Managing Innovation in Business | Buick

MANAGING INNOVATION IN BUSINESS 1
MANAGING INNOVATION IN BUSINESS: BUICK
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MANAGING INNOVATION IN BUSINESS 2
Product management is a broad subject that identifies the product, the marketing plan,
and process and expected outcomes. Product management varies considerably according to the
product, the vicinity of launching, social, economic factors of surrounding community, the
already established competing markets and risks involved. We are going to have an in-depth
scope of all of the above processes. Product management is the symbiotic functions within the
different department of an organization that lay out plans, strategies outlined in a marketing plan
as a guide to reaching set goals and objectives of an organization (Wlazlak et al., 2018, p 482). A
marketing plan is an actual process that details the processes and steps to be implemented to
achieving the set goals of an organization.
Before coming up with a product innovation plan, the personnel in the marketing
department have to consider some factors to come up with a compatible and effective marketing
plan. They should come up with short and long-term objectives of the company. They will act as
a guideline and foundation through which they will derive the strategies to implement to
achieving them (Wowak et al., 2016, p 67). The set short and long term goals will also outline
what is needed to achieve them. They will also allow them to derive aspects and expectations
from all different departments in the organization to achieve them. Ultimately the goals and
objectives should be S.M.A.R.T. (specific, measurable, attainable, realistic and specific). They
should assess the already available organization resources and evaluate the risks and available
opportunities. They should devise SWOT (strength, weakness, opportunities, and threats) to
come up with the appropriate steps to achieve effectiveness, it will also point out the needed
experienced personnel needed to achieve the goals, for example, antique shop owners who may
have different authentic train parts in the display, where are they situated? What information can
they provide? By identifying the above, they should come up with a comprehensive plan to

MANAGING INNOVATION IN BUSINESS 3
follow through with their company, taking minimal risks but offering better exposure to the
product.
The marketing strategy will be used to come up with strategic plans to ensure the
organization has the upper hand in the competitive business world by looking at things like new
technological advancements and employing relevant personnel. Technology changes daily and
every company should be able to adapt and keep up with the new technological advancements
and implement them to their advantage, for instance, they could create a social network page for
their product accessible to everyone, where they display their products and give a box where
their customers can give reviews of their products. Implementing and monitoring marketing
plans. This will be a guideline on the appropriate time to implement these already laid out
strategies by using feedbacks from their target market and adapt appropriately. Through reviews
from their customers, they will be able to make necessary arrangements for instance if its
negative or derivative feedback they will make the necessary changes to give the product a
competing edge.
A marketing plan is essential to any business organization as it provides a direction to
achieving the set-out goals and objectives. It will act as a guideline by stating out all expectations
to be implemented by all the different departments in the organization towards achieving the
overall goals of the organization. It helps all involved parties to keep the focus on set out goals
and objectives. With the outline of what is expected to be achieved each department will deploy
the necessary input to give the best outcomes within the set timeline (Zahay et al., 2018, p49).
Study shows most people work best under pressure. It will help identify the target market. For
example, if it’s a new upcoming makeup company, they can deploy a use of pop up instructional
videos when people sign in to the social media platforms, giving them a broader target market.