Introduction
When an innovative output comes out to the world, people are inclined to believe that the company that created the product is successful. If a successful business were merely meant to inspire people, developing a distinctive output might be only one necessary condition of it. However, a company is defined as “an organization that sells goods or services in order to make money” (company, 2016). For that reason, success in business means commercial one and a business with a unique product would not be successful until it generates a large amount of financial gains. Making profits can be considered separately in two perspectives, management and marketing. As a main agent of sales activities, a firm has to be well operated and there …show more content…
This is because a set of very important activities is involved in it. Marketers should identify threats and opportunities, and they need to devise an associated target market regarding which potential customers in a market to focus on and which to ignore (Dibb et al., 2016). When it comes to product innovation, its significance stands out more because the more radical the innovation, the higher the likelihood of incurring an early failure. For example, suppose that an unprecedented output were developed, and there had been no market of it. Marketing strategy would be desperately needed to inform potential customers of the nature of the new product in order to make them aware of it and arouse their interest (Kurowski and Sussman, 2011). According to Frattini, Dell’Era and Rangone (2013), their analysis indicates that communicating the distinctive attributes of a new product to the potential consumers and associating with external organizations during the launch process are strategies that work especially well with radical innovations. This result implies that marketing strategies help reduce consumers’ uncertainty concerning expected benefits and transaction costs, and thus contribute to overcome their resistance to adopt the innovation soon after its …show more content…
Establishing factors that appraise new product success holds crucial importance for companies, as research indicates that despite substantial new product investment, success rates are generally below 25% (Evanschitzky et al., 2012). However, the factors stated in this essay are only small part of marketing process, and there are many other elements such as marketing channels, branding, packaging, and pricing. In addition, when a project developing a new product is designed in reality, a marketer should consider the distinct characteristics of the environment
When an innovative output comes out to the world, people are inclined to believe that the company that created the product is successful. If a successful business were merely meant to inspire people, developing a distinctive output might be only one necessary condition of it. However, a company is defined as “an organization that sells goods or services in order to make money” (company, 2016). For that reason, success in business means commercial one and a business with a unique product would not be successful until it generates a large amount of financial gains. Making profits can be considered separately in two perspectives, management and marketing. As a main agent of sales activities, a firm has to be well operated and there …show more content…
This is because a set of very important activities is involved in it. Marketers should identify threats and opportunities, and they need to devise an associated target market regarding which potential customers in a market to focus on and which to ignore (Dibb et al., 2016). When it comes to product innovation, its significance stands out more because the more radical the innovation, the higher the likelihood of incurring an early failure. For example, suppose that an unprecedented output were developed, and there had been no market of it. Marketing strategy would be desperately needed to inform potential customers of the nature of the new product in order to make them aware of it and arouse their interest (Kurowski and Sussman, 2011). According to Frattini, Dell’Era and Rangone (2013), their analysis indicates that communicating the distinctive attributes of a new product to the potential consumers and associating with external organizations during the launch process are strategies that work especially well with radical innovations. This result implies that marketing strategies help reduce consumers’ uncertainty concerning expected benefits and transaction costs, and thus contribute to overcome their resistance to adopt the innovation soon after its …show more content…
Establishing factors that appraise new product success holds crucial importance for companies, as research indicates that despite substantial new product investment, success rates are generally below 25% (Evanschitzky et al., 2012). However, the factors stated in this essay are only small part of marketing process, and there are many other elements such as marketing channels, branding, packaging, and pricing. In addition, when a project developing a new product is designed in reality, a marketer should consider the distinct characteristics of the environment