MARKETING MANAGEMENT

Secure Cash Coin Machine - A Marketing Research

Table of contents

Introduction1

Innovation1

The effect of innovation2

Invention5

Cash Coin Machine6

Marketing and innovation: Michael Porter and Peter Drucker8

The process of innovation9

Drucker's seven sources for innovative opportunities10

The significance of marketing management10

Structure of the report11

The product development process13

Idea management13

Idea screening15

Concept development17

Concept testing18

Porter five forces analysis18

Supplier power18

Buyer power19

Competitive rivalry19

Threat of substitution20

Threat of new entrants20

Product originality21

Product viability21

References22

Secure Cash Coin Machine - A Marketing Research

Introduction

Departmental stores and banks have had serious issues in the past when it comes to counting their cash at the counters (Siaw 2004, p. 514). This is a monotonous job. In particular, the counting of coins is something that is prone to mistakes in that the person at the counter can miss a coin and calculate something wrong. Moreover, the counting of coins is a very time consuming process. If only there was a machine that could do it, the life of the person at the counter would be just so easy. Hence, we have decided come up with the Coins Cash Machine. This Secure Cash Coin Machine will help companies in achieving error free management of cash. Moreover, it will make the work of the person at the counter much easier in that the cash that he used to count manually earlier will not be counted through the machine. Hence, he will be able to serve the customers better, to their utter delight.

Innovation

In order to remain competitive in the global market, it is imperative that each business does not become complacent on innovation (Waibel & Hanazawa 2007, p. 228). Innovation is one way of keeping customers happy. Innovation has many definitions; it is not something that affects product only instead it is something that affects marketing for that product too. For a new business enterprise, innovation would mean coming up with a product or service which is completely out of the box. On a very broad level, we can say that innovation affects marketing research, target market, product, price, place, promotion, that is, the four P's in the marketing mix.

The effect of innovation

When it comes to marketing research, innovation means coming up with new ways of conducting marketing research and analyzing the data garnered thorough research. The research design differs with the purpose of the research. For instance, for a marketing research that aims to dig into the consumer insights about the product quality of the company the questionnaire and research methodology would be different than the marketing research that aims to come up with a new feature in the existing product or do marketing research alone. Hence, product development research will be different from consumer promotion effectiveness research. Innovation means doing something new, something totally different and out of the box (Gartner 2005, p. 873).

Innovation in the target market would mean finding new ways of catering to the existing target market or finding ways of increasing the current customer base of the company (Porter 2005, p. 11). When a company aims for market development, it tries ...