Description
Companies find good ideas by researching competitors’ products and services. Select one consumer product category with which you are familiar, either because you or a family member or friend purchase it or use it frequently (for example: shampoos, carbonated beverages, snack foods, baked goods-- if you have a question about whether the category qualifies, just ask).
In your essay, you must:
- Suggest one incremental innovation that you would like to see for the product/category chosen. For example, would you prefer a different form of bottling for shampoos? A different flavor for soft drinks—cola flavored chips, for example. Do any of the items in your research have glaring weaknesses as in its cleaning properties, smell, or taste that a company can improve upon?
- Link your suggestion to an unmet consumer need. State why you think others might have this same need?
- Why is competitive research so important for companies to undertake?
Please remember that your essay should be in essay format with an introduction and a conclusion. Please not include short answer or bulleted responses.
The essays must be at 2-3 pages, double-spaced with 12-point, Times New Roman font. Each essay must include (1) a well thought-out introduction, with a thesis statement and a brief summary the issues you will discuss, (2) intervening paragraphs, directly responding to the questions/issues, and (3) a concluding paragraph, summarizing you main points. The essays must be supported by references to the text and/or other marketing resources.
textbook: Marketing Management, Student Value Edition
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Explanation & Answer
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Marketing Management
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MARKETING MANAGEMENT
Introduction
Innovative features of a product or value addition to a product are the essentials that
attract customers to the product. Customer satisfaction is the ultimate aim of any product or
marketing strategy. Once the product has the unique features that are liked by the end customer,
the product is likely to generate demand in the market tenfold. The marketer must, therefore,
evaluate the needs and wants of the consumer and integrate such needs within the product
development process (Hollensen, 2015). The customers often buy consumer goods such as
convenience products, shopping products, unsought products, and specialty products in the
market. The level of demand for such products will depend on whether the product satisfies the
unique needs and wants of the end consumer (Kotler, 2015). The marketer should, therefore,
undertake a market survey to identify the buying behavior of their products at the same time be
able to identify the unique needs of the market that are not met by the product.
Discussion
Focusing on Purex Laundry Detergent, a convenience product that I buy frequently and
use for mostly when washing my clothes, I would suggest several incremental innovations that
would increase my satisfaction with the product. One of the incremental innovations that I would
suggest to be integrated into the product is different flavor scents. I always like my clothes to
smell amazing once I washed them. For this reason, I often use Purex scented laundry detergent
or add Purex crystals. One thing I have noted is that this detergent has a general scent which may
not be appealing to consumers. I always like scented strawberry flavors, and I would like Dial
Corporation-the company that manufactures Purex laundry detergent to incorporate amazing
flavors such as strawberry, almond, and vanilla among other flavors. Integrating these unique
MARKETING MANAGEME...
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