Strategies for Innovation in Entrepreneurial Marketing Report

This report delves into the realm of entrepreneurial innovation, focusing on strategies for developing new products and services. It explores the application of the 'blue ocean strategy' in the context of introducing 3D-printed T-shirts, emphasizing the creation of new market spaces rather than competing in existing ones. The report examines the importance of re-expression and revolution in generating innovative ideas, alongside the creation and capture of new demand. Furthermore, it highlights the use of a 'strategic canvas' to visualize and assess the value proposition of a business, particularly in the context of online sales and digital marketing. The report also emphasizes the role of social media promotion, such as Facebook and Instagram, in targeting consumers and driving business growth, underscoring the importance of understanding consumer needs and preferences to achieve marketing success.

Entrepreneurial Marketing and Innovation
Different techniques to generate innovation
ideas
The businesses are generating the innovation idea
as providing the online product 3D print T-shirt
for men and women. In this context, they make
efforts to think creative and innovative idea for
product and services. There are different methods
such as:
Re-Expression: The idea behind re-expression is
that people are utilised same word to define
issues and ideas in the same business as well as
similar background.
If the business thinks about innovation idea as selling
the online product, so that they need to research
background of products, competitors, pricing,
distribution channels and so on properly and
effectively. They are also trying to come up with
innovative solutions for products and services.
Revolution: Business think about challenges such as
introducing the innovative product that is 3D T-shirts
which is often limited by rules linked with the issues.
Therefore, company needs to revolution of issues for
generating the innovative idea of products and services.
Blue and Red Ocean Strategy:
Businesses use this strategy for creating value innovation
idea in terms of new product that is 3D print T-shirt
according to consumer requirement and increasing the
profits of business. There are many ways to apply the
blue ocean strategy such as:
Make competition irrelevant: Company needs to apply
this strategy for making competition irrelevant through
generating the new idea as 3D print T-shirt as compare to
competitor. If the company adopt this strategy
effectively, so that they ensure that competition is
irrelevant.
Create and Capture new demand: Through blue
ocean strategy, businesses create and capture the new
demand, so that they introduce innovative idea as 3D
print T-shirt in the market. With this, increasing sales
and profits of business.
Innovation seeks to create new value curve by using strategic canvas
Value curve is the diagram that can be utilised to show instantly where value is created within products and
services of organization. This is an approach developed by business which introduce idea for new product that is
for women by digital marketing. In this context, company is used strategic canvas for creating the new value of
innovation of products and services.
Strategic Canvas: This canvas captures range of factors such as price, quality, fast delivery, design of new
business which is online selling of 3D T-shirt which the company invest in and also capture offering level which
purchasers receive across all factors. The value curve is the graphic picture of relative performance of firm across
their competing factors. This canvas is created new value innovation of new product and services for increasing
profits and sales of business.

Promotion on Social
Media
For promoting the new business or product , using
social media such as Facebook . Therefore, create a
particular account, designing the different style according
to fashion and trends.
The promotion of new
product on social
media like Facebook,
Instagram for
attracting the people,
so that they are buy T-
shirt on social media.

New concept of Promotion the product in the
market is the best way to make customer aware
and making new opportunity for the business
growth. this concept of product company
should need to promote with social media
sites. Such as Facebook, Instagram etc. all
these social sites are spread across the world.

TARGET CONSUMER
The promotion of product on social media for
targeting more consumers, because they are
buying the unique T-shirt according to their needs
and requirement. Therefore, social media
promotion is beneficial for targeting more
consumers.