Introducing new marketing offerings is the process of adding new products to the market by acquisitions such as buying licenses, patents or franchises from other companies (Kotler& Keller, 2015). The company has to segment the market carefully, choosing its target customers, identifying their needs, and determining the market position in order to successfully introduce their product (Kotler& Keller, 2015).
Netflix is a great example of a successful new market offering as the pioneer of direct video service to consumers (Laughlin, 2016). Netflix wowed everyone in 1997 and has been leading the way in digital content ever since. While Amazon, Hulu, and YouTube Red are making strides to take the lead over Netflix, the reputation and victory of Netflix shows will ensure their success within the next few years by focusing on high-class, unique content to maintain its lead (Laughlin, 2016).
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Get Help Now!Bringing a new product to market involves a great deal of preparation and research. However, even successful companies are exposed to major new products flops. For instance, Google Glass is a prime example of a promising device that failed miserably. Google Glass failed because Google did not make clear to the consumer why they needed to buy their device (Metz 2015). Another major reason why the Glass was not successful had to do with Google releasing the device as an early “beta” product that had too many issues and not enough relevant applications (Metz 2015). Lastly, the Glass not only looked unstylish and weird, but it also made other people uncomfortable because the Glass could actually record and take photos of random people out in public places (Metz 2015).
As shown in the previous examples, a consumer’s adoption of new market offerings varies by a number of factors. It is important for firms to identify a consumer’s reasoning and valuation for adopting new offerings and at what rate before it is introduced. Some of consumer’s reasoning stems around self-perspective whether they feel separate or connected with others and the product (Ma, Yang, Mourali 2014).
Questions:
What are some examples of new market offerings that changed an industry completely with high consumer adoption?
What are examples of market offerings that were just a fad?
References:
Kotler, P., and Keller, K.L. (2015), Marketing Management, Fifteenth Edition, New York, NY: Pearson.
Laughlin, Lauren Silva (2016), “What’s Next for Netflix?,” Fortune (April) 173(5), pp. 22-22.
Ma, Zhenfeng, Yang, Zhiyong, and Mourali, Mehdi (2014), “Consumer Adoption of New Products: Independent Versus Interdependent Self-Perspectives,” Journal of Marketing (March) 78(2), pp. 101-117.
Metz, Rachel (2015), “Google Glass Is Dead; Long Live Smart Glasses” MIT Technology Review, Jan/Feb 2015, 118 (1), pp. 79-82.
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