BUICK: Analyzing Product Management and Innovation Strategies

This report provides an in-depth analysis of Buick's product management and innovation strategies. It explores the key elements of a marketing plan, including setting short-term and long-term objectives, assessing organizational resources, evaluating risks and opportunities, and conducting SWOT analysis. The report emphasizes the importance of adapting to technological advancements, implementing and monitoring marketing plans, and identifying the target market. It also discusses the role of timing, pricing, and feasibility studies in business success. The conclusion highlights the importance of customer feedback and the need for continuous improvement in product management. The report also emphasizes the significance of various government strategies to improve tourism, advertisement and publicity.

MANAGING INNOVATION IN BUSINESS 1
MANAGING INNOVATION IN BUSINESS: BUICK
BY
Name
Institution
Date

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.

MANAGING INNOVATION IN BUSINESS 4
It helps them come up with appropriate marketing strategies. These strategies will be a
means to an end of achieving the set-out goals. For example, they could research on timing: what
time are their target market likely to come online? How much time are they mostly online? What
other subscriptions have they subscribed to? It will also give the expected outcomes if all the laid
out strategies are implemented. For instance, if their reach their targeted market how much they
are expected to have brought in as returns? By implementing the strategies what edge does it
give the organization in the competing market? What kind of receptiveness can they expect in
the different regions of the country where they launch their products? Is the political aura to their
advantage and timing of launching? It will also give a prediction if we employ some techniques
like community collaboration (is a new system used to bridge gaps between the theories and
industrial practices through social engagements) will be an effective technique and if yes to what
extent and which regions are open to this idea.
Various and numerous advertisements using different dialects in different countries will
also be employed. This will give us broad and better outreach to different people all over the
world, ultimately increasing our ticket sales as well as tourism industry at large meaning we shall
have government backing. Through employing the various government strategies, we expect to
have attracted and developed a solid number of clientele who even through our ‘bad’ seasons
will always be available for our services (Golder and Mitra, 2018). We should have gained a
following from all over the world, gotten more publicity through the advertisement through the
different dialects of the world giving us a regular base of clients. Our venture should have been
featured in notable journals and magazines and give us a notable size of the new audience. We
should have gained new investors and shareholders to our new coal and train venture improving
the value of our company. Timing in business is a vital factor; we shall carry out a feasibility

MANAGING INNOVATION IN BUSINESS 5
study which presents us with different timelines in which we should launch the new venture as
well as the appropriate time which most of our prospective clients are available. It will also
outline the best time to place our advertisements, publications as well as announcements. Price is
another major factor, we should be able to come up with different prices for different packages
offered throughout the train experiences i.e. we can focus on holidays when people are prone to
travel and spend, look at the prominent class of people whether middle or upper and come up
with charges to account for all of them.
Conclusion
Date collected through reviews through our Social platforms may not necessarily cover
the whole truth as some clients may miss out on some experiences, or have a problem with
schedules leading them to have a not so good experience or the vice verse; other clients may feel
that they did not receive the full authentic experience. Such reviews which can be viewed
publicly by various people may steer away prospective potential clients leading to low sales and
bad publicity so that this data may be unreliable to some point.
Our pricing may also be a variable steering positively or negatively from the individual
experiences of the clients. Though they may all experience the same trip, everyone opinion
differs due to personal preference i.e. the chefs in the packages may not appeal to all the clients
who may pay for the package leading to some feeling overcharged for the whole experience; any
small deviating detail may influence the overall review. We should, therefore, come up with a
study table citing all the possible experiences and tell our clients to rate each of the individually
giving us a bright aspect on which areas rated less and which rated more. This will act as a
platform on which we shall base our general inputs for better results.

MANAGING INNOVATION IN BUSINESS 6
References
Golder, P.N. and Mitra, D., 2018. New product development research: consolidating the present
and guiding the future. In Handbook of Research on New Product Development. Edward Elgar
Publishing.
Wlazlak, P., Säfsten, K., Hilletofth, P. and Johansson, G., 2018. Integration of Suppliers'
Workflows in the OEMs' New Product Development Process. In 8th Swedish Production
Symposium, SPS 2018, 16 May 2018 through 18 May 2018 (pp. 479-486). Elsevier BV.
Wowak, K.D., Craighead, C.W., Ketchen Jr, D.J. and Hult, G.T.M., 2016. Toward a “theoretical
toolbox” for the supplier‐enabled fuzzy front end of the new product development
process. Journal of Supply Chain Management, 52(1), pp.66-81.
Zahay, D., Hajli, N. and Sihi, D., 2018. Managerial perspectives on crowdsourcing in the new
product development process. Industrial Marketing Management, 71, pp.41-53.