DEFINING A NEW INNOVATION IN BUSINESS

All entrepreneurs must be creative enough to define their products or services with new innovation in such a way that marketing would be easier.

One of the problems faced by entrepreneurs is defining a new product or identifying what is actually new or unique in an idea. A product or service may not be new, but an innovative approach in it delivery or product design can make such a new product or service.

These innovative approaches could be from the view point of the consumer/customers or the company’s view point. When soft drinks manufacturers introduced the can, some consumers viewed the product as new, even though the only difference from past products was the container.

Some companies such as detergent manufacturers, have merely changed the colour of their packages and then added the word new to the package and their promotional copy

In the industries, firm can call their product or services new when only slight changes or modifications have been made in the appearance or packaging of the product. In summary, the concept of defining a new product is link with innovation.

A productive business or company should be able to constantly seek for new markets to exploit in order to increase profits and make more effective use of their resources or to simply change one or more of the marketing mix elements to give an old product a new image.

A new product or service can be classified from the viewpoint of either the consumer or the company.

 

The Consumer’s/Client’s viewpoint

This classification technique looks at newness in terms of the effect of the product/service on the consumer rather than whether the product is new to the company, is package differently, has changed physical form or is an improved version of an old or existing product.

Alternatively a new product or service is identify as new according to how much behavioural change or new learning required by the consumer in order to use the product. Innovative ways in which the consumer can use the product effectively and efficiently can lead to a new new product.

The Company’s viewpoint 

An innovative entrepreneurial company or business, in addition to recognizing consumer’s/client’s perception of newness, may also find it necessary to classify a new product or service based on market development  and the amount of improved technology.

Market development implies the degree of new segmentation (that is new segment for the market). When there is a new technology and a new market, the company faces the highest degree of risk, since it will demand a new and carefully planned marketing strategy.


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