Strategic Marketing Plan on a New Product - Virgin Group
Autor: Kill009 • May 12, 2011 • Essay • 327 Words (2 Pages) • 2,786 Views
Textbook: applied strategic marketing, theird edition, 2008 du plessis, jooste, strydom
with reference to the virgin case study
you have recently been awarded the contract as the business consultant for the firm
how to get a new product /sevice into the market
issues that the plan should address
marketing goals and objectives
sales forecasts, budgets and financial indicators
Managing the Virgin group is a pretty full time job and we have developed a canny way of doing it that keeps it fresh and lively whatever the company does and wherever it is based. We give birth to new Virgin companies, encourage them to walk, hold their hands and then watch them on their way as they become fully-fledged members of the Virgin family. It can sometimes get quite emotional. http://www.virgin.com/management
Product innovation is a team sport. Product strategists dream up products that meet unmet needs and capture the customer's imagination. Engineers translate product concepts into deliverable products that meet customer requirements with high quality. Marketing and sales persuade customers, generating demand for a new product. In short, the entire product development team pulls together to meet product launch targets.
However, because taking a new product from concept to production involves myriads tasks by different disciplines, the moderate success of any team members can significantly affect the success of a product launch, especially as measured by profitability. Even when all team members deliver their part of the product development (which is difficult enough for most companies to accomplish), if the product cost structure doesn't support the price the market will bear, the product won't sell, and margins and profitability will suffer. Furthermore, if suppliers can't keep up with demand and meet quality expectations, profitability windows vanish while competitors catch up.
For these reasons, Procurement and Sourcing functions are critical to ensuring that product costs and supply risks are addressed early in new product development (NPD), helping design profitability into products.