Emerging And New Market Opportunities Essay

Emerging And New Market Opportunities Essay

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emerging or new market. It can originate from new technology or new market opportunities (Eliashberg, J., Lilien, G. L., & Rao, V. R. 1997). Literature defines product development as exploiting an untapped market opportunity and turning it into a value product for customer satisfaction. Development and introduction of a new product requires extensive research on understanding customer needs, market structure, emerging trends and analysing the internal & external competitive market environments. To evaluate customer satisfaction previous researches provide strong relationship between customer satisfaction and product quality, product features and value for money. ***
But irrespective of where opportunities originate, when it comes to successful new products it is the consumer who is the ultimate judge (Brown and Eisenhardt, 1995; Cooper and Kleinschmidt, 1987)
Firms sustain their long term position in competitive business environment by continuous research and development and meet the emergent new trends and demands by offering new variant and diversified products.
The consumer electronics industry particularly smart phone industry has extremely short product life cycle. Firms need to develop new products and update the existing ones, in order to meet the changing market demands. The emergent marketing challenges and new technological advancements fosters firms’ need to conduct research and ascertain new strategies, in order to survive and retrain their market position. Firms need capabilities in order to react to the sudden market changes and have a contingency plan to meet the changing market needs. To manage the rapid change in technology and the extremely short product life cycles, the cross-functional cooperation of the NPD pr...

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...eving high levels with the help of the knowledge and research available.

Conclusion and Future Research:
Today’s organizations have more options as to which market they want to or willing to enter and what innovative and effective products they will use in that market. The various approaches to target different segements through product innovation highlight the importance of implementing different products which will be more suitable to different market segment. Future research could help in providing guidelines for each of the matrix approaches to product innovation. Aple Inc should look and decide for a strategy which best suits them and through which they could achieve more in terms of the sales and market share. For this purpose it is very important that the company should always be busy in doing research so that they could easy make decisions when ever needed.

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