Fluent Essays

My product idea is: The new idea for BMW is to create a new product for their electric bike (e-bike) collection that is called the Solar-Power e-bike.Refinement. Using the idea that you have chosen, write a short paper covering the following:  How and when will you evaluate the success of the new product or service and its branding? Be sure to suggest processes that occur at regular intervals and extend across the business, explaining how results will impact decisions on whether to continue or to initiate exit strategies.  What regular, business-wide feedback loops and processes will you implement to support the new idea, keep it on track, and make mid-course corrections as needed? For example, will you adjust business functions and/or facilitate regular communication across departments? How will you collect relevant information and ensure its accuracy?  In planning for the future, how will you identify and integrate other factors that might affect implementation of the new idea into your business decisions and planning? In other words, what other things do you need to consider when moving forward? Guidelines for Submission: Milestone Three should utilize double spacing, 12-point Times New Roman font, one-inch margins, and discipline-appropriate citations. It should be 8-10 pages in length and follow APA formatting requirements. mba_560_milestone_three_guidelines_and_rubric.pdf example_of_week_7_paper..docx Unformatted Attachment Preview MBA 560 Milestone Three Guidelines and Rubric This milestone establishes a system to evaluate the ongoing success of a product or service as the marketplace and company dynamics evolve. This involves establishing measurable criteria of specific activities and mechanisms to assess current systems and branding efforts as well as provide feedback to the proper departments and individuals so that needed changes can be implemented. This relates to the final project because it is a means to ensure the mission of the organization is continually pursued and that product or service offerings are both aligned with the mission and provide customer value. The mechanism enables the planning process to maintain its dynamic nature while staying on the course to follow the mission of the organization. Specifically, the following critical elements must be addressed: Refinement. Using the idea that you have chosen, write a short paper covering the following:    How and when will you evaluate the success of the new product or service and its branding? Be sure to suggest processes that occur at regular intervals and extend across the business, explaining how results will impact decisions on whether to continue or to initiate exit strategies. What regular, business-wide feedback loops and processes will you implement to support the new idea, keep it on track, and make mid-course corrections as needed? For example, will you adjust business functions and/or facilitate regular communication across departments? How will you collect relevant information and ensure its accuracy? In planning for the future, how will you identify and integrate other factors that might affect implementation of the new idea into your business decisions and planning? In other words, what other things do you need to consider when moving forward? Guidelines for Submission: Milestone Three should utilize double spacing, 12-point Times New Roman font, one-inch margins, and discipline-appropriate citations. It should be 8-10 pages in length and follow APA formatting requirements. Critical Elements Refinement: Evaluate the success Proficient (100\%) Establishes business-wide procedures for evaluating success of new product or service at regular intervals, explaining how results will impact decisions on whether and how to continue or exit Refinement: Feedback Loops Specifies regular, business-wide feedback loops and other processes to support the new idea, keep it on track, and make midcourse corrections as needed Needs Improvement (70\%) Establishes procedures for evaluating success, explaining how results will impact decisions to continue or exit, but procedures do not extend across business, do not occur at regular intervals, or are not reasonable for making business decisions Specifies feedback loops and other processes to support the new idea, keep it on track, and make mid-course corrections as needed, but procedures do not extend across business, do not occur at regular intervals, or are not reasonable for making business decisions Not Evident (0\%) Does not establish procedures for evaluating success of new product or service, explaining how results will impact decisions on whether and how to continue or exit Value 30 Does not specify feedback loops and other processes to support the new idea, keep it on track, and make mid-course corrections as needed 30 Refinement: Other Factors Writing (Mechanics/Citation) Determines procedures for identifying other factors that might affect new idea and integrating them into decision making and planning Minor errors related to organization, grammar, style, and citations Determines procedures for identifying and integrating other factors that might affect new idea into decision making and planning, but procedures suggested are cursory, illogical, or are not well-suited for improving performance Some errors related to organization, grammar, style, and citations Does not determine procedures for identifying other factors that might affect implementation of new idea and integrating them into decision making and planning 30 Major errors related to organization, grammar, style, and citations 10 Earned Total 100\% Running head: MILESTONE THREE: REFINEMENT OF MORGAN BABY FREE CONFIDENTIAL 7-1 Final Project Milestone Three: Refinement of Jonson Baby Baby Huey Southern New Hampshire University April 28, 2025 Professor Phil Shaps 1 MILESTONE THREE: REFINEMENT OF MORGAN BABY FREE 2 Table of Contents Introduction………………………………………………………………………………………3 Describe the new idea?..................................................................................................................3 Evaluating the success of the new product and its branding? How and When?............................3 Paraphrase a definition of what a feedback loop is and use examples?.........................................5 What regular, business-wide feedback loops and processes will be implemented to support the new idea? ………………………………………………………………………..……………….5 What methods will be used to collect relevant information?.........................................................6 What methods will be used to ensure its accuracy?.......................................................................7 Additional things to consider when moving forward?...................................................................8 Conclusion…………………………………………………………………………….………….8 References……………………………………………………………………………..….…….10 MILESTONE THREE: REFINEMENT OF MORGAN BABY FREE 3 Introduction In implementing a new idea for Morgan Baby, feedback loops and refining the marketing process will be essential. Morgan Baby Free will be a new product line for the company, and as a new product the company will need to see if sales are performing well. Using feedback data and taking corrective action will be essential to continue to be a flexible and successful product for the company. In implementing a new idea for Morgan Baby, feedback loops and refining the marketing process will be essential. Morgan Baby Free will be a new product line for the company, and as a new product the company will need to see if sales are performing well. Using feedback data and taking corrective action will be essential to continue to be a flexible and successful product for the company. In implementing a new idea for Morgan Baby, feedback loops and refining the marketing process will be essential. Morgan Baby Free will be a new product line for the company, and as a new product the company will need to see if sales are performing well. Using feedback data and taking corrective action will be essential to continue to be a flexible and successful product for the company. Describe the New Idea The new idea for Morgan Baby is to create a new product line that is called Morgan Baby Free. This product line would appeal to parents who want the reputation and history of Morgan Baby behind a product, but with a more modern answer to the demands of less harsh chemicals, dyes, and additives. This product would be a potentially stronger competitor for the more natural brands on the market such as The Honest Company. In order to see how this product is doing, compared to the existing Morgan Baby line, and compared to competitors, it will be essential to look at feedback loops. In order to see how this product is doing, compared MILESTONE THREE: REFINEMENT OF MORGAN BABY FREE 4 to the existing Morgan Baby line, and compared to competitors, it will be essential to look at feedback loops. Evaluating the success of the new product and its branding? How and When Starting soon after the launch of Morgan Baby Free, evaluations of success should begin. There should be a look at the sales in two ways. One way would be to look at sales of Morgan Baby Free as a stand-alone product. Success would be a strong starting month, with sales increasing each month as they are evaluated. The other place to look at sales is as a whole with the existing Morgan Baby line. If Morgan Baby Free was to be successful, but only via pulling customers from the existing line, Morgan Baby would need to look at both products as a whole. If customers were simply moving from one to the other, this wouldn’t be very successful. Ideally Morgan Baby Free will take customers from competitors, therefore increasing the sales of both Morgan lines as a whole. In addition to monthly sales comparisons, Morgan Baby will want to look at branding success from a social media and reputation perspective. As more millennials become parents, social media continues to be an important marketing tool and an area for a feedback loop. Nowadays, if someone is unhappy with a product, reviews and information on social media are likely to be negative. Considering that a competitor of Morgan Baby, The Honest Company, uses social media ambassadors to promote their product, it would make sense to see how influencers receive a new product like Morgan Baby Free. Looking at weekly trends on social media, and comparing to other companies to see the reach, click overs, and sales from social media would be a smart way to evaluate success via this measure. The social media side of evaluating a company allows Morgan Baby to have timely data. Reporting current aggregate MILESTONE THREE: REFINEMENT OF MORGAN BABY FREE 5 data can help to provide a significant advantage to the company if they have the technology to do so (Mullins & Walker, 2020). Considering these methods of evaluating success, it is possible that the company will see that the product line is not successful. If sales are not gaining traction, or if they are simply pulling from the traditional Morgan Baby line, the company may want to consider scrapping the product. The concern here will be that the brand of Morgan Baby may become confusing, with a seemingly off brand product creating a negative impact on its image. On the social media side, analytics would be important to look at. If they were to use social media partners such as influencers, Morgan Baby would need to parse out if the product was a problem, or if the social media partner wasn’t the right fit. If they find the partnership or campaign isn’t working, they could consider reworking the ads to better fit what the market audience is looking for. Paraphrase a definition of what a feedback loop is and use examples Feedback loops occur when feedback data is obtained, evaluated, and then turned into corrective action. This is not a onetime process, but a constant loop through the steps which allows review and refinement of the process being looked at (Mullins & Walker, 2020). One example of a feedback loop can be seen in email marketing and communication. Technology allows companies to track many metrics, and with email they can detect if a group of customers is sending their emails to spam or unsubscribing, and example that may show they are being too aggressive, sending too many messages, or otherwise missing the mark. On the other hand, if a consumer is clicking over from an email often, then the email marketing would be deemed successful (Widmer, n.d.). MILESTONE THREE: REFINEMENT OF MORGAN BABY FREE 6 Consumer buying habits and customer satisfaction are both very important feedback data points. One way to measure customer satisfaction is by measuring if the customers expectations are being met with the product or service. One specific way to look at customer satisfaction is by asking a customer how likely they are to recommend the company or service to a friend (Mullins & Walker, 2020). This measure is quick and easy to administer and gives an easy data point. The only negatives here are that you don’t have any reasons why they wouldn’t, if the feedback is negative. Even without the detail, this pulse check is used across many market types, so customers are used to answering this question. What business-wide feedback loops and processes will be implemented to support the idea? In order to see if the product is successful, feedback loops would need to be examined. Feedback loops are important for a business as they provide data and information about how something is doing, such as a new process, a new team, product, etc. This information can then direct improvements and the feedback loop will repeat, giving more information, until the process, team or product is well refined (Newman, 2016). Without knowing the what the feedback will be on Morgan Baby Free, we cannot know what adjustments will be made. We can though, consider different outcomes. If the feedback from customers is that they don’t want to buy this product because it is priced higher than the regular Morgan Baby line, then it would make sense to look at the pricing model. If it was possible to reduce the price without eating too much into profits, that would be a good step. Alternatively, the company could consider some promotional pricing which could be used to gain market share and customer buy in with lower priced products. MILESTONE THREE: REFINEMENT OF MORGAN BABY FREE 7 No matter what the feedback is, meeting across departments will be essential. At the launch of a new product there are many stakeholders that will want to be aware of what the feedback is. Some factors that will be discussed include how the product is received, how it is selling, and even how it is lasting on a shelf with less preservatives. An issue could come up with any part of the process so everyone from developers, marketing, the pricing group, and executives will need to be present. Having all stakeholders present at regular intervals will allow quick corrective action to be taken if and when issues arise. What methods will be used to collect relevant information? Information will be collected in a few different ways. One way will be looking at sales. A sales analysis is when sales and their aggregate data are broken down into categories. These may include territories and product (Mullins & Walker, 2020). Sales by territories will look at information based on certain geographical criteria. Sales by product will allow a more in depth look into each product from a line or company to see the sales and impact of one product alone. This may allow a weaker product to be removed that was bringing down the sales statistics of the line as a whole (Mullins & Walker, 2020). Another way to collect relevant information is by looking at online traffic. If target advertisements are placed on Facebook or Instagram for example, then the company can see their reach in real time. They can also track who clicked through the ad to their site and who eventually purchased the product. Information such as this make up web analytics. Web analytics refer to the highly measurable results that are taken from online marketing campaigns (Mullins & Walker, 2020). MILESTONE THREE: REFINEMENT OF MORGAN BABY FREE 8 In planning for the future of the product, it will be essential to consider that other factors outside of what we are measuring could affect the business. If there is a down trend in sales for example, but we can’t figure out the reason based on the feedback data available, then it would make sense to look at other areas. To do this we may need to expand into different kinds of information collecting. Some of these, like interviewing consumers may not be as cheap and efficient as web analytics, but they have the potential to provide different and perhaps better information that could be acted on. What methods will be used to ensure its accuracy? In order to maintain accuracy when looking at marketing performance, a much wider scope should be taken. Some methods and measures, such as asking a consumer if they would recommend the service to a friend, are very narrow in scope. They are often inexpensive to perform, but such narrow measures might only show small pockets of problems and success. This could mean trouble if a company responds to a narrow issue, without looking at the global or otherwise widen impact. In order to look at a larger scale of marketing performance a company may choose to performance a marketing audit. One example is a marketing productivity audit. This is a look at the company’s profit and how cost effective its marketing strategies are (Mullins & Walker, 2020). Additional things to consider when moving forward? Moving forward, it is extremely unlikely that the market will remain constant. There are always demands that can change and if they do, a company has to plan for these contingencies. For Morgan Baby new developments in skin care could hit the market, and they may have to MILESTONE THREE: REFINEMENT OF MORGAN BABY FREE 9 alter many products to keep current, including Morgan Baby Free. Another consideration is that there could be new ordinances and guidelines that could suggest that Morgan Baby Free is no longer in line with current guidelines and best practices for baby care. Yet another concern is that their method of marketing will change. This one, is almost a certainty. Today Facebook and Instagram may be a great way to spend money, but if the platform changes something or if consumers move to a new platform, they need to be able to move with them without having all of their plans tied up in one strategy. Conclusion In conclusion, there are several areas for refinement of a product and its marketing that need consideration. Looking at how a product performs via feedback loops is a great way to have a constant finger on the pulse of how something is performing. A key part of the feedback loop that is worth highlighting is reassessing and taking corrective action. If a company is receiving information on how something is performing, but they fail to remain flexible enough to take corrective action, then the feedback loop as failed. A company also needs to decide how often they will perform these measures and will need to consider audits over time to ensure that the narrow scope information they are getting is in line with the larger market trends. In implementing a new idea for Morgan Baby, feedback loops and refining the marketing process will be essential. Morgan Baby Free will be a new product line for the company, and as a new product the company will need to see if sales are performing well. Using feedback data and taking corrective action will be essential to continue to be a flexible and successful product for the company. MILESTONE THREE: REFINEMENT OF MORGAN BABY FREE 10 References Mullins, J. W., & Walker, O. C., Jr. (2020). Marketing Management: A Strategic DecisionMaking Approach. New York, NY: McGraw-Hill Education. Newman, D. (2016, August 02). How Well Does Your Organization Use Feedback Loops? Retrieved from https://www.forbes.com/sites/danielnewman/2016/08/02/how-well-doesyour-organization-use-feedback-loops/#59804bd0594b Widmer, J. (n.d.). Get Inside Your Customers Head With These Marketing Feedback Loops. Retrieved from https://fluxedigitalmarketing.com/get-inside-customers-head-marketingfeedback-loops/ ... Purchase answer to see full attachment