The author begins by stating that a number of business disciplines do not understand marketing. He goes ahead to state that marketing is not an activity for the marketing department alone.
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He reiterates that marketing should be an affair of the whole organization and the organizations producing new products should deeply look at this. Yes.
He goes ahead to state that a number of individuals have confused product promotion with marketing. He notes that product promotion as well as advertising comes later in the life cycle of a new product.
Gresham also states that the major marketing aim is to invent new opportunities, for instance, by knowing the needs and preferences of customers. He states that marketing of new products commences at this point.
The message of Gresham is for all employees of a firm, including the top management. The message is for the business development teams which are mainly composed of R&D, marketing, finance as well as engineering.
He also states that the composition depends on the departments that are involved in the path of product development.
In a number of cases, the strategic direction as well as the objectives of a firm influences the composition of the development team.
He notes that some ideas may not be profitable to organizations. Besides, an organization cannot implement all ideas that may seem to be good. A thorough screening of ideas is therefore important.
In the identification of new ideas, there is need to involve R& D, marketing, engineering, and finance. Only then will there be a thorough scrutiny of the idea. Knowledge of negotiation, project management, team dynamics as well as project management is significant to those involved in the development of new products.
This is because the knowledge of these areas is beneficial in winning and also maintaining organization’s support of the new product. This will also ensure that adequate funds are provided by the organization.
The team, which is charged with the responsibility of developing new products, should clearly state the features of the given product. They should come up with its brand name as well as decide packaging for the given product.
The team should also come up with strategies through which the product will be distributed. It is also its duty to propose the prices to be charged. Positioning of the market should also be done by the team.
They should also invent strategies through which the developed products will be promoted. The team should also invent mechanisms through which purchasing and sales will be optimized.
Besides, the team is also charged with the responsibility of training major personnel. For a new product to be successful there is need for creativity, resourcefulness, and imagination by the product champions.
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It is also beneficial for the team members to critically assess the external environment to which the product is subjected. They should note the current trend as well as the future trends of the product for them to gain a competitive edge against the competitors.
They should also assess legal as well as political environments since they influence the viability of products. They should also ensure that they embrace new technologies. Besides, they should look into ways through which they will counter the emergence of new products.
The author concludes by stating that product development programs may in some cases take numerous years. It hence consumes manpower as well as assets. Competition may render the developed product useless.
Products, which may meet the needs of the consumers in a better way, may be developed by competitors. In his conclusion, he also notes that marketing of new products is highly complex.
He summarizes that when done perfectly, it pays through the provision of a competitive edge. He notes that this is the most important thing to an organization.
The author has indeed provided enough proof to support his ideas. For instance, he has demonstrated why marketing should be an affair of the entire organization.
He states that it influences the overall performance of the firm and should hence be an affair of everybody within the organization.