Creating a good marketing strategy is one of the key steps to make the business successful. Moreover, if a firm tends to sustain its growth, the strategy adopted must be flexible and innovative but based on a solid marketing research and analysis. Especially it concerns high technology market, as any company that aims to be a leader in it must be innovative and creative (Mohr, Sengupta, & Slater, 2010, p. 66).
Barry Curewitz in his article Want New Products That Get Noticed? Change The Process evaluates the results received within a study conducted together with Davis Research (2007). The research was called to examine the consumer-package-goods industry via interviewing 128 senior marketers of the world's leading CPG companies, specifically, the purpose was to understand their strategies adopted and possible challenges (Curewitz, 2007).
It is difficult to compete in the modern business environment as new technologies and vibrant economic situation stimulate fast emergence of new products and brands. About 90% of the start-ups fail due to lack of creativity and innovations or weak marketing strategy (Curewitz, 2007). Therefore, each company’s management employs new elements to make their strategic plan more competitive. Here is a list of the five most important elements mentioned in the article, arranged as per their significance:
New product developing and brand platforms. Most of the marketers questioned stated that there is no more market differentiation, thus exploration of new market segments is almost useless, but time and resource consuming. Therefore, even launching “me-too products” with borrowing some progressive technologies from other firms will be more effective for the business;
Hiring effective marketers. Since marketing research and analysis are no more the only requirement for an effective marketing planning, marketing managers should have more developed managerial skills and think “outside the box”, so that to be ready to react to any fast changes;
Sustain “balanced approach to the new-product-development process”, as it will let the company to be both flexible and stable;
Investigate innovative tendencies and arising customers’ needs so that to plan further investments;
Concentrate on the one or few main initiatives and develop them, rather than switch from one idea to another leaving lots of product lines unfinished.
References
Mohr, J., Sengupta, S., and Slater, S. (2010) Marketing of High-Technology Products and Innovations. 3rd ed. Upper Saddle River, NJ: Pearson Education, Inc. ISBN-13: 978-0-13-604996-8
Curewitz, B. (2007) Want New Products That Get Noticed? Change The Process. Available at: http://adage.com/article/cmo-strategy/products-noticed-change-process/120727/
Response to Natalie Wagner
Understanding company’s strength and weakness is truly one of the cornerstones of any marketing strategy. Hereby, the management should definitely find answers to the questions that will show company’s competitive advantage. And further marketing plan should be built based on these answers (Mohr, Sengupta, & Slater, 2010, p. 49). I absolutely agree, that developing new products is the first of five key elements determined in the article by Curewitz. However, I support the idea that innovative product does not have to be differentiated. As it was reported only 12% of recently launched new products were considered to be deferentiated, but it does not prevent “me-too” products from being successful (Curewitz, 2007). Therefore, together with developing new innovative products new brand platforms must be created. Company’s management should also consider all possible risks once starting an absolutely new project. Definitely, the higher the risk, the higher profits may be received. Nevertheless, only a small amount of innovative start-ups becomes truly value-adding for the business due to lack understanding of the marketing processes.
References
Mohr, J., Sengupta, S., and Slater, S. (2010) Marketing of High-Technology Products and Innovations. 3rd ed. Upper Saddle River, NJ: Pearson Education, Inc. ISBN-13: 978-0-13-604996-8
Curewitz, B. (2007) Want New Products That Get Noticed? Change The Process. Available at: http://adage.com/article/cmo-strategy/products-noticed-change-process/120727/
Response to Tracey Powell
I absolutely support Tracey’s statement that any innovative idea adopted in the company must go along with the main strategic goals and objectives so that not to destroy the general vision or diminish company’s value. Among the five elements declared as most important I would emphasize on a good choice of “create and explore the goals of the company” and “finalize and own a strategy that thrives” as these will help to build one strong backbone of the business and thus create a recognizable brand in the market. However, high-tech companies must also seek for new breakthrough ideas and try yet unknown technologies to survive in the modern market (Mohr, Sengupta, & Slater, 2010, p. 83). Even though, newly emerged products are rarely differentiated, they still have to be something more that just improvement of the existing ones (Curewitz, 2007).
References
Mohr, J., Sengupta, S., and Slater, S. (2010) Marketing of High-Technology Products and Innovations. 3rd ed. Upper Saddle River, NJ: Pearson Education, Inc. ISBN-13: 978-0-13-604996-8
Curewitz, B. (2007) Want New Products That Get Noticed? Change The Process. Available at: http://adage.com/article/cmo-strategy/products-noticed-change-process/120727/
