Yale Lock Innovation: Presentation on Sustaining Innovation & Growth

This presentation analyzes Yale, a UK-based lock manufacturer, and its innovative over-entry lock system controlled via a mobile application. Categorized as a sustaining innovation, this product addresses the issue of users forgetting to lock their doors, offering a remote locking solution. The presentation employs the BCG matrix, positioning Yale as a "cow" with high market share but low market growth, anticipating growth from this innovation. Market segmentation targets demographics and psychographics, focusing on families and those embracing technological changes. The target market includes individuals with high living standards and those valuing time and security. The presentation also covers the decision-making process, marketing strategy utilizing differentiation, and a marketing mix emphasizing product uniqueness, premium pricing, strategic placement, and online promotion. The extended marketing mix includes employee training, flexible ordering processes, and secure product packaging.

Presentation

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.

Type of innovations
 Breakthrough innovations
 Sustaining innovations
 New market innovation
 Disruptive innovation

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.

3. BCG matrix
This is a type of strategic management that enables the
organization to know their position in the market. In this context,
there are four type of categories that are based on market share
and market growth in relation to competitors. With this respect,
below given are four categories:
• Question mark
• Stars
• Dogs
• Cows

Cont...
As per the findings, it can be stated that Yale falls under
cows, in which they have high market share but low market
growth. However, with the help of this new innovation that is
made improvement in the lack system, the growth of the firm
will also improve.

Market segmentation
It is a type of strategy that enables to divide the people on the
basis of preference and customers population. This is done as
per the type of products and services that the firm wants to
deliver to their customers.

Cont...

Cont...
Types of market segmentation:
 Demographic segmentation
 Behavioural segmentation
 Psychographic segmentation
 Geographic segmentation

Cont...
Among all these, as per the new innovation, segmentation will be done
on the basis of demographic and Psychographic. This product will be
preferred by youngsters and old age people. More specifically, people
with families. Further, Psychographic segmentation is selected as
changes in lifestyle occurs with time and with change in technology. So
this type of segmentation will be favourable for cited firm to distribute
their target audience.

Size of target market
Lifestyle: As per the target market, there are people who prefer to make
purchases as per changing technology. With this respect, there will be
customers who will prefer to make use of this innovation in order to
adopt the changes as per technology.
Social class characteristics: Mostly, those people who have high
living standards will prefer to make use of this product. However, there
will be customers who will prefer to make use of services in order to
save their time and energy.