Business Question

Theme: Project Team

Instructions: Responses to classmates’ posts comprising at least 150 words supporting, challenging, clarifying, or adding to the existing information.

First Post:

A project team is a group of people who work together toward project completion. For the success of every project, team members must communicate (Newman & Ford, 2021). This communication can take place either formally or informally. These two forms take place in different levels and forms, and each has a way form of communication contributes in a different way to the project’s success.

The benefits of formal communication in project teams include but are not limited to improving efficiency. This is because formal communication is efficient and therefore all ambiguities are greatly reduced (Itahara et al., 2021). Secondly, it creates lots of discipline. This happens when an organization clearly defines hierarchy it makes all members know exactly who they report to and what exactly should be done. Last but not least, it is the most credible source for sending messages. This is because when messages are sent to direct orders using formal communication, recipients see it as more reliable and are therefore more likely to comply fully.

On the other hand, informal communication takes place without going through the usual office channels (Song et al., 2019). Informal communication happens at different levels such as when reprimanding a junior staff by a senior member, co-workers discussing rumors about a pay cut, and several co-workers discussing about rise of a certain co-worker on social media. There are several benefits of informal communication which include but are not limited to: social relationship promotion between co-workers which makes colleagues happy at work workplace and hence improving productivity as well as reducing staff turnover. Secondly, there is a fast information flow. Last, informal communication is a breeding ground for new ideas (Wijngaarden et al., 2020) because if project members can express their opinions freely, they are more likely to come up with new ideas for the project for more improvement.

Second Post:

Communication is a major discipline that denotes project success. According to Sousa & Rocha (2019), project leaders should communicate project objectives with their teams. This kind of communication ensures the team understands the objectives and, thus, better commitment to work. However, there are different kinds of communication within project management. These include formal and informal communications. Formal communications are well-structured for use across different organizational levels. For instance, a press release to inform the public about new products offered by the firm is an example of formal communication. The marketing team must understand the target audience and develop good content that promotes the brand. Likewise, formal communication can be used to communicate with project team members and stakeholders. For example, stakeholders can receive well-documented charters indicating project scope, objectives, and benefits.

On the other hand, informal communication is characterized by unstructured interactions. For instance, teams can broadly discuss project complexities while having lunch. The benefit of this discussion is that there is greater visibility of project challenges and higher collaboration among the project team. These challenges can be difficult to underscore during formal meetings. Also, informal interactions among employees lead to increased morale. When employees bond with each other, they develop connections that help them become more productive. Increased morale also means high job satisfaction (Dewi et al., 2021). As a result, very few employees are likely to leave the organization. Therefore, informal communication within a firm positively affects project success through increased morale and job satisfaction.

Theme: New Product

Instruction: Respond to a classmate to further discussion.

First Post:

Kotler and Keller outline eight steps of new product development. These steps are idea generation, screening, concept development and testing, marketing strategy, business analysis, product development, market testing, and commercialization (Kotler et al., 2019). As a marketing manager, when introducing a new product or service, I will adhere to the eight steps put forth by Kotler and Keller to ensure the product’s success. Nevertheless, I believe that certain steps and measures ought to be given precedence to maximize the potential of the new product.

The first step that I would prioritize is idea generation. Brainstorming and identifying potential product ideas that align with the goals and objectives of the company is the primary task of this step (Kotler et al., 2019). In the absence of a strong concept, the development and marketing of a product become impossible. Once a promising idea emerges, the subsequent step would involve screening the idea for its viability. This entails evaluating the idea in relation to customer needs, market demand, and feasibility. This particular step holds great significance as it aids in filtering out impractical ideas and conserving valuable resources in the long term.

The next stage I would prioritize is marketing strategy development. This step necessitates the execution of a market investigation, recognition of the target demographic, and establishment of the product’s positioning and messaging. In the event that a defined marketing methodology is lacking, the product might falter in reaching its desired audience and producing sales.

Concept development and testing, business analysis, and product development can be undertaken concurrently. Concept development and testing encompass enhancing the product notion and crafting prototypes for market testing. Business analysis concentrates on assessing the financial feasibility and potential profitability of the novel product. Additionally, product development involves concluding the product design and fabricating an operational prototype.

The final phases of market testing and implementation are equally significant but can be conducted after the prior stages are finished. Market evaluation entails the initiation of the merchandise in a confined market to elicit input from patrons and effectuate obligatory modifications (Park, 2020). Lastly, commercialization encompasses the complete launch of the merchandise in the market and the execution of the marketing tactic.

In conclusion, each step in the new product development process is crucial in ensuring the product’s success. However, prioritizing the stages of idea generation, idea screening, and marketing strategy development can help lay a strong foundation for the product and increase its chances of success. These steps are essential in identifying a viable product idea, understanding the market and target audience, and developing a strategic plan for marketing and launching the product.

Every single move in creating a new product holds the utmost importance in guaranteeing the triumph of said product. Nevertheless, giving priority to the phases of idea generation, screening ideas, and devising a marketing strategy can assist in establishing a sturdy groundwork for the product and enhancing its likelihood of achievement. These stages are indispensable in pinpointing a feasible notion for the product, comprehending the market and its intended audience, and formulating a tactical scheme for promoting and introducing the product.

Second Post:

Marketing is a broad field that requires deep understanding. Marketers follow various concepts and theories to attain success. One of the famous theories in history is the new product development model suggested by Kotler and Keller. According to Kotler & Keller (2018), marketing managers should follow eight stages while launching a new product. These stages include formulating ideas, filtering ideas, developing and testing concepts, forming a marketing strategy, assessing business impact, developing the product, market testing, and product launching. Each of these steps offers a unique guideline for marketers before commercializing new products. However, it is essential to know that the new product development model suggested by Kotler and Keller is hierarchical.

Due to the model’s hierarchical nature, the order of stages occurs sequentially. From a personal perspective, I would implement the model from the first step to the last, as suggested by Kotler and Keller. I would prioritize idea formulation as the first step since it offers a pool of ideas that can be selected to find innovative marketing strategies. Later, idea screening can follow to ensure feasible ideas are implemented (Kotler & Keller, 2018). The third stage entails taking the screened ideas into concept development. After development, testing is key to ensure the product meets consumer needs. After concept development and testing, a feasibility study is essential to determine the costs and benefits of the decision. After the analysis, actual product development begins. The final stage entails bringing the finished product to the consumers after thorough testing. In so doing, the approach realizes products that fit the consumers’ needs.

Theme: Marketing Audit

Instruction: Respond to another classmate to further discussion.

First Post:

One of the biggest suppliers of health insurance and healthcare services in the US, UnitedHealth Group, uses a pricing target that gives maximum market share priority. This strategy approach is consistent with the company’s broader goal of lowering healthcare costs and increasing accessibility for a broad range of consumers, as evidenced by their tagline, “Helping people live healthier lives.” The aim on maximum market share by UnitedHealth Group is bolstered by a number of important considerations (Berkowitz, 2021). Offering a broad selection of health plans at low costs, the company aggressively competes in the managed care and health insurance sectors in an effort to gain a sizable market share and grow their clientele.

Furthermore, UnitedHealth Group offers a wide range of healthcare solutions to its clients through its extensive network of healthcare facilities and doctors. Their goal of gaining market share is further supported by this extensive network, which caters to a diverse range of customers. In line with their goal of gaining a sizable share of the market, the company also consistently looks for possibilities to enter new areas and increase its presence. Offering low pricing and a wide choice of services is part of their customer-centric strategy, which places a heavy emphasis on client satisfaction and retention and eventually increases their market share. In conclusion, competitive pricing, a wide network, market growth initiatives, and a customer-centric approach all demonstrate UnitedHealth Group’s pricing purpose of maximizing market share, which is consistent with their mission to improve access to healthcare services for a broad and diverse customer base.

Second Post:

Every organization has a unique pricing objective. These pricing objectives act as market drivers since they tell the firms what prices they can sell their products. Some of the known pricing objectives include maximum current profit, survival, maximum market share, product quality leadership, and maximum market skimming. United Health Group focuses on the maximum market share objective in this case. Firms using maximum market share objective offer products at low prices to gain huge market shares (Syverson, 2019). United Health Group aims to provide quality care to individuals at reduced costs. Quinton et al. (2023) state that the low cost of healthcare is achieved through the Medicaid program. This program is an American initiative that grants public health insurance to individuals with low income. Some of the benefits obtained through Medicaid include home health services, physician services, physical and occupational therapy, and inpatient and outpatient hospital services, among others. Currently, the organization enjoys a large pool of customers in more than 20 states in America. Also, the company has a high number of employees to serve the vast American population. For instance, it employs wholesale agents on contracts to link with health insurance companies and ensure there are more health insurance beneficiaries. For this reason, the organization believes in high volumes of consumers at low-priced services to discourage its competitors.

Theme: Chapter 16

Instructions: After viewing your classmates’ presentations, actively participate by providing insightful comments, questions, or reflections on the topic and article. This interaction is essential for enriching the learning experience and gaining diverse perspectives.

Note: PLEASE make 2 different response about the same presentation.