product innovation Essay example

Before launching or expanding a business venture, there needs to be an understanding of the industry, its competitors, and its customers. Market research is vital in assisting companies in the decision-making process and their marketing direction. Data from marketing research is important because it provides companies with ways to identify opportunities, identify market potential, minimize chances of loss, devise effective marketing strategies, gauge customer satisfaction, and serve as an evaluation tool.

The Hedo-Falls shower system is the first of its kind. This kind of shower has not been seen before in the market. It offers something totally unique with no direct competition. No company has been ambitious enough to integrate so much into a device that has remained virtually the same for decades. The developers at Quantum Studio decided to take a chance and tap into a new and exciting market. Their risk paid off greatly. There is no direct competition for the Hedo-Falls shower system at this time, but there is secondary competition, such as other basic shower units.

Discuss what is meant by the term “customer orientation”. Illustrate with examples how companies demonstrate their customer orientation by reference to at least two elements of the marketing mix.

As with any company we are always trying to improve our product and develop new product lines. Our research team currently is developing a new product line: flavored water with all natural ingredients. We are also developing a delivery service of our water. Our bottle design team has finished a 5 liter design that will be fitted to a water dispensing unit. These units will be rented to office buildings and houses for a very low cost per month. We will stop production on the 2 liter bottle. The machinery that was manufacturing the two liter will start producing the 5 liter bottles. We are also investigating doing a cross promotion with local area dealers who have their coffee machines placed in office buildings. We have proposed to these companies’s let us supply the water for your product. We are in the process of find dealers who only deal with high quality coffee. We don’t want our name to be tarnished.

1. Idea generation, 2. Idea screening, 3. Concept a. development and b. testing, 4. Marketing strategy development, 5. Business analysis, 6. Product development, 7. Market testing, 8. Commercialisation.

In our textbook[1], it says to move quickly and also avoid expensive new-product failures, companies should follow an organized new-product development process: (1) idea generation, (2) screening, (3) idea evaluation, (4) development (of product and marketing mix), and (5) commercialization. The hypothesis to have marketers to discover product flaws early, and find the remedy to it, has proven unprofitable. This process requires much analysis of the idea before the company spends money to develop and market a product.

Mr. Shih, I am fully aware of your concerns and complications of the potential success for ACC’s first product “Aspire”. After analyzing the strategic issues, strategic goals, and strategic initiatives, I developed some beneficial recommendations for you. My recommendations are to support ACC “Aspire” and apply transnational strategy to defined the corporation global vision into the local market. It will reflect on the current model of global brand and local touch.

“Design Driven Innovation” (Verganti, 2009) or “Design Inspired Innovation” (Utterback et al., 2006), a concept of design-oriented (or novel meaning oriented) product/service planning, is now widely recognized as one of the most competitive business creation approaches. This approach focuses concept oriented product development to bring a novel meaning into the product, as represented by iPod (Apple Inc.), Allesi’s kitchen wares (Allesi S.p.A.) and Wii (Nintendo Corp.). A unique product concept and a consistent strategy overcome various market barriers or technological obstacles. Indeed, iPod established a new virtual market for the music industry, Swatch turned watches into daily dress-up accessories from lifelong

Perceptive innovation. Adaptations. Viable resources. Each of these terms can be used to define the creative and cultural industries affecting our ever-changing world. Here in Minnesota, we have experienced the vastness of our cultural capabilities, and this was portrayed through the Iron Range. The Iron Range is a collection of mines lining the north shore of Minnesota, and remained as one of the key stations for work in our state. As time advances, however, we have seen a decline in the abilities of production and labor due to a decreased need for steel production. Though the Iron Range has faced difficulties, we may see a rise in it’s great, cultural value.

The paper aims at sensitizing designers towards the voices of every stakeholder involved in designing a product that influences through the product life cycle, in a comprehensible way with an objective to facilitate designer towards a better design. This paper discusses the basic purpose and nature of design in the context of judging the aptness of a dialogue among the stakeholders including product in itself. It also discusses the kind of outcome based on designers stand in the design process which makes the conversation dialogical or arguing in nature. The paper proposes ‘Design Tree’ as a structure, for creating distinct platforms for dialogue to happen at all stages of design evolution for design dialogue to be comprehensible.

In 1958, the Rocket Chemical Company created the commercialized the consumer market for home lubricants by preparing and packaging the aerosol WD-40 for sale. This effectively created the home lubricant market, giving WD-40 a monopoly on their newly created space. The success of Wd-40 began to truly shape in 1961 after Hurricane Carla, where victims needed to recondition rusted and water damaged machinery and vehicles, a job perfectly suited to WD-40 but no other product on the market. By 1965, WD-40 sales represented the vast majority of the company’s revenue and manufacture of other products

Idea Generation: The development of a product will start with the concept. It is necessary to employ strong analyses to identify current market trends and available solutions, understand customer behavior and needs, and identify areas of opportunity. This information will help keep ideas focused and relevant. Some tools that can help this analysis include a basis internal and external SWOT analysis, study of market and customer trends, competitor analysis, focus groups, sales staff and other employees, and information from trade shows. It is also helpful for the team to keep important aspects of the future product in mind such as how lean it is, how scalable it is and how much return can it generate. There may be many ideas at this point, which will be analyzed in detail in the next stage. During the new product development (NPD) process, keep the system nimble and use flexible discretion over which activities are executed. You may want to develop multiple versions of your road map scaled to suit different types and risk levels of projects.

Product innovation is the task of creating new products that customers will love with keeping in mind the necessity of taking a different path that consumers will want to follow. Through product innovation it’s possible to identify consumers respond which shows what works and what doesn’t. Such customer’s response is responsible for the competitive advantage of any company. Walkman is a Sony brand name which is used to identify its own portable audio cassette players. Walkman brand is used to market Sony 's portable audio and video players with different model, colour and functionality. The Walkman is basically introduced by Sony in 1979 to bring a change in the music listening habits by allowing people to carry music with them. It also enables them to listen music through lightweight headphones. As the brand is currently operating its business globally, it certainly goes through huge change in its design, operation and feature from its inception. This the reason of choosing Walkman brand as topic of the report.

In the beginning lectures, I had no idea that brainstorming and conceptualizing an idea was part of an elaborate process to generate good product ideas. Great inspiration and a creative idea require deep thinking. I have learned that opportunity identification involves looking into the problems first rather than diving

1. Idea Generation: Idea generation is the actual development of ideas that can become products or services. Either competitors, employees, suppliers, or customers can be the generators of these ideas. Idea generation is the first step in the offered get development process and is often the least costly financially speaking.