Product and service innovation relates to the process of fabricating new products or services or by introducing a good or service that is an improved version of the previous goods or services. Product and service innovation is broader than the original definition of innovation. This is because, in this context, product and service innovation comprises the invention of new products as well as improvised models of old products that are still considered innovative. Product and service innovation helps you to gain a comparative advantage by proliferating your business. This is because if you can differentiate your product from other companies of the same industry, then you can entice the customers towards your business. By integrating effective product and service innovation with their business, the entrepreneurs can help in branch switching of their customers. This is because when you can utilise innovations in your product, then the customers from other brands switch over to your brand.
The first step of the innovation process is called product planning. This step emphasises on the products which should be fabricated and when. Thus, this process integrates two parts of policy formulation and idea finding. Policy formulation integrates the proclamation of goals and the strategies for fulfilling these goals. Idea finding relates to the integration of the innovations in your products.
The credibility of a business is exhibited only when it can convert its promises into action. Thus, strict development incorporates the conversion of promising ideas for new products into detailed plans. The plans are fabricated, keeping in mind the latest business ideas and innovations. Also, the product development process must be arranged concentrically.
As the name suggests, realisation incorporates transforming the detailed plans of the strict development phase into reality. Realisation is a comprehensive process that integrates the fabrication, distribution, sales, as well as the actual use of the product by the consumers. It also involves the outcomes of the innovative techniques that were integrated into the product.
Before strategizing your goals, you must know whom you want to impress as customers. All the strategies will go in vain if applied to the wrong set of customers. The second thing you must consider before strategizing is your competitors. You must be aware of what you are up against and must plan accordingly.
Arrange and define your 4Ps of marketing mix properly (Price, Product, Promotion and Place) and let them do wonders.
For your marketing plan to work as it should, hiring skilled professionals who are inspired and motivated to input their best in your company's enhancement is recommended. They can help you implement your strategy by putting the 4Ps at work lavishly.
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