1.3 PRODUCT INNOVATION
The development of new products, changes in design of already established products, or use of new materials or any of the other components in the manufacture of established products.
Many examples of product innovation which include introducing to the new products, enhanced quality and improving of its overall performance. Product innovation, with it adding up cost-cutting innovation and process innovation, are three different classifications of innovation which aim to develop the company's production methods.
Product innovation means different things to different type of people. Some, for example, tend to think in terms of a product which is of ‘first of its kind’. Indeed, since about the year 1971 there seems to have
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A measure of overall customer satisfaction typically shows consumer expectations towards the service provided, as well as how far the provided services are from their side. Customer satisfaction is one of the fundamental determinants of very long term consumer behaviour. In order to control customer defection, most of the company’s focus on the one of the major is managing customer satisfaction. Customer satisfaction has gained very much attention in the last few years in most of the areas of production. In an increasingly competitive and rapid environment, greater attention is paid to customer relationships and existing satisfied customers. For companies, customer satisfaction is most effective way to differentiate from competitors and gain competitive advantage but it is also one of the key issues in their efforts towards improving quality. Satisfaction is most used as a predictor of future consumer purchases. Satisfied customers have a higher likelihood of repeating purchases in time, of recommending that others try the source of satisfaction and of becoming less receptive to the competitor’s …show more content…
A total of 17.8 million of two wheelers are sold here from 2 year, that's over around 49,000 units every day. China trailed with 16.9 million units has already sold, survey conducted from industry body Society of Indian Automobile Manufacturer as well as the reports are compared from China Association of Automobile Manufacturers. Indonesia stands in the third place in Automobile Manufacture.
Besides increasing incomes and fast growing infrastructure even in the rural areas compared to urban area, one of the main reasons for the rise in sales has been with women commuters who feel ease to ride in and out of city traffic in the gearless scooters.
The need for vehicle mobility is one of the growing hub in India, and India is faster in developing economies in the world," says YS Guleria who is senior VP at Honda Motorcycle and Scooter India, the it is the country's second biggest two wheeler
High levels of customer satisfaction will not guarantee future sales, but are more likely to result in repeat future sales than indifferent or poor customer service. Moreover, satisfied customers are more likely to try out other products/services in the firm’s range, or recommend it to friends and family. Build on customer loyalty Customer loyalty is valued highly by most businesses and can be
There are five categories of new products: new inventions, new category entries, additions to product lines, product improvements, and repositioning target products to new markets for new uses. The process is the same regardless of the category. It includes idea generation, idea screening, concept development and testing, analyzing the business, prototype development, test marketing, and commercialization.
Innovations are all over this world. Everything from the cash register, to the credit card that we use to buy the things that we desire the most. In this paper it will show how the innovation used can make one company were successful, then on the other hand how the other company chose not to keep up with innovation, which caused a decrease in sales.
Innovation comes in different forms and relates not just new products but new systems and processes followed to attract or differentiate their products and services with their competitors. One such could be Coca-Cola’s Share a coke campaign which was highly influential in creating a new base for their customers and gave them huge publicity. Hence innovation does not mean just the products but every other
The hard technological innovation refers to hardware resources, while the soft one represents the information and computer software systems. The installment of hardware resources at the airports significantly helps in the prevention of crime (Andrews, Bonta & Wormith, 2011). However, criminals may use the same hardware resources to commit crimes and other associated offenses at an airport. The hardware resources include, firstly, CCTV cameras, electric fences, metal detectors, luggage screening equipment, and bullet proof teller windows and doors at the airports. These hardware installments prevent crime in their own way. Secondly, other hardware technological devices that are important in crime prevention include personal protective devices, such as maces, lifeline call mechanisms, and tasers. Thirdly, the airport security personnel need new weapons that are less lethal, but effective in crime prevention. Moreover, airports should purchase technologically advanced patrol vehicles and personal protective gear for their security officers (Sampson, Eck & Dunham, 2010).
Another marketing concept that is related to this topic is product development. Product development is the process of creating a new product in the market that is technically feasible to produce at low costs, in order to make the final price reasonable. The development of a new product is converted through prototypes. Once a prototype is developed, its functioning must be tested. Performance tests are important for determining if the prototype meets the objectives of the company as well as the safety standards.
This review focuses on the research paper ‘Architectural Innovation: The Reconfiguration of Existing Product Technologies and the Failure of Established Firms’ (Henderson and Clark, 1990). Radical and incremental innovations have long been the corner stone of which firms base their knowledge of technological innovations. However, the research paper serves to shed light on one of the less evident forms of innovation – Architectural Innovation. Architectural innovations are, as defined by Henderson and Clark, an innovation that change the way in which components of a product are linked together, while leaving the core design concepts untouched (Pg. 1, Para 5). In other words, architectural innovation destroys the usefulness of a firm’s architectural knowledge, but preserves the usefulness of its knowledge about individual product components. The paper argues that the inability of firms to identify and recognise new interactions between components has serious competitive consequences. The argument is exemplified in the photolithographic industry, where one after another, firms lost thei...
Improving product differentiation - improving features, implementing innovations in the manufacturing process and in the product itself.
Customer satisfaction is a key ingredient to the success of any business.It is the most important factor that creates repeated customers. Some people know it but do not realize its importance. If a customer of yours is satisfied with one of your products or services, chances are this customer will purchase more of your products or services, which will increase your revenue. Therefore, in order to have your new or existing customers buy more from you, you will have to follow techniques that work. Customer satisfaction takes a very important place in Marketing. As much as you think that your marketing strategies should help you generate sales, think about how the same marketing strategies could help you achieve Customer satisfaction. There are a lot of elements involved with Customer satisfaction.
Customer satisfaction is the overriding factor for the successful operation. Sales of the supermarket can grow when it makes its customers satisfied with the goods or services by best policy to fit customers’ requirement. So, it can be told that customer satisfaction is followed by customer revisiting or repurchasing. They can also tell their acquaintances about products or services as good. Customer satisfaction and sales might be linked directly, companies have to check the factors periodically such as quality, schedule, layout, inventory and so on to lift customer satisfaction because even small factors that employees didn’t recognize can affect consumer satisfaction enormously.
Innovation is an object that was successfully implemented in production and making a profit as a result of scientific research or discoveries made qualitatively different from previous counterpart. The term innovation and disruptive innovation are similar. The innovation process is associated with the creation, development and dissemination of innovations.
1).Innovation Management:Innovation Management is the form of looking into future, of being creative, imaginative .It is used in the growth of product and also organizational innovation. It also includes tools which allows higher management & engineers to communicate with basic understanding of goals and its processes .Its main focus is to allow the organization to react quickly occurring within an organization, using its efforts to implement new ideas or its products. It also involves persons in contributing to the development of the companies manufacturing and also its marketing. Through development also innovation process can be done. There are two types of process involved in innovation management one is pulled and the other is pushed. Pushed process is the one in which the organization uses its technology to discover profitable applications. Pulled process is the one in which the focus is mainly in developing the efforts to find the solutions. There are two phases in innovation management .First phase includes design of the innovation and second phase includes the implementation. Internal bench marking can be established to measure the innovation. Managers should focus on ones attention on innovation cause to be necessary to infer something from information received on the complexity.
On the contrary, using private car is the same convenience of travelling as public transport. When people are in a hurry, they can suddenly go ev...
Customer satisfaction measures the expectation of a customer relating to the product and services provided by the retail stores. Satisfied customers tend to be loyal to the organization and make more and more purchase from the same store, which in turn is beneficial for the organization. According to Hoyer and Maclnnis (2001) satisfaction can be compared with the feeling of acceptance, relief, pleasure and
It’s subjective opinion or psychology of customers. Satisfaction is often confused with loyalty. The range of customer’s emotion is shown with surprise, contentment, happy, unhappy or relief. The entire gap between perceived quality and expected quality is influenced customer satisfaction. Customer loyalty is always is frequency buying action.