Marketing Strategy in the Product Innovation and Development: A Cross-National Study of the R&D

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ABSTRACT

Strategy is a move intended to outwit an opponent or competitor; it is mainly concerned with effectiveness rather than efficiency and planning for the future. The main role of strategy is to chart the course of an organization in order to succeed; it is a pattern that a company exhibits over a period of time. There are many marketing strategies that have evolved over a long period of time. It is necessary to understand, different kinds of marketing strategies used by the companies like customer based and resource based marketing. The purpose of this study is to analyse the importance of Research and Development for a firm's product and marketing strategies to launch innovative products and discuss use of online marketing techniques for marketing innovative products.

TABLE OF CONTENTS

ABSTRACTii

CHAPTER 1: INTRODUCTION1

Background of the Study1

Research Objectives2

CHAPTER 2: LITERATURE REVIEW3

Marketing strategy3

Radical marketing strategies3

Rational marketing strategies4

Robust marketing strategies4

Marketing Strategies in New Product Development5

Marketing mix strategies6

Innovativeness in marketing studies8

CHAPTER 3: METHODOLOGY10

Research Design11

Ethical Concerns11

REFERENCES13

CHAPTER 1: INTRODUCTION

Background of the Study

New Product Development can be defined as the process of innovating and inventing new ideas and concepts, with a view to developing a successful new product in the anticipation of customer needs. The process of New Product Development involves various stages of inventing, testing, retesting, acquiring consumer attention and even redesigning, therefore making this process quite elaborate, costly and complicated depending on how the business wishes to make it. However, despite this process being elaborate, costly and complicated, it is quite necessary to a firm (Rangaswamy & Gupta 1999, 12).

Firstly, a firm's administration needs to do this especially when competition is strong in their markets. In doing so, the firm can have another product to rely on, or they can introduce a new product, when competition from other firms is heavy. Secondly, innovation is compulsory for the continued success of a firm (Rangaswamy & Gupta 1999, 12). No matter how successful a product is, there will come a time when it enters a period of decline and given the long period needed to develop them, it is important to have new products in tow. Also, firms need to meet changing customer needs and competitors actions. Therefore New Product Development is necessary as the tastes and needs of consumers change so that the firm will be up to date with its customers. In addition the life cycle of many products change at very fast rates. New Product Development is therefore necessary for the survival of any firm (Rangaswamy & Gupta 1999, 12).

New Product Development is therefore not an optional matter; it has to be done just to survive in today's dynamic market with its ever changing technology, as the rate with which technology is increasing tends to render many products obsolete (Rangaswamy & Gupta 1999, 13).

As mentioned before new product development can be described as an elaborate, costly and complicated process. Therefore for this venture to be successful it must be well ...