The Role of Global Marketing in Product Development

Introduction

Business leaders, especially in the manufacturing industry are aware about the competitive world of international business. Through the globalization and different strategies, the manufacturing industry is under the continuous evolution. All of the changes appeared in the system of the enterprise for one good reason – to provide the quality of their products and in return, make their organization profitable.

Background and Problem Statement

Through the simple means of marketing principle, the best attribute of the product can be delivered directly on the consumers. In the application of the marketing plan, the best consideration of the various marketing issues are assesses in the early lifecycle of the product as much as possible. The business can use the marketing as their asset to provide the comprehensive approach which can be based on the perception of the consumers (Kumar and Tate, 2008). However, the various organizations are spending too much for their research and development purposes just to settle the right function of the global marketing in their bandwagon of product development.

Research Objectives

The first objective of the study is to determine the role of the global marketing in product development. Second is to deliver the appropriate function of the global marketing in the continuous development of the product wherein the manufacturing enterprise can create a strategy.

Research Questions

The study prepared several questions that can serve as the engine and can align the study in the completion and achieving the research objectives.

1. What are the objectives of the global marketing in the manufacturing industry?

2. What is the aim of the product development?

3. What are the common applied strategies of the manufacturing enterprise for their purpose on product development?

Literature Review

Various manufacturers that compete in a global market aims to continuously develop their product to gain the advantages. The competition, indeed, intensified and became the greatest challenge in the arena of the international organizations. One famous leader which is also popularly known is the Coca-Cola Company. Historically, the Coca-Cola Company is the world’s leading manufacturer, marketer, and distributor of non-alcoholic beverages. And for over the years, the company continuously maintaining their reputation even if there are many competitors that attempts to beat them. The future growth of the company depends on the organizations exploration of different opportunities and their idea in creating innovative beverages. While offering different benefits that can also deliver the health benefits, the company is moving toward the pace of entrepreneurial-ship. Even if the company is under the risk in changing the culture, the vision of the Coca-Cola Company is leveled in the global marketing and matching its potential for their aim in product development (H & S, 2007). Every organization translates their business objectives into their specific strategies and creating a well-founded plan. Through the combination of the business’s existing strategy together their plan creates a judgment in their product development. The product’s lifecycle should start on the potential marketing and post-marketing issues, in where the Coca-Cola Company respectfully addressed (Kumar and Tate, 2008). Based on the challenges, the company magnificently turns the recognized hindrances into a favorable position by using their enhanced marketing communications. A responsible person in the creation of global marketing is also responsible in taking care of the brand name which should also be profound about the newest ways on how to interact with the consumers. It is very obvious that the role of each individual within the organization should be also aligned according to the objectives of the organization (H & S, 2007). There is an emerging importance of the new products and its success. Simply, through the growth of the organization and the sustaining long-term competitive advantage, pioneering the new product is an essential (Gresham, Hafer, and Markowski, 2006).

Methodology

The applied method in the study is the use of the single case study method. In the concept of the case study method, the current study can assess the different functions of the global marketing in the product development of a successful company. The applied methodology allows the study to criticize the global marketing as a strategy in their aim for product development.

Conclusion

The example of the Coca-Cola Company is the best model in creating a unique plan for the product development. The comprehensive management of the organization should be focused on how to make the development of their products passed in various preferences of the consumers. Given the brand name of the company, the people should work together in maintaining their reputation and exceeding among their competitors.

References:

Gresham, G., Hafer, J., & Markowski, E., 2006. Inter-functional Market Orientation between Marketing Departments and Technical Departments in the Management of the New Product Development Process, Journal of Behavioral and Applied Management, Vol. 8, No. 1.

H & S, 2007. CMO Practice Case Study: Senior Vice President, Global Marketing & Communications Beverages Industry, Heidrick & Struggles [Online] Available at: http://www.heidrick.com/NR/rdonlyres/FF116618-BDDD-4FCC-BE26-98C1B4D4DDE6/0/CS_CocaCola_SVPGlobalMarComm.pdf [Accessed 09 March 2010].

Kumar, M., & Tate, K., 2008. Designing a Global Product Development Strategy, Global Harmonization. [Online] Available at: http://www.amarexcro.com/articles/docs/RAPS_Strategy_Jun2008.pdf [Accessed 09 March 2010].