final markt (1)

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Georgia Institute Of Technology *

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Marketing

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Feb 20, 2024

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1 Marquez 1. New product ideas. Do you want to have an extra income without investing a lot of time? Resorting to the sale of innovative products, which are those options that advance with technology and are full of creativity to solve consumer problems, is one of the best ways to create a community and boost your sales in your online store. The sale of innovative products is one of the best alternatives to position yourself in a highly competitive market. Especially if you are looking to work from home, start a business, or add income to your monthly finances. Whatever the reason, the important thing is that you manage to identify what you can offer that is different and attractive to your market niche. Now, throughout this, you will get the best ideas, as well as the central characteristics that you should consider when choosing the product or products that you want to sell. Innovative products or services are those that advance as technology and science progress. They are full of creativity and, of course, seek to provide a better solution to something previously existing. These products are available both physically and digitally and become extremely attractive, both for companies and consumers who want to acquire new alternatives for their lives or make their daily dynamics more efficient. Before choosing a unique alternative, you must take the time to identify what characterizes innovative and different products. This will allow you to evaluate which one you agree with or identify with the most, something essential when negotiating with clients. It is easy to use, improves or complements an existing product, is compatible with the consumer's lifestyle, offers an improvement in the client 's life, and awakens interest through the benefits it offers. First, it is easy to use. When a product is complex to use, no matter how innovative and attractive it may be, it can generate a certain degree of rejection in the consumer. You may

2 Marquez decide to purchase it in the end, but the purchasing process may be longer. Second, Improves or complements an existing product. “If I already have one, why do I want another one?” That is one of the most common questions that many people ask themselves, so the key is to identify what makes it interesting, different, and indispensable. Third, it is compatible with the consumer's lifestyle. You must rely on a market study that allows you to know the routines of the consumer you want to target. This way you can ensure that their interest will be present. Fourth, it offers an improvement in the customer's life. It can range from the simplest to the most complex. For example, concentrating all the information in one place, streamlining a process, or providing some type of metric with a specific objective. The important thing is to simplify the life of those who purchase simple innovative products. Last, it awakens interest through the benefits it offers. Awakening interest not only helps a specific person purchase your product, but they will also recommend it to their immediate environment. Without a doubt, a great opportunity to attract clients. Having clear the characteristics and considering that you need to carry out a market study, it is time for you to know the next steps. These will allow you to create products capable of satisfying the needs of your target audience. For example, create a business model, make a prototype, and work on a marketing plan. New product development refers to original products, product improvements, product modifications, and new brands that the company develops through its research activities and development. Development process of new products. The internal sources are made up of the formal research and development of the company, management, and staff, as well as business programs. External sources are the sources outside the company, such as customers, competitors, distributors, suppliers, and external design companies. Development process of new products like; locating good ideas and discarding bad ones, ask questions like; It is real? We can win. Is it

3 Marquez worth doing? Development process of new products. The product idea is an idea about a possible product that the company imagines offering to the market. The product concept is the detailed version of the idea expressed in meaningful terms by the consumer. The product image is how consumers perceive a real product or potential. Proof of concept requires testing concepts of new products with consumer groups. Development of marketing strategy, development of marketing strategy refers to the design of an initial marketing strategy for a new product, based on the concept of the product. The marketing strategy statement consists of: One, market description. Two, planned value proposition. And lastly, sales goals. Marketing strategy development begins with product development. These involve the creation and testing of one or more versions by the departments of research, development, and engineering requiring a large jump in investment. Also, shows if the product idea can become an object feasible. Test marketing is the phase in which the product and the marketing program proposed are introduced in market situations more real. Gives the company the experience to sell the product before making the important expense of full release. In the first plan, create a business mode. Imagine that you have already defined the product you want to launch on the market. What are your distribution channels going to be? Will it be through online or physical sales? Are you going to need specific suppliers? Are these located in the same city? What communication channels will work best for your innovative product? Second, make a prototype p art of the innovation and creativity process focuses on carrying out the prototype of your product. That is, developing a test version. Thanks to it, you will evaluate how functional it is, and what the consumer response is and, no less important, you will receive comments that can help you make any improvements. Third, work on a marketing plan . No matter the positioning of a product must go hand in hand with a good digital marketing strategy.

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4 Marquez It will be possible to praise the benefits of the product, but you will also collect valuable information about first impressions or the behaviors behind a new purchase. All this effort will result in a launch that you must prepare for. Because what would happen if your innovative products hit the market and are a success, but you don't have enough stock? Remember that every detail counts and a good impression is long-lasting. Inspiration doesn't come alone; it comes while you work. In Conclusion, the right product development process can help you streamline every step with organized tasks and team collaboration. Once the company has a single view of the customer, it can take the following step towards building stronger customer relationships and executing, better, precisely targeted campaigns. In this way, the company leads towards high performance. Subsequently, the tools and processes of Analytics are used to deeply study customer data potential and current customers, to segment them, know their situation, and their behavior, and understand their value. This innovative concept becomes the strategic axis that orders and determines the most important decisions of a company: what to produce, for whom, how much, and when. Any company that is in conditions to anticipate what is coming, achieves advantageous positions in the market. In short, for retail companies to win the war on the competition they must use all the information provided by the market to create strategies focused on consumers (both existing and potential). These strategies must encompass knowledge of the client, provide them with the best possible purchasing experience, adapt the products efficiently and effectively in points of sale, and optimize the assortment offered through good category management within each department. The launch of these strategies will guide businesses to be more profitable and innovative within this sector as competitive and variable as retail sales.

5 Marquez References:  Trott, Paul. Innovation Management and New Product Development . Pearson, 5th edition ed., Financial Times Prentice Hall, 2011, Accessed 6 Dec. 2023.

6 Marquez  Dashinsky, Artiom, and Sarah Busby. Generating Product Ideas: Actionable Techniques for Finding New Business Ideas . S. n., 2020, Accessed 6 Dec. 2023.  Cesari, Rick, et al. Buy Now: Creative Marketing That Gets Customers to Respond to You and Your Product . 2011, Accessed 7 Dec. 2023.  “ Marketing Management Study Notes: MMK277 - Marketing Management - Deakin .” Think swap, www.thinkswap.com/au/deakin/mmk277-marketing-management/marketing- management-study-notes. Accessed 7 Dec. 2023.  “New-Product Development and Product Life-Cycle Strategies - Ppt Download.” Slide Player, slideplayer.com/slide/6651033/. Accessed 8 Dec. 2023.  Raeburn, Alicia. “ What Is Product Development ? The 6 Stage Process [2023] • Asana.” Asana, Asana, 1 Nov. 2022, asana.com/resources/product-development-process? gclid=CjwKCAiAqIKNBhAIEiwAu_ZL& outcampaign=NB--APAC--EN--Catch- All--All-Device--DSA&tm_medium=pd_cpc_nb&utm_source=google. Accessed 8 Dec. 2023.

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