Reference no: EM133198171

Assignment: New Product Development & Supply Chain Management

Part I: What is Marketing?

1. Think back to your impressions before you started this class versus how you would answer now that you are being introduced to the marketing world.

2. Is marketing all about sales and profits, or is it about advertising or public relations, or is it about something else?

3. Share your point of view about the meaning and role of marketing and customer relationship management.

4. To explain, try to think of examples of companies you have relationships with -- dry cleaners, a candy bar company, insurance company, or restaurant chain?

5. Why do you keep going back (or why not)?

Part II: New Product Development

1. Think of a new product you recently purchased or used, or an ad for a new product.

2. Share with the class this new product idea; in addition to describing this new item indicate whether this new product is either additions to existing product lines or improvements or revisions of existing products.

3. Do you believe your new product will be among the few new product ideas that are truly successful?

4. Why or why not?

Suggestion: if you can find a link to your product online, include the link in your response so your classmates can view the product you are reviewing.

Part III: Supply Chain Management

1. Supply chain management is instrumental as it pertains to marketing as marketing plays a key role in integrating supply chain processes and promoting collaboration between stakeholders.

2. In this Part's discussion focus on the benefits of supply chain management, how does the implementation of supply chain management result in enhanced customer value?

To get you thinking about what happens when supply chain management is absent do some research around the global toy recall by Mattel in 2007. It was discovered that some toys manufactured in China contained toxic lead paint and a design flaw which caused a safety hazard, Mattel had to recall 20 million toys that had been distributed and sold around the world.

Part IV: Prime Time Television

For this Part's discussion I am encouraging you to watch TV. Yes, that is correct, I an encouraging you to sit back and watch a full hour of one of your favorite shows on prime-time television. However, instead of getting up during the commercial break or fast forwarding through the commercials you will need to give your undivided attention to the commercials and even use a stop watch or clock to monitor the length of the commercials. Upon the end of your one-hour of TV time answer the following questions regarding your findings and engage in class discussion on your thoughts, theories, and ideas of commercials. Happy Watching

1. In a one-hour (full 60-minute) period, how many minutes were devoted to advertising? How were they distributed throughout the hour?

2. How many commercials were roughly 60 seconds long? 45 seconds? 30 seconds? 15 seconds?

3. Was the same product advertised more than once during the hour? Were the commercials identical?

4. How well do the commercials fit with the program? Do the programs and the products have similar target markets?

5. Did you find any commercials to be effective in their advertising methods, why or why not?

6. Do you love or despise commercials and why?

Part V: The Impact of Pricing

1. Price is the only element in the marketing mix that produces revenue all other elements represent costs.

2. How do price decisions affect the other three P's?

3. Select a product that you regularly buy.

4. How does price impact your purchase decision for this product?

5. How does it impact your perception of the brand?

6. Does the company's pricing strategy help build a long-term relationship with you by creating value?

7. Why or Why not?

8. Remember to include the link to your product of choice in your discussion board response for others to review.

Part VI: To Buy or Not to Buy?

Thomas from Michigan decided to replace the two front tires on his truck because winter was approaching and they were beginning to look worn. He suspected that the tires probably could hold out longer, but wanted to be on the safe side. When he went to shop for tires at a store that had been recommended to him by a good friend, the mechanic of the shop advised him to replace all four tires. Putting faith in the mechanics recommendation, Thomas spent more than he had planned and bought all four tires instead of just replacing the front two. Afterward, because he had spent so much money for the tires that he wasn't even sure he needed, he experienced cognitive dissonance about the decision. Hoping to dispel his doubts, he compared prices of tires at other places and discussed his decision with his co-workers the next day that had experienced buying tires. The evidence that Thomas collected convinced him that he used good judgment in replacing his old tires, and he also believed that he had gotten a good bargain.

1. Recall an occasion when you experienced cognitive dissonance about a purchase. Describe the event, and explain what you did about it.

2. Did anyone such as a family member, friend, or colleague play a role in your cognitive dissonance about your purchase?

3. What did you learn from this experience overall and the factors and influences that play a part in you the consumer's decision making process.

Part VII: Social Responsibility

Many companies today are concerned with social responsibility. They may pursue philanthropic activities and/or strive to be ethical. Your goal for this assignment is to evaluate the company you currently work for or a company of your choice and find out where the business of your choice stands, along the lines of social responsibility.

1. How does your company encourage their employees to do volunteer work?

2. Is there a specific organization such as Habitat for Humanity that your company of choice supports or encourages their employees to volunteer or become involved in.

3. Are the corporate volunteers paid for their efforts, perhaps through designated volunteer days or hours?

4. What do the companies receive for their efforts to be good community citizens?

5. How does the ability to perform volunteer work on company time affect employee perception of the company?

6. Lastly what are your thoughts on corporate social responsibility?

Part VIII: Review and Reflect

Now that you've learned so many new things about marketing, this Part's discussion is an opportunity to review and reflect on the concepts and lessons covered in the past eight Parts.

1. What were the three most important things you learned?

2. Which lesson was the most difficult to understand?

3. Has your perception of marketing and its role changed since you have begun this course why or why not?

4. Do you have any thoughts on how you might apply these lessons in the future? Thanks for being a great class!