Analyzing the Impact of New Market Entry and Product Development on Business Functions - Coursework Example

Download file to see previous pages The paper "Analyzing the Impact of New Market Entry and Product Development on Business Functions " is a good example of marketing coursework. New Product Development has become very important in different organizations and companies. According to Kerzner (2009), it has not only become necessary for an organization to enhance innovativeness in New Product development but also inevitable if any organization is to maintain a competitive advantage. Success in new product development involves the development of a product that have unique characteristics with customer needs in mind and the application of relevant strategies in developing, marketing and distributing those products. Having an innovative team in analyzing ideas and coming up with a new unique product is not a guarantee to success by itself.

Since a lot is invested in developing and marketing new products, every aspect determining the success must be addressed. Success in new product development depends on the credibility of implemented product development strategies as well as the alignment of products and product characteristics with the needs of target customers (Bettley 2005). If any of these two is ignored, success is hindered. It is for this reason that every organization management team must take time to understand and research the impact of developing new products or entering new markets on an organization. One of the integral factors in achieving a positive outcome is investing in research on customer needs and satisfaction levels and developing strategies that enhance efficiency in product marketing, distribution and marketing.

A lot of research has been conducted on new product development and success factors. For instance, Brandy (1998) discusses the factors to be considered during new product development focusing on product characteristics while Cooke‐Davies (2002) analyzes the success factors as well as challenges faced in new product development. Existence of very little information on success determinants as well as challenges in new product development indicates clear neglect of its importance.

This report includes an analysis of how various business functions of Argos will be affected if Argos was to introduce HDTV in the UAE market. The report is divided into five sections including this introduction. To begin with, an orientation is given under the title background information followed by the impacts of new product development or the introduction of new products into a market on various business functions. An analysis of Argos decision to introduce HDTV to UAE on business functions such as advertisement, human resource, financial functions and its cooperate social responsibility are evaluated against pervasive issues such as risk management, globalization, innovation and sustainability.

• Background information

Argos is a multi-channel retailer that is well recognized in UK republic of Ireland and in most parts of the world. It retails products such as jewellery, sportswear, enhancement products, electronic products as well as leisure products. Though globalization has resulted in increased competition, Argos has been able to maintain a competitive edge due to its hardworking innovative and well-equipped working team (GMID 2008). The company focuses on market research to identify customer needs hence enhancing its ability to remain relevant over time.

Through market research, Argos has identified a need for HDTV devises in UAE. It is for this reason that the company has decided to explore the new markets to increase its customer base. The company intends to make an entry to the UAE in recognition of the rising need for equipment compatible with HDTV. Argos intends to go ahead of other companies in recognition of the UAE government’s decision to adopt digital signal fully by December 2012. Though the country has undergone a financial crisis just like any other country, the announcement by the government makes the introduction of HDTV a necessity rather than a want.

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