Marketing New Product Development Case Study Example | Topics and Well Written Essays - 500 words

Marketing New Product Development - Case Study Example The market target may be too small to reflect adequate profits. For the significant success of a product, the market should be large enough to make huge sales. Another major reason for product failure is quality. A product that does not meet customer satisfaction is prone to failure. Every good released into the market must be effective enough to meet the customers’ needs. In addition, the product may not offer any significant improvement in the product already available in the market. Most customers would go for a new product if it offers better features or solves the problems witnessed in the current ones in the market. Some products may meet customer needs but have little access to the market. A good example is the case of small companies that may have a difficult time penetrating a market that is dominated by big competitive companies. This can be seen with the failure of Microsoft Zune. Such issues arise from lack of proper competitive analysis. Small companies face difficulty in budgeting and meeting the demands of the marketing plan. It is especially because of over optimization about the marketing plan at hand. Poor budgeting may lead the company to have a problem of pricing too. Since the budgeting consumed a lot of funds, the firm may try to recover it by offering unreasonable pricing for the commodity. In addition, the firms may run out of money before testing the product completely. The firms decide to test the products on the customers directly and end up flopping. Marketers have learned that there is no available remedy that can act as a quick fix for all market flops. However, there are steps that firms can take to increase their odds of new product success. Companies should have a clear understanding of the market, competitors, and consumers of the products.  

Examination the present strategic position of the multibillion British Essay

Examination the present strategic position of the multibillion British Petroleum (BP) plc Oil Company - Essay Example Introduction Business ethics refers to the moral guidelines that govern business practices at the workplace, and these are the universally accepted principles that are expected of each business. In the contemporary business world, the concept of business ethics has gradually been popularised and it is now a buzzword all over the world. Many firms around the world today are not only concerned with making profits and meeting fiduciary responsibilities to shareholders and consumers, but also showing corporate responsibility (Dirks 2001). There is a proven parallelism between profits and Social Corporate Responsibility, with studies showing that CSR improves profits (Robins 2011). In today’s highly competitive global capital, labour and financial markets, companies in the system cannot afford to be totally unresponsive to ethical issues and concerns. In such a system, that is highly conscious corporate responsiveness, businesses have no choice but to advertently demonstrate their commitment to ethical issues in society. This paper aims at examining the business ethics and Corporate Social Responsibility (CSR) of the multibillion British Petroleum (B.P) Company that is involved in oil and alternative energy. This analysis will endeavour to determine among other things, the ethical practices of the company, and its corporate responsiveness; in other words, is B.P an ethical firm? A vast company of global influence such as BP is obliged to cautiously apply strategic managerial approaches in promotion of global business ethics in industrial sectors. This analysis is important because it will it will raise an awareness about BP’s business ethics and Corporate Social Responsibility, and more importantly, it will establish a relevant knowledge base for future direction to all the stakeholders involved in the oil business around the world. The paper will first outline BP’s business ethics and Corporate Social Responsibility strategies, and thereafter, a detailed analysis of these approaches will be carried out in the next section using PESTLE and Carroll's (1991) CSR pyramid models. This analysis will determine how sustainable the company with respect to the 3Ps (People, Planet, Profit) or Elkington’s (1998) Triple Bottom Line (socio- and environmental goals as well as the profit bottom line). Ultimately, after the report has been concluded, what shall follow will be a set of recommendations for the company with regards to its future business ethics and Corporate Social Responsibility strategies. BP’s Strategic Management BP is one of the world’s leading oil companies that majors in exploration, production, refining and marketing of petroleum oil products, including natural gas (Warren 2012). This makes BP Oil company one of the world’s companies that are hugely involved with the use of fossil fuels responsible for major global environmental challenges in the 21st century (Mallenbaker 2012). This has f orced the company to restructure its operations while stating its obligations and commitment to the creation of a stable and sustainable society. In this