Marketing Design and Innovation : Report
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Added on 2020-07-22
Marketing Design and Innovation : Report
Added on 2020-07-22
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Marketing Design andInnovation
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................31.1 Marketing innovation and strategic competitive advantage..................................................3TASK 2............................................................................................................................................61.2 Innovation and Design in introducing new product and service in market...........................6CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................11
INTRODUCTIONDesign is considered as the creation of plan and convention to make an object (Verganti, 2011).In marketing, design refers to the brand name of organisation which helps in attractingcustomers, visitors, collectors and help in increasing profits, revenues and market share.Innovation indicates towards modification or experiments in the product with more effective andbetter performance. Both the factors play an important role in the organisational context. Bothare helpful and supporting factors to improve the product’s image in market. Design helps inenhancing product’s psychical appearance and innovation helps in improving quality andperformance of product. This report is prepared to elaborate the marketing principles of product and servicedesign, functionality and purpose, customer interest and perception, value and branding. Howlarge business types use different type of design and innovations to promote their products atdomestic and international level are defined in this context.TASK 11.1 Marketing innovation and strategic competitive advantageMarketing innovation simply defines the scope of product innovation and development ofcompany. It is very important to keep innovate and experiments with the product to maintaincustomers attention and curiosity with product. Market innovations cover certain criteria asdesigning methods, purpose, market trends, culture as well as mind set of customers, product’srequirement and change model. Changes and innovations help in connecting organisation withrecent trends and culture of market. Product development and innovations are the key factorswhich help in getting high competitive advantage and sustainability in business environment. Product designs and market innovation also remain responsible for building effective andstrong brand image of company. These factors also help in generating high revenue andcompetitive advantages (Schreier, Fuchs and Dahl, 2012). There are revolutionary changes seenin the product development and designing tactics which excel an organisation at the next level.Technology and advancements are the major elements which affect and motivate organisations toimplement that technology in manufacturing the product. Market innovations depend upon thenew changes and methods which affect product’s image and customer’s interest.
It is understandable by a survey which was done by random sampling on 200 respondentsin ten Jordanian commercial banks. There was a self-administrative questionnaire that wasdistributed to the relevant data and information. There were number of hypothesis designed forthis purpose. It was briefly analysed and described the results by sampling method and test.There were positive and favourable results found in maintaining business relationships betweenmarketing mix, management perception, customers involvement and innovative marketing. Itmeasured high velocity of changes in the financial sector along with the impact on product lifecycle, mass customisation and customer interest as well as successful implementation oftechnological and marketing capabilities for given product (Santolaria and et. al., 2011). These factors were evaluated in respect of accomplishment of short and long term goalsof organisation. In the financial sector, there is high competitive environment found. Informationtechnology and advancements have driven these sectors from complex business situations fromflexible organisational structure. After implementing information and technology in banking andfinancial sector, there was a huge change is record in customer's involvement. Information andprocedures become more convenient and approachable to customers as opening bank accounts,getting loans and financial helps, repayment policies, etc. It reduced the time and cost in gettinginformation about financial transactions and statements (Norman and Verganti, 2014). Innovation process in showcasing new financial products has changed market conditionsand behaviour of customers. It supported in operating effective and smooth business as well asfinancial operations with broad elasticity of process. Financial and banking industries get eligibleto get profitability and sustainability in the market. There were different internal and externalfactors of environment and threats occurred while innovating and implementing ideas as well asmethods in this sector. Bifurcation of financial activities and procedures is also a tuff task forfinance industries in the competitive environment. Internal resources strength and weakness, external environment as customers, suppliers,members and stake holders are the factors which impact organisational structure in implementingchanges and innovate products (Battistella, Biotto and De Toni, 2012). Legislations, laws, rulesand regulations regarding financial transactions, foreign investments and import export policies.Marketing innovations and product designs also help in building a strong internal environment atworkplace in the organisation. Employees get opportunity to learn and upgrade theirperformance at the next level. These elements provide a path for moving ahead for future goals
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