A Reflection
This article is about growing markets I already established companies. The author demonstrates the loyalty that customers have to their preferred brands that house industries that the customer base is already established. He illustrates using fast foods otherwise called quick-service restaurant industries (QSR). Perfect examples are Wendy’s, Taco Bell, McDonalds, KFC, and pizza hut (Cuellar, Moeller, & Molina, 2012, p. 2). He also divided the customers depending on the reason they pick specific restaurants. These include those who look for a pleasing ritual, and those that look for pure indulgence. However, if one wishes to compete in such an area must create an improved value. Those that succeed adhere to three important practices: market back analysis, Darwin competitive review, and capabilities forward assessment.
The author is a market research analyst who has noted the latest changes that have taken place in the recent past. This is evident because he has portrayed profound knowledge on the latest market trend as well as the old and tested market strategies. He also has mentioned conducting a scan on the survival of QSR companies. He has also mentioned that this message was for the innovation executives as well as the chief marketing officers responsible for introducing new product and services (Cuellar, Moeller, & Molina, 2012, p. 5). This is because some managers use their hunch to launch new product in the market but this only leads to short lived or no success at all. This article therefore gives the managers tips on achieving success and consequently increasing the profit returns.
The failure of the McDonald’s Arch Deluxe in the 1996 is an illustration given by the author supporting the argument that some products fail to perform well in the market due to poor execution of ideas (Cuellar, Moeller, & Molina, 2012, p. 4). This mostly occurs when a product launched is of a higher price than the original market and yet the economy is doing badly. Another example was the failure of the black berry tablet, New Coke, Tata Nano, the Apple Newton, and many other products. None the less, there other companies that have had success in launching new products. An example is Wendy’s that has climbed to the second largest QSR by using good quality meat. Apple also succeeded after the launch of iTunes.
The author gives thought starters that would assist the managers in launching products that would do well in the market. They are market back analysis that makes use of research. Another is the Darwin competitive review that utilizes the already tested ideas that have worked in the previous markets or in the past. Finally is the capabilities-forward assessment (Cuellar, Moeller, & Molina, 2012, p. 4). This is when a company utilizes its strengths to promote organic growth. These are not the only methods. Technology has made many companies always realize profits a good example is the motor vehicle industry. This indicates that consumers don not necessarily know what product they want which leaves room for innovativeness and genius talent. Finally, he categorizes customer according to their needs and therefore giving the producers a basis to choose from while launching products.
In conclusion, managers involved in product launching should always be on their toes to always relevant in the dynamic market. I also think that this sector of an organization gives room for new talent to be realized leading to more profits and expansion. This does not mean that the traditional methods that were discussed earlier should be put in the past; these methods have been used and succeed as well. These articles if put to test should help many organizations improve their marketability as well as in their expansion and ought to be regarded seriously.
Reference
Cuellar, M., Moeller, L, & Molina, H. (2012). Rethinking the Product Launch. Marketing, Media, & Sales 67. Summer 2012: 1-8
