MKT640 – A Managerial Approach to Marketing
There are several different aspects that come into play when launching a new product. Assessing the need, market and potential competition are just a few of the obstacles that must be addressed to successfully launch a new product and have success with that launch. There are many steps to this process and this paper will speak to those steps.
Unit 2 Individual Project
When attempting to launch a new product, much research must be done to determine if there is a target audience for the product being launched. It must also be determined if there is a need for the product. Lastly, research should be done to ...view middle of the document...
For the victims of a natural disaster, the products and services that will thrive would be those providing those basic necessities of food, shelter and safety.
In utilizing Maslow’s theory of needs for the purpose of marketing, one must determine what the need is as well as where is the market for that need. Using the example of a company launching a new show for professional businesswomen, the company first needs to determine the need for the type of shoe they propose. Next would be determining the market for such a shoe. In making this determination, one must consider is there a viable market, is there enough of a need for the new product that it could show successful sales. Another consideration would be how do you reach your target market once it has been determined what that market is.
With Maslow’s theory in mind, the target market would be a professional woman whose lower needs are met on a daily basis. These would be women who have the basic needs of food, shelter and safety. The higher up the levels of needs these women possess, the more likely they would be concerned with purchasing a shoe that offers them versatility, comfort and style.
The Consumer Behavior Model and the Marketing Effort
The Consumer Behavior Model is the process of individuals obtaining goods and services and the decision-making process that precedes the actual purchase. This model involves five different stages (Demir, 2010). The first stage is motivation or the recognition that there is a need. This stage is heavily dependent on Maslow’s lower levels of needs having been realized by the target consumer. The next stage involves information search in which the consumer searches for the product they desire, gathering information from several different sources. In today’s global society, the more sources a new product is available on, the better chance of success in connecting that product with the target consumer. The next step in the model is an evaluation of alternatives. This is done to determine where the consumer should purchase the product. This is the stage in which a new product must be promoted and shown to be a superior product for the target market. It is during the comparison stage that a consumer decides if they are going to purchase a product, which product they are going to purchase, and if so, from what vendor are they going to purchase it. Stage four involves the actual purchase with stage five being the post purchase behavior (Demir, 2010).
The concepts of the consumer behavior model directly affect the marketing effort. To target the best market for a product, there must be a clear understanding of the consumer behavior model and where the product fits in to that model. The target market must feel there is a need for the product; they must be able to locate the product and compare the different options available in purchasing the product. Next, if the previous stages are completed, the actual purchase takes place and...