Develop Your Marketing Skills

Questions: 1. What type of new product do you think Hololens is is it an innovative product, a replacement product, or an imitative product? Explain your reasoning with respect to the definitions of these three types of new products in Richardson and Gosnay (2011) and the potential features of Hololens. 2. What stage of the product life cycle do you think virtual reality technology is in general right now? Also, what stage of the product life cycle do you think Microsofts Hololens augmented reality technology is in?3. Based on the most research you have been able to find on Hololens, what steps in the new product development has Microsoft already completed? Which of the remaining steps that they have not completed do you think will be the most challenging or most crucial? Refer to either the eight stages of the new product development process in Richardson and Gosnay (2010) or the six phases discussed on pages 158-161 of Paley (2007). Answers: 1. The change in the desired previous technology is mainly to add new features to it or is for bringing innovation to the product. HoloLens is basically a type of virtual reality technology which helps in providing the desired and unmatched 3D experience to the respective users. The technology of providing the virtual reality experience to the customers was launched in the 1990s via the video games to the consumers ("Googles latest accomplishment: refining marketing practice", 2012). In this HoloLens, the level of emersion is a bit on the higher side it is enabled with latest and newest forms of computing in which the computer system could be seen as the desired living room of the concerned person. The innovativeness of a product is determined by the creativity and the desired change in it as per the new trends throughout the market segment in order to enhance the experience of users. Moreover, the innovation refers to the desired creation of the original products in a new form as to enhance the reliability and satisfaction of customers or one can say the improved version of the original products. the replacement product refers to the replacement of some of the parts as to improve the product and imitative products define those products which are new for the firm but already exist in the desired market segments (Hult, Pride, Ferrell, 2014). Therefore, the compact of the HoloLens is newer for the firm but it has already been launched in the 1990s as the virtual reality and was used especially for the video games. The potential features of HoloLens reveal the 3D experience to the users and it provides a unique visual experience like the dining room of the concerned user. The hardware consists of several features as it offers 3D specialized sound. Wide angle camera which can provide a view of 120 degrees and moreover it offers the connection through Wi-Fi connectivity. Besides CPU and GPU it consists of a holographic processing unit (HPU) which mainly integrates as well as processes the real data revealing the holographic data to provide an unmatched experience to the concerned users. 2. Virtual reality The virtual reality technology can be considered to have the growth of the concerned product life cycle which can be modified in several ways as to enhance the customer satisfaction. The growing stage refers to the certain modification which can be done as to enhance the reality of the desired product and to enhance the user experience in order to increase the selling of the respective product (Kahn, Kay, Slotegraaf, Uban, 2013). Therefore the virtual reality technology was launched in the 1990s in order to enhance the visual and gaming experience of the gamers and therefore there it currently requires certain latest modification to increase the satisfaction of the customers. It provides the only visual gaming experience to the gamers and it has been also used by any industries to provide training to their respective employees (Chakrabarti, 2013). The growth stage of this product highlights the desired measurement of the expansion of the concerned awareness for the product and attra cted a large number of users by the technology used in the product. HoloLens It has the extraordinary feature than virtual reality and offers a unique exceptional experience to the users. It can be considered on the maturity stage of the development of the product lifecycle. It fulfills the desired modification and the implementation of the new and latest feature which lacked in the virtual reality and is able to draw the attention of the users for the purchase of the product. Microsoft has fulfilled all the needs that the customers can ask for having a true and real experience related to the visual and the sound technology (Garg, 2010). The firm is expecting that the product will be helpful in analyzing the desired data required for the medical purposes and for standardized computing and gaming experience (Ritchie, 2009). The Wi-Fi connectivity along with the unique 3D sound system enhances the reliability of the users and therefore it can be categorized in the maturity stage of the product lifecycle. 3. Yes, Microsoft has successfully brought up a new enhanced product in order to fulfill all the demands of the users. There are some of the crucial stages in the development of the new product for any of the firm, which is mentioned below: Generating Using the desired strengths and the weakness of the SWOT analysis is considered to be very important for the development of the product which is going to be launched in the concerned market segments. Lean, Scalable and mean are some of the vital points that need top analyzed before the development of the product (Richardson Gosnay, 2011). For some of the firm, the development of the multiple versions is required in order to enhance the reliability of the concerned users. Screening of the idea Integration of the new and innovative ideas is crucial as it reflects in improving the product as per the satisfaction of the customers. Moreover, the product needs to attract the users by providing the latest technology which can be beyond the expectation of some percentage of the users within the concerned market segments. Testing of the concept The concept needs to be tested by the experts and it is the fundamental stage of the product development (Richardson Gosnay, 2011). HoloLens has been tested by Microsoft in order to make it free from errors and to provide complete and unmatched experience to the users. Analysis of the business It reflects the need for the capital investment required to manufacture the product. Marketability tests Private test groups and launching of the different user versions improve the overall reliability of the product in front of the customers (Richardson, Gosnay, Carroll, 2010). Development of the product It reflects the strategic stage for the product development and it follows the diversified procedure in meeting the expectations of the clients. Commercializing It helps in revealing that the product has gone throughout mainstream, the clients are purchasing the good and moreover the technical support needs to provide and monitored. Launching of the product This is the final stage and the product is launched with effective communication technique as to increase the selling of the product. Microsoft needs to complete one more stage in the above-mentioned stages which is commercializing of the product as revealing the customer's response and providing them the desired technical support may be required. References Chakrabarti, A. (2013).CIRP design 2012. London: Springer. Garg, K. (2010).Mobile computing. Delhi: Dorling Kindersley (India). Googles latest accomplishment: refining marketing practice. (2012).Journal Of Consumer Marketing,29(3). https://dx.doi.org/10.1108/jcm.2012.07729caa.002 Hult, G., Pride, W., Ferrell, O. (2014).Marketing. South Melbourne, Victoria: South-Western Cengage Learning. Kahn, K., Kay, S., Slotegraaf, R., Uban, S. (2013).The PDMA handbook of new product development. Hoboken, N.J.: Wiley. Richardson, N. Gosnay, R. (2011).Develop your marketing skills. London: Kogan Page. Richardson, N., Gosnay, R., Carroll, A. (2010).A quick start guides to social media marketing. London, UK: Kogan Page. Ritchie, C. (2009).Marketing. Harlow: Financial Times Prentice Hall.