The Significance of Innovation in Maximizing Company Sales

The provided proposal emphasizes the significance of innovation as a technique for maximizing company sales by attaining set goals or objectives. It focuses on the hospitality sector and various techniques adopted by Marriott hotel to improve their current image. The report also highlights the importance of satisfying consumer needs, gaining their attention, trust, or loyalty, which aids in establishing goodwill at the marketplace.

Research Methods

Table of Contents
Title :- ..............................................................................................................................................1
INTRODUCTION...........................................................................................................................1
1.1 Overview of research............................................................................................................1
1.2 Significance...........................................................................................................................1
1.3 Aims and objectives..............................................................................................................2
1.4 Research question..................................................................................................................2
1.5 Gantt chart.............................................................................................................................2
LITERATURE REVIEW................................................................................................................2
2.1 Relationship between innovative products and company sales............................................2
2.2 Benefits of introducing distinguish items.............................................................................4
2.3 Stages of introducing new product........................................................................................5
RESEARCH METHODOLOGY.....................................................................................................6
3.1 Type of research....................................................................................................................6
3.2 Research design.....................................................................................................................6
3.3 Data sampling........................................................................................................................6
3.4 Ethical consideration.............................................................................................................7
3.5 Research philosophy.............................................................................................................7
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................7

Title :-
“To determine the influence of innovative products on company sales: A case study on
Marriott hotel”
INTRODUCTION
1.1 Overview of research
Introduction of innovative ideas is very much indispensable for growth of an association
because it aids in maximizing the company sales by seeking attention of numerous clients.
However, in today's world most of the consumers are curious towards experiencing something
new or unique. Thus, because of this hospitality sector is investing their capital in designing
creative products or services by considering necessary elements such as; trends, external or
internal factors, competitive goods and so on (Dangelico and Pujari, 2010). Therefore, main
objective of this research product is to analyse the impact of distinguish ideas on organizational
sales, performance and overall growth. Basically, this research project is going to highlight the
effective relationship between launching of innovative products with increment in company
sales. Meanwhile, an association needs to make necessary changes at workplace for improving
their company performance by enhancing the knowledge of employees. Marriott hotel is
considered as leading organization in service industry due to their qualitative items, on time
services, outstanding interior or exterior, themes, positive goodwill at marketplace and various
other factors are there which make this association distinguish from others. Consequently,
research is fully based on identifying the significance of launching splendid goods with unique
qualities for organizational development or growth.
1.2 Significance
It is indispensable to study the importance of introducing creative goods for company as
well as employees in order to establish company goodwill at marketplace. Mainly, it act as a
beneficial factor because distinguish items encourage various individuals mostly youngsters to
try to something new or different for enjoying their life. It has been identified that number of
people are keen interested in knowing various things from which they are totally unaware in
order to learn about it for sharing their knowledge with others (Ernst, Hoyer and Rübsaamen,
2010). Hence, Marriott hotel is spending lots of money in doing something unique which make
their association distinguish from their competitors as well as get succeeded in gaining trust or
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loyalty of entire society. Thus, managers of selected firm needs to focus on their existing
products in order to reform it as per fluctuation in several factors such as; consumer taste or
preferences, trends and other elements which are connected with this function.
1.3 Aims and objectives
Aims:- “To determine the influence of innovative products on company sales: A case
study on Marriott hotel”
Objectives:-
 To determine the relationship between innovative products with company sales.
 In order to analyse the benefits of introducing creative items.
 To identify the impact of launching distinguish products on organization and consumers.
1.4 Research question
 What are the connection between introduction of creative products with sales of Marriott
hotel?
 Identify the influence of launching unique goods?
 What are the benefits acquired by hospitality sector due to innovative products?
 What are stages of introducing new products at marketplace?
1.5 Gantt chart
Work breakdown structure is all about splitting the entire project into various sections for
accomplishing entire activity much better way by attaining the goals of specific project in a
desired time frame (Lin, Chen and Kuan-Shun Chiu, 2010). Whereas Gantt chart is a graphical
representation of overall scenario in order to analyse overall process by considering essential
facts or figures.
LITERATURE REVIEW
2.1 Relationship between innovative products and company sales
According to Carbonell and Rodríguez Escudero, (2010) it has been analysed that
introduction of creative products at service sector is fully connected with their sales because
distinguish items attract the minds of various clients belongs from several backgrounds.
Basically, first or foremost motive of overall industry is attain competitive advantage at
competitive environment. It means, an organization wanted to increase their profit and market
share which resulted in maximization of company sales. However, in today's scenario global
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marketplace is fluctuating due to changes in several factors which have a major impact on
overall success of an enterprise. Marriott hotel is engaging in introducing number of creative
dishes, items, facilities and so on in order to acquire trust or loyalty of domestic as well as
foreign clients. Hence, as per this statement it has been assessed that changes in current products
or introduction of something different is having a major relation with minds of consumers
because it aids management team in seeking attention. As a result company get succeeded in
gaining maximum return on their investment by increment in current sales.
On contrary to this Johnston and Marshall, (2016) states that introduction of innovative
products is not having much connection with company sales because it may hamper the current
performance of employees. For example; if management team of Marriott hotel instantly direct
their employees to make unique dish as per demand of any client then it may have a major
influence on workers performance because immediate desire disturb their current work. It means,
sometime instant creative affects presentation of staff members in a negative manner. Thus,
company needs to concentrate on each or every aspect of changes in order to control various
unusual affects. Basically, initial objective of selected firm is to establish their positive image at
workplace by conducting various business activities in much appropriate manner.
Apart from this, one of the major example of innovation is Bert Claeys which is an
association of Belgium whose main motive is to operate move theatres in order to acquire
maximum revenue. Thus, Bert Clayes is engaged in introducing first megaplex that is consider as
a Kinepolis. As a rseult it brings change at marketplace and shaken the entire competitors. It
means, emergence of creative products act as a very indispensable factor for company success or
development because most of the customers believes in acquiring differences things. Hence,
according to case stud of Bert Clayes it has been understood that instead of competing with
rivalries an association needs to bring totally unique items in order to make competition
irrelevant and become leader across the international boundaries.
At last, by analysing all the above information or cases it is identified that innovation is
seen as one of the useful or appropriate element which is used by managers of an enterprise in
order to maximize their overall sales (Fu and et. al., 2010). As a result, it has been proven that
introduction of creative items is fully connected with overall performance of an association.
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2.2 Benefits of introducing distinguish items
Creativity is love by everyone either youngsters, aged people and kids because every
members wish to acquire something new or different in order to feel totally distinguish as
compared with others. Marriott hotel is fully engaged in presenting various types of dishes,
interiors themes, outstanding room facilities, luxurious services and so on. However, main reason
behind focussing on essential factors or to change current facilities is to capture the attention of
maximum clients in a minimum time period (Ceschin, 2013). Along with this, managers of an
enterprise believes in making life time relations with consumers, shareholders, stakeholders,
business partners and so on in order to continue their operations for longer period of time. Hence,
it has been assessed that hospitality sector is concentrating on introducing different types of
goods or services for improving their company performance, relations, image hence forth. Thus,
major benefits which must be acquired by an organization while launching new goods or due to
reformation in existing items is describing below:- Improvement in company image:- According to Zhu and Zhang, (2010) it states that few
consumers buy products because of brand name at marketplace because they must
consider goodwill of an association while purchasing products or services. It means, an
enterprise needs to build their positive image across the market in order to capture the
attention of numerous consumers. Thus, this strategy may achieved with the help of
suitable methods or tools such as; adoption of marketing strategy because it supports
managerial team while promoting goods or services of Marriott hotel. As a result,
company get succeeded in establishing their image which aids them in upcoming future
also. Acquisition of consumer trust:- Clients or entire society is responsible for final
consumption of products because they are final users. It means, it is indispensable for
marketing team of an enterprise to acquire trust or loyalty of whole society by serving
them with best or appropriate facilities. Along with this, required to treat them in a clam
or polite way by satisfying their desires, wants or desires in order to attain organizational
goals in a defined time frame (Hung, 2010). Profit maximization:- As per this element, an association can easily obtain attention of
various types of consumers such as; youngsters, spiritual people, kids etc. which leads to
maximization of organizational profit in a minimum duration. Hence, hospitality sector
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needs to focus on introducing distinct kinds of products by serving consumers with
suitable items at the time of need.
 Long lasting:- According to Chesbrough, (2010) company needs to use this technique for
continuing an association for long period of time because overall society love to acquire
new trends in order to get updated by creative items. Marriott hotel always try to create a
positive relations with various shareholder, suppliers and various other members
whomsoever are playing a major role in profit maximization.
At last, it has been understood that organization needs to focus on changes in order to
attain company objectives in a set time frame.
2.3 Stages of introducing new product
According to Chiang (2010) introduction of innovative items have a major influence on
overall industry as well as clients because both the factors are interlinked with each other.
Basically it is not easy to launch a fresh items at marketplace as it requires suggestion from
experience or talented people in order to resolve several complicated situation. Thus,
introduction of newly goods are going through suitable stage which is describing as follows:- Idea generation:- Initial stage is about representing an appropriate idea in front of the
staff members in order to make healthy discussion on specific topic. Ideas screening:- Secondly, an effective discussion is going on for determining the
benefits and disadvantages of introducing specific idea at marketplace. Testing:- As per this stage an association needs to test presented idea with the help of
suitable strategy for making a concept. Strategy analysis:- In this phase managers are liable to make an outstanding plan or
scheme by considering necessary elements, facts or figures for reducing the chance of
mistakes. Product development:- After approving specific strategy an association needs to enhance
current goods or services with the help of suitable methods. Test marketing:- Sample of presented goods needs to distributed in between various
clients or overall society in order to analyse their choice or preferences. Thus main reason
behind conducting this activity is to do changes as per clients demand.
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 Commercialization:- At last creative product is fully designed as per consumer choice
then its time to apply marketing mix for maximizing the company sales in order to
generate maximum revenue.
Hence, it is analysed that an organization needs consider above procedure while
introducing innovative items at marketplace. Basically, all these stages must be considered while
implementing new products for controlling chances of extra costing or wastage which have a
major impact on a company success or development.
RESEARCH METHODOLOGY
3.1 Type of research
An association needs to accumulate essential data or information for running their
business operations in most appropriate manner. Thus, researcher needs to select one of the best
or appropriate technique in order to assist employees towards corrective direction. Qualitative
and quantitative tool both the techniques are seen as most useful methods of gathering necessary
facts or figures. Basically, qualitative tools are used for acquiring data in the form of types ,
symbols and so on whereas, quantitative is adopted for acquiring statistical data. Hence,
qualitative method is used by researcher for this subject.
3.2 Research design
According to this part of investigation process an association needs to design an effective
plan or strategy for guiding overall sector towards success or development. However, some of
the essential which might be used by company are descriptive, experimental and exploratory
research design. Hence, these three techniques are considered as a most suitable tools for
designing research. Descriptive design is selected in this project for accomplishing overall
activities in best manner.
3.3 Data sampling
Sampling method act as a very useful or appropriate technique for understanding the
opinions or views of several members or consumers for changing current scenario of an
association as per clients requirement. According to this tool company needs to select sample
size randomly without discriminating in order to understand their views on introduction of
innovative products at marketplace. Hence, main objective of this tool is to increase the profit of
an enterprise.
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3.4 Ethical consideration
Ethical factors are seen as one of the indispensable element for overall organization or
research team because it aids managers in conducting several business activities in much better
way. Along with this, protects them from fraudulent activities which might occurred while
running business. In fact, it helps researcher while settling issues, obstacles and different barriers
which might take place during accomplishing business activities.
3.5 Research philosophy
As compare to other parts of research methodology this section is seen as a most
indispensable because in this views of distinct authors and scholars are going to be analysed in
order to understand distinct point of view. Basically, it helps an organization while making final
decision at workplace because contradictions between scholars have a major impact on a
judgement process because views provide actual information on specific subject matter. Hence, it
has been identified that two types of research philosophy are presented such as; interpretivism
and positivism from which interpretivism approach is selected by company for continuing their
work in much better way.
CONCLUSION
From the above proposal it has been summarised that innovation is consider as one of the
useful technique for maximizing company sales by attaining its set goals or objectives. Thus,
report is focussing on hospitality sector and various techniques adopted by Marriott hotel for
improving the current image. Along with this, they believe in satisfying needs of consumers in
desired time frame for gaining their attention, trust or loyalty. As a result it aids an enterprise in
establishing their goodwill at marketplace as well as tries to continue for longer time frame.
Hence, overall proposal is expressing different views expressed by number of authors on
significance of innovative items as well as changes in organizational sales. Last but not the least,
company needs to understand that it is not easy to introduce products at marketplace due to
availability of lots of complexity and stages.
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REFERENCES
Books and Journals
Dangelico, R.M. and Pujari, D., 2010. Mainstreaming green product innovation: Why and how
companies integrate environmental sustainability. Journal of business ethics. 95(3).
pp.471-486.
Ernst, H., Hoyer, W.D. and Rübsaamen, C., 2010. Sales, marketing, and research-and-
development cooperation across new product development stages: implications for
success. Journal of Marketing. 74(5). pp.80-92.
Lin, R.J., Chen, R.H. and Kuan-Shun Chiu, K., 2010. Customer relationship management and
innovation capability: an empirical study. Industrial Management & Data Systems.
110(1). pp.111-133.
Carbonell, P. and Rodríguez Escudero, A.I., 2010. The effect of market orientation on innovation
speed and new product performance. Journal of Business & Industrial Marketing.
25(7). pp.501-513.
Johnston, M.W. and Marshall, G.W., 2016. Sales force management: Leadership, innovation,
technology. Routledge.
Fu, F.Q and et. al., 2010. Motivating salespeople to sell new products: The relative influence of
attitudes, subjective norms, and self-efficacy. Journal of Marketing. 74(6). pp.61-76.
Ceschin, F., 2013. Critical factors for implementing and diffusing sustainable product-Service
systems: insights from innovation studies and companies' experiences. Journal of
Cleaner Production. 45. pp.74-88.
Zhu, F. and Zhang, X., 2010. Impact of online consumer reviews on sales: The moderating role
of product and consumer characteristics. Journal of marketing. 74(2). pp.133-148.
Chiang, Y.H. and Hung, K.P., 2010. Exploring open search strategies and perceived innovation
performance from the perspective of inter‐organizational knowledge flows. R&d
Management. 40(3). pp.292-299.
Chesbrough, H., 2010. Business model innovation: opportunities and barriers. Long range
planning. 43(2-3). pp.354-363.
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