Question

Capsim individual Report #1

As a manager, please list 3 most invaluable lessons you've learned so far from R&D and Marketing perspectives.

Typed with double space format and APA citation style

The course name is Principal of Management.

Answer 1

R&D (Research & Development) plays a very important role in the success of a business. R&D contributes to sustainability of business. Many companies do not understand the importance of R&D until it is too late.It is the R&D function that provides a platform for creativity and innovation to flourish in an organisation. Innovative breakthroughs have happened only because of painstaking efforts of the R&D function. Perseverant efforts are needed when one is in pursuit of research. Every failure in a R&D effort increases the pressure to perform.

R&D helps a business to have a competitive edge over its competitors. It is the R&D function that develops plans much ahead other functions. The R&D function needs to have a clear foresight about future problems that need solutions. R&D (in its development role) can act as a catalyst for speeding up the growth of organisation by way of introducing breakthrough products in the market. R&D is very relevant in today’s competitive scenario when customers are hankering after new products and new technologies. The firm that can successfully leverage its R&D efforts by translating the efforts in building new products will find itself ahead of its competitors. Expenses on R&D can be considered not as expenditure but as an investment.

The ROI on R&D efforts can take a while to materialise. But once success is achieved, the financial returns can be quite high. Pharmaceutical companies, chemical companies, automotive companies, lubricant companies invest massive amounts of capital expenditure and revenue expenditure for this reason. These companies strive to be ahead of others in their learning curve.Some companies are technology leaders, while others are followers. Some industries prove to be laggards (they are the ones to wake up to the market realities a way bit late).

marketing-

1-Communicating with customers:

Organizations use marketing to communicate with customers. Although larger corporations may choose to segregate these functions later on, for most organizations marketing serves as the team that presents public announcements, company updates, or simply raises awareness of industry issues. Organizations can provide timely advice for customers considering multiple services while also informing them of upcoming products or roadmap features for SaaS organizations. If your product is truly looking to meet the felt needs of your target demographic, marketing is an essential channel to not only communicate with but also to hear from customers.

Example - marketing has evolved so that companies can use technology to listen and respond to customers:

Organizations use social media to not only communicate the latest updates about their team but also uses it as a transparent means to provide customer service. Take WestJet for example - which uses twitter to communicate outages, flight delays, and simply to field customer inquiries.

2-Differentiating yourself from competitors:

One of the biggest surprises is the way that business owners view their industry. They feel that customers should already know that they are different from their competitors and often do not communicate these differentiating factors. In a marketplace full of dry cleaners, car washes, and burger stands, marketing is the only way for an organization to distinguish itself. Based on marketing you can actually target a certain type of individual that your brand or image will resonate with. For organizations looking to attract trendy and lifestyle clientele, design, brand, and experience all matter.

Example - marketing influences the 3 criteria for purchasing: past experience, perception, and price

In the cereal aisle there are dozens upon dozens of varieties of cereal. The only way a person strolling through the cereal lane can choose is based on a combination of past experience, perception, and price point. When we look at past experience, there is typically a household provider who chooses the type of food that enters a home. This is typically a parent or a grandparent. They've also based their choice of what cereal to purchase on the same criteria listed above with one distinction if we trace back far enough - they only have perception and price. This is because at one point every cereal was a new product and similar cereals could only compete on perception and price. In that way, the organization that can best communicate and connect with their target customers will be the one that thrives.

3.Marketing enables a moveent, sales generation, and influences culture:

Whether you are an NGO looking to raise awareness about an epidemic or humanitarian crisis or an organization offering a stellar product that helps people get free from monotonous work, marketing helps you reach the right people and empowers them to take action. Marketing is an evolving field and the exciting part is that it is helping to inform and shape our culture today. Our clients typically face an uphill challenge when working to define the right balance between corporate performance and citizenship. We believe marketing can help enable companies to better reflect on the direction of their organization while also empowering them to find great ways to reach the people they need to. Whether it be likes, purchases, or referrals, marketing enables companies to go further than they've ever gone before.

note:i hope I have provided enough details relating to the question.if you like the answer please give it a up-vote,it is highly appreciated.thanks in advance.