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Product Invention New Products and Services Are Essay
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Document Type:Essay
Document:#65546833
Product Invention
New products and services are being developed almost continually based on technological changes, consumer choice and demand, and available materials and other new inventions. For instance, computer technology and miniaturization might make it possible for a product to have additional innovation enough to constitute a new niche or an extension. According to most research, however, it is more important to spend time and money selling inventions as opposed to protecting the rights. Patent Pending, for instance, is usually less than a few hundred dollars and provides some level of protection while the item is coming to market (Tozzi, 2007).
In the product management side, there are numerous types of innovation that occur when it comes to managing new or ancillary products. The two most popular types, however, are incremental and radical innovation. In essence, incremental innovation tends to exploit, improve, or otherwise change some existing technology. This innovation improves by taking the idea and expanding upon it. Radical innovation, however, provides something completely new and different -- opening up potential new markets and niches (Kotler, 2012). However, innovation in marketing is a more lengthy process in which differing decisions need to be made at different steps and processes in the marketing cycle:
Research -- What new and innovative ideas does the market need? What is the product or service missing? How does the competition innovate?
Targeting -- What customer niche needs filled, how does innovation impact the consumer? What target market and/or promotion can be exploited?
Product -- What differentiates the new product or service? Is it a stand-alone, ancillary, etc.
Promotion -- How will the new product be communicated to the audience? What reason will the consumer have for purchasing or shopping for this innovation?
Distribution -- What are some new channels for distribution?
Pricing -- How will this product or service be priced in relation to the competition or past products? Will cannibalization occur?
Launch -- What will be done to innovate launch of this product or service? Are their barriers to entry? How will the organization ensure that there are enough products to sell at launch? (University of Adelaide, 2010).
Part…
Sample Source(s) Used
REFERENCES
Arons, M. (March 17, 2010). Five Key Drivers of Global Marketing Effectiveness.
Forbes.com. Retrieved from: http://www.forbes.com/2010/03/17/branding-gillette-glaxosmithkline-cmo-network-marc-de-swaan-arons.html
Coe, N., Wrigley, N. (1990). The Globalization of Retailing. London: Edward Elgar
Publishing.
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