the market.
There is theory behind this concept of new product development which consists of different steps which are “idea generation, Idea Screening, concept development and testing, business analysis, beta testing and market testing, technical implementation, technical implementation, commercialization and new product pricing (Steven D. et. al., 2004).” These processes for new product development are necessary for the organization. We followed this new product development technique to be successful in the market. This process first step is to generate the Idea and then screening of the Idea. These means the idea is generated and the firm has to work on it to make it reality. These things are very important to review the generated idea and decide weather the idea is better or not. Then the concept which is generated and scanned then it’s developed and test in next stage. Every firm has to work on this technique to setup new product. Then the next step is all about the business analysis in which all the things are compared like with the budget required and all the other things. Then the beta testing technique in which firm will launch the beta product in the market so that they are able to take the review of the customers. In this firm will launch the testing model in the market then they decide whether the product is useful for them or not. For example Microsoft every time launch the beta version of MS office so that they are able to know any bug is there or not if all correct then after some time they launch the full version. These things are important for the organization to launch the new product.
CONTEMPORARY ISSUES OF THE FIRMS REPUTATION
The organization is required some resources like employees, computers, product and other thing. The organization has to require the human power which will enable them to make the new product. Manpower is the resource which is important resource for the organization. The organization has to use their manpower properly so that they are able to market product in the market. The other resource also important for the organization is computers. The resource like computer is also important for the organization so that they are able to gain the competitive advantage. The other thing is they have to develop some fundamental resources so that they have to gain competitive advantage. The organization has to develop the resource which they are able to use it.
The organization has to make proper timescale for every task which they want to achieve in the organization. New product is always difficult for the organization to introduce in the market and to get the market attraction as well. The product has to properly market in the competitive market so that they are able to regain competitive advantage. The organizations have to monitor their product so that they are able to gain the competitive advantage in the market. Monitoring is the process in which firm will develop their product. The firm has to monitor their new product development process so that they are able to know that it is completely developed or not.
“Evaluation is systematic determination of merit, worth, and significance of something or someone using criteria against a set of standards. Evaluation often is used to characterize and apprise subjects of interest in a wide range of human enterprises, including the arts, criminal justice, foundations and non-profit organizations, government, health care, and other human services.(Houle S., 2009).”
They have to follow the proper monitoring process which will help them to find any problem in the process so that they are able to fix it. These are very important aspects of the new product development so that they are able to develop the proper product in the market. The other process in evaluation process is also compulsory for the organization.
Every project has the specified time line on the basis of that the firm will decide whether how the firm is performing in the market. The firm has put specified time line for the introduction of the product, service to the customers so that they know the time line available to them to market their new product. If it is not done then the staff will take more time and the product will be not introduced in the market on time which will not give them the competitive advantage. The firm has to make the specified time line for each and every task so that the firm will on time introduce their product on time and gain the competitive advantage.
There is marketing strategy available which proposed by the Ansoff who provide the Growth Matrix. The Growth matrix is having the different specification like “Product development, market development, diversification and penetration.” The firm will follow the product development technique which will firm will follow when there is old product demand dried up but market still follow the firm that time firm will follow the product development strategy. In this firm will develop the new product which will increase their competitive advantage. This is the important aspects of the firm which will give them the new product which will increase the product demand in the organization. This all the things are important for the organization to develop the new product.
The firm has to develop product in such a way so that they are able to earn more and more customers from the market. This is the important points for any firm in the market. The firm has to develop the product by taking customers in contention so that they are able to attract more customers in the market. The firm has to follow each and every process of product development in the market so that they are able to achieve their required sales in the market. Primark is already very established firm in the market and they are able to achieve more and more customers in the market. The firm is currently expanding their shops so that they are able to accommodate more customers in the shop and achieve more sales. The firm is very popular so they have their customers in the market and they are also achieve more and more customers by their marketing through “Word of Mouth” this is the most important thing for any firm in the market. The firm is very popular and very composed firm in the market. This thing will help them in the market because they are way ahead than their competitors in the market as well as their competitors know every thing about this firm. The firms have to work hard to be successful in the market. This is very important thing from the customer prospective as well. Because customers are know that they are purchasing goods from very popular firm in the market. This is the important thing for the firm in the market. Primark is always thinking about their customers so that they are able to achieve the required result from the market. This is the important thing for any firm in the market.
Reference:
• Beer A., 1977, “ Product Design and Development”, 3rd Edition, McGraw-Hill, New York.
• Smith, Preston G. and Reinertsen, Donald G., 1998, “Developing Products in Half the Time”, 2nd Edition, John Wiley and Sons, New York.
• Kim, J. and Wilemon, D. 2002, “Sources and assessment of complexity in NPD projects. R&D Management” , 33 (1), pp. 16-30
• Steven D. and James S., Predevelopment activities determine new product success, in: Industrial Marketing Management,Vol.17 (2004), No 2,pp. 237-248
• Houle S., 2009, "The Fuzzy Front End for Incremental, Platform, and Breakthrough Products", PDMA Handbook of New Product Development, 2nd Ed.: 81–91
• Ansoff, I., Strategies for Diversification, Harvard Business Review, Vol. 35 Issue 5, Sep-Oct 1957, pp.113-124
• About ansoff’s Growth Matrix [online] [Accessed on 25th March, 2011]
• Ansoff’s Plan of Growth [online] Available At: [Accessed on 26th March, 2011]
• About new product development process [Online] Available At: [Accessed on 27th March, 2011]
• New product Development [online] Available At: [Accessed on 28th March, 2011]
