Identify challenges of product innovation and development

Reference no: EM133286829

Assignment - Role of Creative Marketing Essay

Description - Identify the challenges of product innovation and development.

As we are aware, sometimes slick marketers will introduce a new product idea that may not be a quality concept, but that they believe will be successful, if they use the right marketing strategy, even if only for a short time.

It is clear that ongoing innovation is necessary for a firm to survive. This becomes even more important for a company competing against foreign firms with advantages (including lower labor costs and government subsidies) over U.S. companies. As a result, customer value becomes even more critical for success. One way of providing value is through innovation.

Brands aren't as powerful as they used to be. Experience with the product (either actual or through feedback from current users---think social media) has more power than the brand name as the basis for a person's purchasing decision. Innovation is a message that is easily spread through these modern-day technologies.

Instructions - Answer the following question:

Can you think of any product that has benefited from feedback through social media channels?

A problem we see sometimes is marketing that focuses on the gimmicks. Find a new product that fits this description and discuss whether this product is successful or not. Explain your reasoning.

Reference no: EM133286829

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