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Innovation in Lock Systems: Yale Case Study

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Added on  2023-04-10

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This presentation discusses the innovation in lock systems by Yale, a lock manufacturer headquartered in the UK. It explores the different types of innovations, the market segmentation, target market, decision-making process, marketing strategy, and the extended marketing mix.

Innovation in Lock Systems: Yale Case Study

   Added on 2023-04-10

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Innovation in Lock Systems: Yale Case Study_1
INTRODUCTION
Innovation can be determined as a diverse activity. Innovations
are made as per the type of issues or problems that are faced by
people. These are helpful enough to make sure that problems are
solved and organization or the person behind the idea get
benefited. Ultimate aim of any organization to gain maximum
profit. This is only possible when they will be able to understand
the need and requirement of customers and delivering them
services accordingly. Present report presentation is based on Yale
which is a lock manufacturer headquartered in UK has identified
an issue and for this they have solution. This is over entry lock
system and it is based on an application that will help to lock the
doors, even if one is miles away from their home.
Innovation in Lock Systems: Yale Case Study_2
Type of innovations
Breakthrough innovations
Sustaining innovations
New market innovation
Disruptive innovation
Innovation in Lock Systems: Yale Case Study_3
2. Pitching innovation
Among all innovation types, the current innovation falls under sustaining.
There are many different type of lock systems available in the market.
However, there are conditions in which people forget to lock up their room
and just to lock it up they have to go back and do it. However, this innovation
will be helpful enough to solve their issues as they do not need to go back but
they just need to use the application which will enable customers to lock their
room automatically. This way time and energy will be save and home will be
safe.
Innovation in Lock Systems: Yale Case Study_4

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