Challenges for marketers Establishing a New Service Research Paper
Business Finance
PART 1: WRITE A DISCUSSION POST WITH AN EXTERNAL REFERENCE (APA)
“What challenges exist for marketers that are trying to establish a NEW service in an EXISTING firm?“
PART 2: REPLY TO BOTH OF THE TWO FOLLOWING DISCUSSION POSTS.
POST 1.
Some of the challenges that exist for marketers trying to establish a new service in an existing firm can vary. If this service is something the competition already offers it can be a challenge on how to diversify your position to stand out and take the competitive edge. Finding that unique position isn’t always easy. It can also be a challenge to find the right balance of marketing a new service and maintaining the right amount of attention needed on existing services. One of the main challenges is being able to maintain quality of existing services. It can also be a challenge to show how the new service will be an advantage for customers. Consumers often get stuck in their own routines, and don’t like change. Some ways to encourage existing customers to try the service would be to offer demos, trails, or seminars. It would create awareness and can offer advise and one and one consulting.
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POST 2.
Establishing a new service within an existing firm can be challenging for marketers in a number of was. Time and attention may be difficult to devote to a new service if existing services are already time consuming. There may not enough funding or resources (staff, materials) available to support a new service launch while maintaining both the success and momentum of services already established and working well. The new service itself may not be different enough to maintain and sustain competitive advantage in the service field it will be a part of. There may a limited or even no customer base for the service. (Olenski 2014)
Marketers may find themselves having to put more time and effort into market research to ensure the new service will actually be profitable for their company. (Sadler 2014). Marketers may encounter additional challenges as they sift through the multiple resources available to assist with promoting the new services. Marketers will need to carefully weigh the challenges versus the benefits of promoting a new service within their existing firm. They will need to overcome the challenges in order to ensure that the new service will be both viable and profitable.
References
Olenski, Steve. (2014, Sept. 2). 6 Marketing Challenges and The Shortcuts To Solve Them. Forbes. Retrieved on March 26, 2019 from https://www.forbes.com/sites/steveolenski/2014/09/02/6-marketing-challenges-and-the-shortcuts-to-solve-them/#3dbd93ce3ad3
Lovelock, C. & Wirtz, J. (2011). Services Marketing: People, Technology, Strategy (7th ed.). New York: Pearson Education.
Sadler, Don. (2014, July 10). 6 Tips for Expanding Your Business — Regardless of the Economy
Fox Business. Retrieved on March 26, 2019 from https://www.foxbusiness.com/features/6-tips-for-ex…
