Essay about Analysis Of Marketing And Product Innovation
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 are many dimensions in business administration such as leadership, entrepreneurship and management of human and material resource. However, in order to immediately make profits, marketing must be required in sales activities, and this essay will focus a discussion on process of marketing in product innovation. In this essay, two critical dimensions in marketing process will be indicated in the fallowing order: (1) analysis of market potential; (2) an appropriate marketing strategy (Dibb et al., 2016).
Firstly, it is essential to conduct market research to acquire knowledge about the market. The fundamental purpose of market research is to identify prospective customers with sufficient purchasing power so that the project…