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Having been initially challenged with the entire process of new product development and introductions due to a slow-moving company, Motorola was able to spin off the new product development of their popular Razr phone and gain significant market share as a result (Burkett, 2005). Each of these examples illustrates how technologies have been used to mitigate the risk of new product introductions. The success of the Razr product launch (Burkett, 2005) is a case in point. Mattel and Coca Cola both have extensive programs for using technology-based systems and applications for listening to customers, yet in the case of the product introductions mentioned, they failed to accurately gauge the level of interest in product concepts.
Legal and Ethical Implications of New Product Development (2010). Launching new products through exclusive sales channels. European Journal of Operational Research, 204(2), 366.
The legal and ethical considerations of launching an energy drink named after an illegal drug, Cocaine, immediately drew criticism and legal action on the part of parents and consumer groups (Starling, 2007) (Starling, 2006). The ethics of promoting an energy drink to pre-teen and teenage consumers which are also the name of a highly addictive and dangerous drug showed an exceptional lack of legal and ethical judgment. Arguably the launch of Earring Magic Ken by Mattel, who appears to endorse an alternative lifestyle with the costume and earning, was considered unethical and in bad taste by the majority of parents who are the primary decision makers of which toys their children buy (Gillian, 2003). These lapses of judgment on the part of companies happen when the potential for attention in the market overshadows common sense. Developing an energy drink named after an illegal substance just underscores this point.
Michael Burkett. (2005, July). The "Perfect" Product Launch. Supply Chain Management Review, 9(5), 12-13.
LESLEY GILLIAN. (2003, June 28). Almost famous: Sorting treasures from trash: how big brand blunders can work to your advantage URBAN ARCHAEOLOGIST - LESLEY GILLIAN: [LONDON 1ST EDITION]. Financial Times, p. 8.
Grumet, L.. (2009). Stretch the Brand, Don't Lose the Equity. The CPA Journal, 79(1), 7.
Geert Hofstede, & Robert R. McCrae. (2004). Personality and Culture Revisited: Linking Traits and Dimensions of Culture. Cross - Cultural Research, 38(1), 52-88.
Riikka Kaipia, & Jan Holmstrom. (2007). Selecting the right planning approach for a product. Supply Chain Management, 12(1), 3-13.
Molina-Castillo, F., & Munuera-Aleman, J.. (2009). New product performance indicators: Time horizon and importance attributed by managers.
Technovation, 29(10), 714.
Pereira, Joseph. (1993, August 30). These particular buyers of dolls don't say, 'don't ask, don't tell'. Wall Street Journal (Eastern Edition), p. PAGE B1.
Schindler, Robert M.. (1992). The Real Lesson of New Coke: The Value of Focus Groups for Predicting the Effects of Social Influence. Marketing Research, 4(4), 22.
Shane Starling. (2007, April). Scrutiny intensifying for energy-drink claims. Functional Foods & Nutraceuticals,(64), 6.
Shane Starling. (2006, November). Cocaine: new energy drink elicits strong reaction. Functional Foods…
References
Andritsos, D., & Tang, . (2010). Launching new products through exclusive sales channels. European Journal of Operational Research, 204(2), 366.
Michael Burkett. (2005, July). The "Perfect" Product Launch. Supply Chain Management Review, 9(5), 12-13.
LESLEY GILLIAN. (2003, June 28). Almost famous: Sorting treasures from trash: how big brand blunders can work to your advantage URBAN ARCHAEOLOGIST - LESLEY GILLIAN: [LONDON 1ST EDITION]. Financial Times, p. 8.
Grumet, L.. (2009). Stretch the Brand, Don't Lose the Equity. The CPA Journal, 79(1), 7.
This practically also pays big dividends for manufacturers as they continue to strive to keep their Energy STAR Compliance ratings on products, leading to lower costs for power supply, electrical system integration and less product wear due to more efficient use of energy. Studies also indicate that Energy STAR compliance, when designed in as part of the DfE initiatives in a PLM system, can have an exceptionally high accumulative
The adverts to be used must be tailored to the lifestyles of the target market. The internet as a promotional tool must be treated with utmost importance. The manufacturer must realize the full potential of the internet as a promotional tool. Showrooms must also be used as tool or mediums of promoting Volkswagen CC. TV adverts too are also not to be forgotten. Hesterberg (2009) noted that the use of
Product Development Process For a new product to be successful in the market one need to ensure that they have undergone the product development process. This will allow them to go through a series of stages that begin with ideation and ending with the introduction of the product in the market. These stages are aimed at understanding the consumers, markets, and competitors in order to ensure that the product will deliver
They did this by stressing the engineering expertise that the company is well-known for, coupling it with their well-respected Toyota Production System (TPS) which unifies suppliers to their internal supplier quality management standards. It is common knowledge that the TPS is a complex set of processes for coordinating with suppliers, and often requires up to a year of coordination between Toyota and a given supplier before a single product
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