Mkt640-0903a-02 - Manageial Approach to Marketing

MKT640-0903A-02

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A Managerial Approach to Marketing

Project Type: Unit 1 Individual Project

July 26, 2009

Abstract

NOTE: no indentation is required. The next page will be an abstract; "a brief, comprehensive summary of the contents of the article; it allows the readers to survey the contents of the article quickly" (Publication Manual, 2001). The length of the abstract should be xx words (x sentences) depending on the length of the body of the paper.

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Introduction

As stated in Marketing Management Winer, 2007, marketing is the set of activities used to influence choice wherever an organization or individual has a choice to make. It is imperative that an organization chooses the appropriate strategy to market a particular product or service where the product or service is most appealing to customers. The appeal has to convince the customer that it is an item or service that will enhance and benefit some portion of their lifestyle and that it supersedes what the competitor has to offer.

Challenges in new product development

. Some challenges include what product/service to launch. With several approaches to marketing a specific product or service, challenges also arise when choosing the most effective strategy to present the product/service to be launched and where (globally) they will be most successful.

Challenges: example number 1.

With the rising cost of gas worldwide, many vehicle companies have attempted to respond in a manner that would make them more profitable, decrease the long term costs on the customers' wallets, and reduce the dependency on fuel consumption. United States was heavily affected by the increase in fuel costs hitting its peak at approximately $133 per barrel (eia.doe.gov, June 2008) which heavily impacted the prices at the pump. When the hybrid was first introduced, it was during a time when fuel was reasonable and customers were not convinced that such a vehicle was needed at that time. Honda released the first hybrid vehicle in 1999 to the United States with a 61mpg city and 70mpg highway rating (hybridcars.com, 2009). Although several hybrids were introduced prior to Honda's rollout, the customer response was lower than expected causing many manufactures to abort the funding for hybrids (hybridcars.com). Other companies responded almost immediately after the success of the Honda's Insight Hybrid, and the increasing costs of fuel.

Challenges: