Type of paper: Essay

Topic: Business, Products, Innovation, Market, People, Customers, Company, Adoption

Pages: 3

Words: 825

Published: 2020/12/02

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The early adopters of innovations are the adventurous and curios consumers who are the first buyers of a new product. The early adopters are very important because they help the organization by spreading the information about the new innovation. The early adopters are usually the first people to buy an innovation, and they get the chance to gain more knowledge about the product before the other people. The early adopters talk about the new innovations so as to make people aware that they own the latest items in the market. The early adopters reveal both the advantages and disadvantages of the new innovations so that other people can make informed purchasing decisions.
Organizations can benefit from the early adopters through the development of networks that make it easier to spread the news about the new innovations to the market. Innovations are developed with an aim of making things easier or better for the consumers. The organization needs to carry out proper research so as to ensure that the new innovation satisfies the needs of the consumers. A consumer-focused innovation has a very good chance of becoming successful and popular in the market. The market is more willing to accept an innovation that would benefit the consumers as well as other buyers.
Communication networks make it easy for people to be aware that a new product is about to be launched. The social media has made it easy for people to communicate to each other about a new product. Samsung is a company that has benefited a lot from its Facebook fan page. Samsung has created a large fan base in its Facebook page, and it uses this page to inform people about a new product that is about to be launched. People get excited about the prospect of being the first beneficiaries of the new product. The early adopters take action by being the first people to buy the new product. They get the opportunity to experience the benefits of the new product as well as noting the shortcomings of the product. The early adopters relay such information to the other people in the market. The market acceptance of the new innovation will depend on whether the benefits outweigh the costs. The company can also make changes on the new product based on the reviews made by the early adopters.
Successful innovations depend on the marketing strategies adapted by the organizations. A company can make a very good product, but end up becoming unprofitable if it does not market the product in an effective manner. Successful innovations depend on using marketing strategies that are focused on the target market. Unsuccessful innovations rely on marketing strategies that do not focus on the target market. A broad focus will most likely result in failure because it is not addressing a specific market.
Positioning is an important marketing strategy that may lead to either the success or the failure of an innovation. High-end products should be placed in markets that are more likely to buy the products. Placing a high-end product in a market where the majority of the people can only meet their basic needs is a wrong move. The innovation will be unsuccessful in that market and the company will incur more costs than benefits. High-end products should be placed in the markets where people have high levels of income. Low-end products will also not do well in markets where people have high levels of income. Such consumers prefer to buy products that make them feel they belong to a higher class.
The timing factor should be taken into consideration before launching a product. The correct timing will enable an innovation to succeed in the market. The economic state of the country helps companies to determine whether there will be a ready market for the new products they launch. An economy that is facing a state of depression will lead to the failure of an innovation. People are not able to purchase new products because their income levels are very low. The company will be forced to lower its prices so that it can manage to make some sales. The best time to launch a new innovation is when people have high purchasing powers.
The marketing mix plays an important role in the market acceptance of an innovation. The marketing mix is composed of the 4Ps which include product, price, promotion, and place. A product that is focused on satisfying the needs of the consumers will enable the innovation to be readily accepted in the market. The price of the innovation will determine its acceptability in the market. If the price is too high, the consumers will not be willing to buy the product, and they will settle for the substitute products offered by the other companies. If the price is too low, the company may end up making losses, and this would lead to the failure of the innovation. Promotion refers to the efforts made to create awareness about the existence of a new product. The company will have to carry out marketing campaigns and advertisements so as to encourage people to buy the products, thus gaining acceptance in the market. Place involves making it easy for the consumers to access the new innovation.
All the components of a marketing mix are important for an innovation to be accepted in the market. However, the component with the least effect on market acceptance is the place. In this era, the internet has made it possible for people to buy items from all over the world. A consumer does not have to walk into a store to purchase a product. A consumer does not even need to know where the company is located. It is possible for a consumer to purchase an item online by looking at the image of the product, and then have the item delivered right on his doorstep.

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WePapers. (2020, December, 02) PRE-Launch Decisions Essay. Retrieved October 19, 2021, from https://www.wepapers.com/samples/pre-launch-decisions-essay/
"PRE-Launch Decisions Essay." WePapers, 02 Dec. 2020, https://www.wepapers.com/samples/pre-launch-decisions-essay/. Accessed 19 October 2021.
WePapers. 2020. PRE-Launch Decisions Essay., viewed October 19 2021, <https://www.wepapers.com/samples/pre-launch-decisions-essay/>
WePapers. PRE-Launch Decisions Essay. [Internet]. December 2020. [Accessed October 19, 2021]. Available from: https://www.wepapers.com/samples/pre-launch-decisions-essay/
"PRE-Launch Decisions Essay." WePapers, Dec 02, 2020. Accessed October 19, 2021. https://www.wepapers.com/samples/pre-launch-decisions-essay/
WePapers. 2020. "PRE-Launch Decisions Essay." Free Essay Examples - WePapers.com. Retrieved October 19, 2021. (https://www.wepapers.com/samples/pre-launch-decisions-essay/).
"PRE-Launch Decisions Essay," Free Essay Examples - WePapers.com, 02-Dec-2020. [Online]. Available: https://www.wepapers.com/samples/pre-launch-decisions-essay/. [Accessed: 19-Oct-2021].
PRE-Launch Decisions Essay. Free Essay Examples - WePapers.com. https://www.wepapers.com/samples/pre-launch-decisions-essay/. Published Dec 02, 2020. Accessed October 19, 2021.
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