Essay on Marketing Design and Innovation
Table of Contents
Executive Summary 3
Arguments for and against the Product 5
From Luxury to Necessity 6
Critical analysis and the Development over time 6
Current Market Scenario 10
Customer Segmentation 10
Price Differentiation 11
Market Segmentation 11
The Future Outlook 12
An attempt has been made through this paper to understand the evolution and development of televisions from the marketing perspective. This paper discusses the shortcomings which were noticed by manufacturers which initiated a chain of constant innovation and improvement. It also gives useful insights on the evolution of television and its positive/negative …show more content…
All these factors playing together made the product category change from luxury to necessity (Abramson & Sterling, 2007). Televisions become cheaper and were also becoming a source of entertainment as well as a source of knowledge.
Critical analysis and the Development over time
Like every other product or service available in the market, the manufacturers of televisions aim at satisfying the need of consumers. The latest television always has some added features which were missing in the last version. If we go back in time and analyse from where it all started we can easily decipher how manufacturers have catered to the consumer need by innovation, research and developments.
The first television to enter in the market was based on the CRT ( Cathod Ray Tube) technology. This technology practically ruled the market for a very long time; initially CRT TVS were black and white (Abramson & Sterling, 2007). Later customers wished to have a livelier picture on the screen and hence manufacturers strived to fulfil this expectation of the consumer by producing a coloured CRT TV. Understanding and predicting what the consumer is looking for gives what is known as competitive edge. Competitive advantage can be achieved by either innovation or by controlling the measurable variables like