The modern era is all about adding value and marketing through achieving sustainable competitive advantage. The focus of companies today is to manage the sustainability so that growth can be pursued; rather than focusing on reputation, they tend to pursue added value. The business market changes with time and as the business matures, the growth target gets limited (Zemlickien.E & Maditinos, 2012). In order to create a vibrant, and long term growth for the business, new type of consumption must be tapped into like a new product or targeting a new customer. Just like the success of App Store over merely a period of six years, it can be proven how innovative marketing strategies can be successful. All the marketing energy must be focused on the product; this involves identifying a new product to be made, and then setting the production line. The business must market the appearance of the product such that it gets aligned with the requirements of the customers and how it is functioned according to the needs (Wunker, 2011). Once, the product has been decided, the most important decision is to form the pricing policy. The price decides how the sales revenue can be created. The product and price are the most significant components within the marketing strategy. Being proactively considerate towards the customers and determining the appropriate market segment helps to develop a marketing competency for any business. By selling a product before a market actually exists for that product leads to minimum losses as the possible gains are maximized (Gummesson, 2002). The strategy for marketing a new product is never perfect as it is always a gamble; the company must research the odds of the market and then tap into a new market. A new and untapped market can never be easy to crack; the uncertain terrain is what makes the potential for earning profits higher. The biggest challenge in such a situation is not a potential competitor; rather, the customer inertia is the biggest threat (Burkus, 2013). The marketplace does not even exist properly and the customers even require being educated. So, when a company decides to reach an untapped market and innovate, it must educate its customers, create a need for the product and then fulfill that need with the most suitable price.
References
Burkus, D. (2013, 25th Dec). Sell Your Product Before it Exists. HBR Blog Network, [web log] Retrieved from: http://blogs.hbr.org/2013/12/sell-your-product-before-it-exists/ [Accessed: 26 Mar 2014].
Gummesson, E. (2002). Total relationship marketing. Oxford: Butterworth-Heinemann.
Wunker, S. (2011). Achieving growth by setting new strategies for new markets. Ivey Business Journal, 1.
Zemlickien.E, V. & Maditinos, D. I. (2012). MARKETING STRATEGY FORMULATION FOR INNOVATIVE PRODUCT DEVELOPMENT PROCESS. Business: Theory & Practice, 13 (4).
