INTRODUCTION: MKTG 315 Marketing and New Product Strategy

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Presentation transcript:

INTRODUCTION: MKTG 315 Marketing and New Product Strategy Instructor: Mike Obal Michael_obal@uml.edu Marketing and New Product Strategy Review on Marketing Roles of Marketing Manager Marketing for New Products Assignments

Introductions Your name Your career plan in terms of the industry, region and/or field of interest How this class might fit into your career plans

What is Marketing? A definition of AMA (2004) Marketing is an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. What is value?

Key Roles of a Marketing Manager Nurturing the culture of customer/ marketing orientation Conducting marketing analysis and planning Exercising the actions in the marketplace

1. Nurturing the Business Culture Production vs. Marketing Orientation --------------------------------------------------------------------------- Activities Production-orientation Marketing-orientation Product Performance/cost Need satisfaction Product line Narrow Broad Pricing Cost-based Benefit-based Research Technical research Market research Packaging Cost-minded Convenience-minded Promotion Features & price Benefits & satisfaction What’s preferred: inventions or innovations?

2. Marketing Analysis and Planning Marketing managers must undertake the following, especially when a new product is released! Trend model Positioning PLC concept Sales forecasting SWOT analysis Market-entry timing Segmentation Benchmarking

3. Actions in the Marketplace Marketing managers must understand that their view (the p’s) varies from the customers’ views (the c’s). P’s C’s Product: offerings, branding, packaging,… (Customer value) Place: channel, transportation,… (Convenience) Pricing: entry pricing, price negotiation,… (Costs) Promotion: advertising, selling, tradeshow,… (Communication)

Marketing for New Products… - is challenging because of the uncertainty. - can be approached analytically or strategically. - can be processed independently or collaboratively.

What do we need for our class? Textbook for cases (write-ups and in-class discussion) New Products Management (11th edition, 2014) authored by Crawford and Di Benedetto, McGraw-Hill/Irwin Publishing: ISBN-10: 007802904X; ISBN-13: 978-0078029042. Notebook and laptop/pad for in-class work Access to Blackboard for course materials Email (of course!) A group for group project write-ups!

How to access Blackboard Obtain your Blackboard username and password: http://continuinged.uml.edu/online/confirmation/ To access the online supplement for your course: https://continuinged.uml.edu/login/login.cfm To get technical help, contact: 978-934-2467 or 800-480-3190. Blackboard Learn Tutorials for students is available on the landing page of UML Online Learning.

Classroom Etiquette Arrive on time for each class. IT tools can be utilized only for class work. Follow the honesty and manner codes of UML. Be collaborative for the group project.

Assignments Read Textbook - Chapter 1 Be ready for discussion and in-class write-up on: Strategic Elements of Product Development Overview of New Product Management -Opportunity Identification -Concept Generation and Evaluation -Product Development -Launch

Thanks!