New Technology And Noble Customer Needs Case Study

Successful innovation rests on first understanding customer needs and then developing products that meet those needs. Our review of the literature, therefore, starts with our understanding of customers and their response to and acceptance of innovation. Because we are interested in how firms profit from innovation, the article will then review organizational issues associated with successfully innovating and with how organizations adopt innovations. Customer understanding and the organizational context are underpinnings to innovating successfully. They must be in place before proceeding. Then the flow of innovation will be discussed.

Sol. Q2. A) New Product Development (NPD) is defined as the process of bringing a new product to the market on the Business and Engineering fields. It can be also defined as the process of developing a product for sale from a market opportunity. There are various methodologies to develop a product are:

Customers are the most capable of identifying major problems in the organization and are interested in solutions.

1. How can companies deliver customer value, satisfaction, and loyalty? 2. What is the lifetime value of a customer, and why is it important to marketers? 3. How can companies cultivate strong customer relationships? 4. What is the role of database marketing in customer relationship management?

While some innovations come about as a response to customer needs or demands, often the most valuable innovations are those for which the customer is not yet aware of the need. After all, if the need is known to the customer, then it will be known to not only your company but your competitors as well. If, however, a company can fill a need before that need has been identified, then it will be in an excellent competitive position. Fostering innovation in services is often in direct response to a customer need, but there are strategies that firms can undertake to innovate even before the customers are aware of what they need.

So, it’s time to take a serious look at how you engage with your customers.

Customers are external basics that can attempt to influence, by the use of marketing and strategic release of business information. But most importantly your relationship with your clients will be based on finding different ways to try and influence them to purchase in your products.

4. Interact with the top targets. Engage with your top customers and targets with various mediums and bring forward information that is relevant, relatable and engaging to interact with. Bring familiar topics that your target or customer is interested in. Spend most of your time with those customers that are the top tier and minimize the amount of investment made by the lower level or “low –value” customer.

Involvement has for the last decades been an important topic within marketing, and especially when discussing consumer behaviour. This essay aims to explain different types of involvement, using real life examples to illustrate the concepts. Competitors will always be competitors, so this essay will also highlight how involvement can make products differentiate from them. Lastly, a few other theories relevant to involvement are lightly discussed.

However, following the product-oriented approach can lead to the downfall of a company, particularly if they are functioning in a highly competitive and rapidly changing market. The customer-oriented approach involves a company being in a constant state of development;

A Problem that has been associated with the concept of the product is that it can also lead to marketing myopia. Therefore, companies should take innovations and features seriously and provide only which the customer’s needs. The customer needs should be given priority.

The customer centric strategy also affected such companies to shift themselves from close to open in the form of connect and develop with the external stakeholders for creating values to their products and services (Chesbrough, 2003, as cited in Johannessen & Olsen, 2010). The connect and develop model change such companies in these areas of doing business, such as individualized immediate feedback, a new organizational logic, and new cooperation structure that influence by information (Johannessen & Olsen, 2010).

A successful new product development meets the market demands with a suitable solution. This process includes, among many things, the marketing’s VOC, and the translation of this VOC to the R&D department whose job is to create meaningful and competitive products (SONG AND THEME,

- Get inspiration for new ways to connect with customers and how to improve customer retention.

Therefore, many companies start adopting new customer product strategy that can seduce and engage more the customer.