Abstract

Word of Mouth Marketing strategy can be defined as “oral, person to person communication between a receiver and a communicator whom the receiver perceives as non-commercial concerning a brand, a product, or a service.” When we consider market analysis and product engineering, this kind of communication tends to be the external factor that is not under control of the company. Although it’s not under any influence directly, market management and strategy are *common practices that a company adheres to. While this kind of communication takes place when there are no absolute facts. There are lot of opinions and then emotions, sentiments which influence this decision making. Although this market is not controlled directly under any entity it has an enormous impact when it comes to the way in which the market functions. [3] This paper is critical observation on how an organization or an entity can use this kind of social media presence to influence their process of new product development. This impact can be negative based on the feedback of the people.[13] New product development is a part of marketing that this paper is targeting but it can be applied to any other parts of marketing. For proving this consider an example of a phone manufacturer. The company has a vision to create a phone which will capture the imagination of the market. For which they have information from the market to analyse the data. In the end the conclusion is what people think about existing market products and what do they need in their new ideal product.

References

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