The current market scenario shows that products are available in plenty no matter in which industry. Products are nothing but solutions for certain needs. Marketing junta in every organization use the 4 P’s of marketing in every possible way to see the sales data on the higher end. In fact product becomes solutions, place becomes access, price changed to value and education replaced promotion.
Product differentiation or niche marketing has given rise to innovation. So what is innovation? “In aiming for innovation, surround yourself with those that think differently than you. Doing so will allow you more prespective than what you would be capable of. The old adage”Great minds may think alive but great inventions come from multiple great minds”- Siam luu
Innovation involves deliberate application of information, imagination and initiative in deriving greater or different values from resources, and includes all processes by which new ideas are generated and converted into useful products.
Product differentiation teamed with technological innovation construes products as solutions with technological details in its making. To improve competitiveness and retain sustainability firms require new technologies and capabilities. In this age of rapid innovation and complexity, it is challenging for the firm to develop internally and remain competitive at the same time.
These days, everyone seems to have a great idea for an app or a product. Clever ideas are always nice to have, but when it comes to figuring out what to invest your energy in making, even great ideas are often a total waste of time.
Technological innovations when translated into daily rise products for the big, big world are often the rule for every successful marketing campaign. Solutions are in fact products which
- Solve for inconvenience
- Solve for inefficiency
- Solve for inevitability
One has to take note of time, money and effort wasted in every task one undertakes. If one can find a way to do it faster, more easily or less expensively one will have a market place for one’s product. A downward trend in the cost of processing power, storage, bandwidth, devices and data is in continually enabling both new innovation and consumer adoption of new technologies.
Innovative firms can supply important goods and services to consumers because they believe in lasting solutions as the bedrock for producing the products they do. Competitive strategies are in place when technological innovations become market leaders.
One is cost leadership- aim of this strategy is to be a low cost producer relative to one’s competitor and is particularly useful in markets where price is a deciding factor. Cost leadership is often achieved by carefully selecting suppliers and product techniques to minimum production, distribution and marketing costs.
Second is differentiation. This strategy seeks to develop a competitive advantage through supplying and marketing a product that is of some way different to what the competition is doing.
Third is focus. Focus one’s organization marketing efforts on a different selected market segments. That is , identify the needs, wants and interests of the particular market segments and customize marketing techniques to reflect those characteristics.
We have entered a new era of technological advancement. This time it is different. Multiple technologies will rapidly evolve during the same period of time and create an unprecedented period of change. Competitive difficulties have pressurized many organizations to more aggressively adopt innovation as the cornerstone of their strategy to succeed in today’s global business environment.
The challenge for organization is to innovatively leverage one or more of these emerging technologies and rapidly integrate them into their organization’s strategy as they evolve.