Essay about Innovation Management and Market in Global Enterprises

In summary, marketing is very important for a business to achieve success. Many businesses have a difficult time in this area. With the stiff competition, businesses struggle to stand out among others. Other companies resort in unethical and unfair schemes just to win the competition. But eventually find themselves in great loss and failure. As businesses all over the world enter into a gigantic marketplace, every business owner is faced with convoluted market competition. Nevertheless, any entrepreneur can be different and become successful in this matter. In every product sold and in every service provided, patience and hard work should take precedence to ensure quality. Products and services should be marketed honestly, planning should not be done with evil

Companies find opportunities in product innovation by providing new products and services to customers. This keeps current customers interested in doing business with the company and has the potential to attract new customers. Sometimes this is done by creating new products, greatly changing an existing product or by just changing the way the current product is presented. Another form of product innovation is branding. By creating a more positive brand image a company can keep the interest of consumers.

Alongside the entrepreneur spirit, Innovation is the process of taking new ideas and implementing them into the market. Key word being “new”, an innovation can be sometimes viewed as the application to better solutions that meet new demand-requirements, inarticulated needs or existing market needs. Innovative ideas range from: goods, services, products, processes, services, technologies or ideas that create value for which customers will pay for. For an idea to be an innovation, it must be replicable at an economical cost and must satisfy a specific need. This means is that one must be ready and willing put their new idea to the test. On the other hand, there is recognition that “innovation is also critical to cultural, environmental, social, and artistic progress as well” (Bullinger, 2006). With this stated, high-tech innovation is ultimately the reason why we can be thankful for the many new conveniences of the 21st century. Although we might see the forefront of innovation being very prominent in today’s world, innovation is truly nothing new. From the start of modern man times, innovative ideas have paved the way for civilization to advance and develop into what we are today and at the same time, we have barely begin to chip away at the tip of the iceberg of our true human potential. Some scholars believe that innovation is a

| As markets become more global, increased competition from foreign competitors puts pressure on firms to innovate.  Domestic companies may need to come up with more efficient means of production, and will also tend to compete through innovation to differentiate their goods and services.  As communication increases through the internet and global media, consumers will have more choices in making purchase decisions.  Competition will become fiercer and companies will need to find a competitive advantage through innovative processes and products.

“10 Rules for Managing Global Innovation” is written by the authors to pin point ten rules that the authors see crucial for a multinational company to manage its globally

“Marketing strategies can have a broad impact on the business in terms of instilling a marketing orientation among all those in the firm: the way of thinking or philosophy of the whole organization. However, marketing strategies can alternatively be seen as dealing only with the development of competitive advantages directly associated with the marketing function such as customer loyalty and distribution channel control. In the latter case, the domain is sometimes even further restricted by sole attention to the various element of the marketing mix rather than the more general issues of customer and channel relationships. There are two key

From a business stand point, first-degree price discrimination is more profitable because it obtains the maximum value of the item. However, from a consumer stand point second-degree price discrimination can offer more value to the customer. It allows customers to choose the pricing option that will work for them, based on their desires and requirements.

In an undergraduate marketing course, you will review several tools and concepts related to marketing a particular product. Although there are several complex ideas associated with marketing it is important to understand them in order to ensure your business is successful. The best strategy for ensuring your knowledge of the concepts and tools demonstrated within a course is to put them into practice. This paper demonstrates a marketing campaign through the creation of a fictitious company that develops a technological advancement that is plausible in our society’s future. The campaign strategy goes into depth with an S.W.O.T analysis, explanation of its offering (price, product, and service), product positioning, and targeted marketing.

Innovation refers to finding new ways to improve the existing products, services, processes, technologies, and employee performance in an organizational setup. In today's competitive business environment, organizations have to focus on bringing innovation in each and every aspect of their business operations; like products or service offerings, enterprise resource planning systems, marketing and promotional efforts, and organizational structure. The market challenges and competitive pressures also force organizations to use a blend of all these innovation processes in their business activities. Therefore, it is vital to give an equal focus on product innovation, process innovation, marketing innovation, and organizational innovation within the limited organizational resources and capabilities.

The success of an organisation includes the use of unique strategies and effective decision-making to promote the business effectively which increased the growth of the company to the industry and economy. Through competition, companies have gained advantages to outgrow their product by using strategic plans and critical decision-making which leads to attracting as many consumers as possible than their competitors. Organisations compute the success of the company in unique ways and varies from different industry to another. In order to gain goal development, a company must conduct research studies and plans to achieve a unique set of tactics in where no other company has done or gone through. This means that competitive advantage is highly needed in a certain business in order to put it in a beneficial or superior business position. There are huge possibilities a company could interact wisely with the consumers. Samsung has demonstrated low price ranges, new features, and producing sustainable products that could achieve competitive advantages. Competitive advantage is developed in the company of Samsung mainly from the demands of the new generation of consumers to sustain their everyday needs and activities which help improves their everyday lives.

To launch a new product to account the market share and get fat profits in this changeable and competitive market today is not a simple work. According to the Chief Marketing Officer in the AMA () , it is told that the new definition of marketing has changed marketing to an educational process. This means that the mainly role for marketing is going to take on the needs of the customers and stir the launch for new products to deliver the values to make the final customer happy. In this article, centering on the customer needs in the marketing, it will analyze and evaluate the role played by marketing during the process of developing a new product, using the STP and Marketing Mix Four Ps theory systems.

Innovation offers the companies a competitive advantage. Presently and within the future, more than any time in history, the key to competitive advantage is innovation. However innovation will facilitate businesses meet all of their strategic challenges, not simply competition; to illustrate, in confronting accelerating rates of change, globalization, apace advancing technology, a additional numerous workforce, associated a modification from an industrial to a knowledge-based economy. Meeting all of those challenges helps the firm attain competitiveness, and meeting these challenges suitably depends on innovation. Innovation allows a firm to workout its challenges in distinctive ways in which build competitive advantage either through relative differentiation, a relative low-priced position, or few acceptable level of each. Innovation cannot assure success, however success cannot be achieved within the end of the day without it.

In recent years, with the economy era full challenge, marketing theory and practice are accelerating the pace of innovation. Marketing not only has widely exploited in the economy and society field, but also more and more enterprises constantly innovate new performance, new competitive, new brilliance in unprecedented enthusiasm. Therefore, diverse strategies are adopted by most firms to discover and meet the needs and desires of its customers (Jobber & Fahy, 2009). Marketing orientation is one of the most successful strategies, such as the Apple company, it put to use and reap significant profit. Some specialists argue that product orientation can be used in all firms, while others debate that marketing orientation is more suitable for all products. However, several obstacles are faced by firms when they intend to move from a product to a marketing orientation. This essay will briefly describe that definition of the marketing orientation and product orientation, examples for some firms use marketing orientation and product orientation respectively as well. Furthermore, it mostly discusses key obstacles for if a firm moves from product to marketing orientation and give some reasonable solutions.

“A change to a product that a company offers in the marketplace-or introducing an entirely new product- is the most easily recognized type of innovation because consumers see the changes fist hand” (Tony, Marc & Robert, 2012, P35). In the increasingly competitive global business environment, new products are effective strategies to maintain their competitive advantage. Products have their own market life-cycle, any product will have a significant decline in sales of the aging period. It is difficult to avoid the profits decrease even you promote the products. A new product which adapt the market the need is very important and product innovation is necessary for companies. According Poter (1990), product innovation is to produce something different that the market has never seen, that is an improvement on what is currently available to customers at that moment. Another term that can be used to refer to product innovation entails a product being significantly improved in respect to the use of the machine or service that has been improved (Cassiman & Martinez-Ros, 2007). Various improvements can be implemented on a product in order to improve its functionality. The product can be improved, either through hardware or software. Its functionality can also be improved depending on the specific use of the product.

These days, it can commonly be seen that many companies start offering customers the same products and services. Particularly, when it is likely that those products and services are in such high demand. For customers, this is a good value for them to have more options on selecting their most preferable and quality product. In consequence, this circumstance will encourage more competitive of trade in those products and services markets. Therefore, the most challenging work for emerging company is to consider how to make their own products preferred by most consumers. It may seem pointless to endeavour to compete in such environment. However, it still can be seen that many companies often do come into the marketplace and eventually succeed in selling products and services because they learned how to make their products and services become outstanding and unique than the others. We called this kind of practice as ‘product differentiation’.