Global marketing Essay Example | Topics and Well Written Essays - 2500 words

Global marketing - Essay Example In addition as will soon be explained, a given amount of innovation is deemed important in all companies operating within competitive markets. While planning to introduce new product in the market, factors such as culture should be put into consideration. For instance Vimto in the Middle East has taken its roots deeper than the founding place. It has gone to an extent of operating independently. At the time of introducing the product they discovered that in Arab, they like sweeter thing and so the sugar content was raised to be higher than that of UK. Also before introducing a product in the market, check the availability of similar products in the market and their packaging design, sugar levels, available flavours, price and stocks movement rates. The Momentum to Innovation In 1960's, the BCG growth share matrix came into existence as a tool of analysis to be used in assessing organizational performance. Portfolio analysis concentrates upon the growth rate of a market where an organ ization participates and the commanding power of that organization in that particular market, as measured by its share of the total sales volume of the market. Therefore, the Analysis of Boston Portfolio takes the shape of a growth share matrix where market share is plotted against the growth rate of the market where it is invested. ... The dimension of shares is measured based logarithmic scale whereby the cut off level is 1.0. It’s at this point, that the market share of an organization equals that of the leading competitor. Index number bigger than 1.0 shows leadership, while where the index is low, it’s an indication that the company remains behind competitors. Discussion The New Product Development Process This brings out a picture of new product growth process. The aim of these ladders is to evade expensive failures through continuously reviewing the possible prospects for the new product idea or product, and allow company get some options as whether to drop the product or develop tactic on how to cut loss. The biggest yet most expensive blunder is launching a product which already proves unsuccessful (Zilinski 179). Before a product launch, it means all the development costs have been met and spending on production equipment has already been done too. High costs of marketing have also been made in setting up of the promotional expenditure and distribution system. Idea Generation The aim of generating an idea is to put together many ideas as possible from any possible sources. This includes: Internal External Top executives Non-competitive firms Public Production staff Entire members of staff Market or supplier intermediaries Patent applications Competition Freelance inventors Consultants    When an organization or a group planning to introduce a new product in the market seeks to try new ideas on top of what they have there are marketing research techniques that may be applied i.e. morphological analysis synetics Delphi forecasting, brainstorming and scenario writing. The emphasis at this level is dependent on the number of ideas without source, though no idea flatly gets