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6409 Downloads1 I Published: 04 Jan ,2018
Marketing innovation comprises of development of new marketing concepts which includes changes in design, packing, price and structure of the product. It plays a significant role in better understanding consumer needs, approaching new markets, and increasing sales of firms. Therefore, a critical attention is paid on the activities of enterprises related to product designing and manufacturing so that product could be made creative and unique (Grant, 2010). In this report, commercial product is chosen furniture for the study. In this report, Great Britain Furniture Company is taken as case study. Water proof Furniture is chosen for this research because it will give a first mover advantage to the company as only few firms are manufacturing it. This product is useful for customers as there is no certainty of weather so it will provide a protection against rain. In addition to this, furniture industry is at maturity stage and also seeking new innovations day by day in its manufacturing in term of uniqueness, creativity, design and structure (Basili, and et.al, 2009).
Benefits and value derived by the clients or customers or recipients
Customer value can be defined as what the customer demands in a product and benefit received by customers by using the product. Customer value is perceived by different customer differently. Following are the benefits and value derived by clients, customers and recipients from the use of furniture:
The quality of the product offered by the furniture companies is good as they deliver innovative and unique product to their customers. Furniture industry has grown up to the mark in recent years and it focuses on unique style and design of product (Batt and Nohara, 2009). The attractive design and unique features of product creates a value for the customers. Great British Furniture Company uses the raw material of the product of high quality so that furniture made with it is durable. The product of the company serves the customers in best way as they are unique, attractive, and long lasting (Baumgartner and Korhonen, 2010). For example, in past years the firms were only used iron for making furniture but in recent years the firms are using wood and other raw material for furniture manufacturing which provide a cover against rain and save the furniture for water. If the quality of the product will be good and it will provide a innovative feature to the customer, it will definitely deliver a value to its customers (Zhou, Yim and Tse, 2005)
Great British Furniture Company provide the furniture to its clients and customers at comparative lower prices than its competitors so it creates a value for customers as they get good quality furniture at lower prices (Auzair, 2011). The raw material purchased by the firm is from its supplier in bulk so suppliers charge lower prices from the enterprise. Therefore, the firm is able to make its products at comparatively lower prices. If the customers are seeing the good quality of furniture at lower prices, it will give them satisfaction as well as utility of it. Lower prices offers by firm create a value for customers as they get good quality product at lower prices from its competitors (Zhou, Yim and Tse, 2005).
Above cited company gives preference to its customers as the needs of customers are identify in order to create furniture. The firm firstly listen all needs of customers regarding the furniture in term of design, color and shape. If all the specification mentioned by clients is fulfilled, they will be satisfied with product. If customer is satisfied with the product, it will create a utility for them (Hauser, Tellis and Griffin, 2006.). All the preference is given to need of customers so that product can be prove value creator for them. So priority should be given to customers as they are prime for each and every enterprise and making them satisfy is main aim for all business concerns. If the overall priority is given to the customer’s preference and their specifications are meet by this firm, it will also deliver value to its customers
In order to manufacture furniture, firm knows about the specifications given by customers regarding their selected furniture. The enterprise considers specifications of the chosen product and design product accordingly. If the product fulfills all the needs of the customer, the level of satisfaction perceived by customers will be high and it will create a utility for them (Mohr, Sengupta and Slater, 2009). Customers perceived high level of satisfaction when all the needs and specifications are fulfilled and they perceive lower level of satisfaction when their needs are not fulfilled. If the customers are not satisfied with product, they will never use this product again so customer satisfaction is important for firm as well as customers.
Great British Furniture Company also takes feedback from its customers after selling product so that firm is able to know about the customers view regarding the product. After taking feedback from its customer’s enterprise consider them in the designing of next order for the customer so that improvements can be done (Parasuraman and Colby, 2007). Taking feedback from its customers creates feeling of worthiness and importance in the minds of customers. Customers feel their importance and it will also create a unique value for them they are also satisfied with the services provided by the company.
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In past years the equipment used in furniture manufacturing company was old but in recent years the technology used in furniture manufacturing is very advance and new. In Great British Furniture Company, the techniques and equipment used very advance so the firm delivers creative shapes and innovative designs which are attractive as well as long lasting (Tellis, Prabhu and Chandy, 2009 ). Water proof furniture provide cover against bed weather and protects furniture from water damage. So this type of innovation creates a value to the customers by adding new features in it.
The product manufactured by firms should be unique so that it could deliver value to its customers. The unique attributes of the product are shape, color, design, relevance and imagination which make a product creative and innovative in comparison to other products.
The products can be making unique by giving a different shapes to product and to make product unique the structure of it can also be changed. Above cited company creates innovative structure for furniture which is flexible in use as well as attractive in looks. In old time, the fixed pattern was followed to manufacture furniture but now the structure of the products and shapes have been completely changed (Kozinets, Hemetsberger and Schau, 2008). For example, In past years the bed manufactured by the firms were only in square shapes but now there are various shapes available such as private cloud beds, hi-can beds, sofa beds and floating bed. Along with attractive shapes, the product also cover a protection against water which will increase the product life cycle (Tellis, Prabhu and Chandy, 2009 ).
To make product attractive and stylish by using different types of colors as the color is also a attraction factor in a product. There many colors available to design the product and it gives a style to products. In furniture industry, there has been a a drastic change emerged in term of colors as in past only few common colors were used in furniture manufacturing but now various colors and combination are used (Sorescu and Spanjol, 2008). The color and combination is selected for furniture by taking in account the physical ambiance of the place where the furniture will be fixed. Product anatomy such as style, fashion, quality, innovation and brand also creates significant value for its customers.
If designs of products produced by company are different from its competitors, it will be able to draw the attention of its customers. The design of furniture should be modified in so that product could be made more presentable and creative. In Great British Furniture Company, designer is hired for making furniture flexible as wee stylish. These designers pay attention on the modification in structure and shape of furniture. Design of furniture not only makes the product stylish but also adds value to it (Yalcinkaya, Calantone, and Griffith, 2007. For example, in recent, there is trend for multipurpose waterproof furniture gives flexibility as it covers small space yet everything can be placed in it and also looks attractive. Along with it, water proof furniture can be also made in uncovered area as it is protected from water as well as sunbeams (Water proof furnitures, 2015).
Product designed by firms should be relevant so that it can be prove its usefulness in context of its design. The relevancy of product is completely based on its structure, design and shape. In furniture industry, furniture is manufactured while considering its aim and if it is fulfilling its aims, it can be said relevant (Foxall, 2014). In furniture industry, the relevancy of product is depends upon its durability and usefulness. Furniture manufactured by firm should cover its need and usefulness. Furniture industry has been reached at maturity stage so there was a need to make inn in it. This firm had made innovation in furniture by adopting a unique feature like water proof furniture.
Product is designed by considering its usefulness as product is manufactured according to its uses for customers. For example, customer is demanding for furniture which can be used as book case as well as bed but furniture is serving only the purpose of book case then it will not be useful for customers. Along with it, furniture is providing a unique feature such as water proof then it will generate a new market for the firm. In product life cycle, the firm is reached at maturity stage but this innovation will helps the firm in generating more revenue (Water proof furnitures, 2015). The furniture should design after taking in account needs of customers. If product is not giving any type of utility to customer, it will prove waste (Sorescu and Spanjol, 2008).
Firstly, in manufacturing process of any product, design of product is imagined and selected while considering needs and usefulness of product for its customers. A virtual design is prepared for producing product and it is presented before customer. If customer agrees its design, then further process is made. In great Britain Furniture company, a virtual design is prepared to show it to customers and if customer select it then it will be proceed further. Along with virtual design of product, it does not compromise in its unique feature of providing cover against water (Water proof furnitures, 2015) . Virtual design of furniture is a tool in hand of enterprises which they can be used for presentation of design in front of their customers (Foxall, 2014)
Brand appeal in relation to competitors in contemporary markets.
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The objective of firm is increase awareness of key factors which make the firm great in eyes of its customers around the world. To serve these objectives, firm use an efficient marketing strategy. Firm makes available products at their outlets so that customers can make more informed decisions. Great British Furniture Manufacturing Company is concentrating on entering to new contracts and offices markets as well as serving domestic market. It had started a campaign in which sales are promoted among participants of this campaign (Marketing stretegies, 2015). Above cited enterprise is focusing on updating and improving the point of sales and marketing materials. Therefore, firm has designed new toolkit, using swing tags to its participants, banners for web, printing logos and graphics. The introduction of water proof furniture will provide a competitive advantage to the firm as this will be the first mover to introduce such a unique feature. The competitive startegy of the firm is creating an innotive product with such a feature which will give a competitive benefits the company (Tellis, Prabhu and Chandy, 2009 ).
Firm serves business customers as well as ordinary customers. In case of ordinary customers, firm is using social media and print media as they can be influenced by using social media easily. But in case of business customers, firm is using personal selling as the needs of business customers are specific so face to face interaction is essential to influence them. However, marketing strategy and tools used by Great British Furniture Company is effective but in comparison to its competitors company it requires improvements. Replica Furniture Company is the strongest competitors in furniture industry as brand image of firm is very good (Huizingh,2011). This firm has acquired a good recognition in market but Great British Furniture Company possess lack of recognition. This firm has serves limited market so it has several opportunities to enter in new market such as online shopping and office market. Positioning strategy used by the firm is brand positioning as it is extremely new product and it will create a different position in mind of customers. The brand positioning strategy achieved by the firm through its first mover advantage (Sorescu and Spanjol, 2008).
Great British Furniture Company can conduct market research in order to enter in new markets. Investment made on research and development by firm will assist it gaining benefit in future and it will be better able to understand needs customers. Different strategies are adopted for different target markets. For domestic market, print media will be useful whereas to serve distant consumers firm can use social media (Marketing stretegies, 2015). Replica Furniture Company is using social media marketing which has proved efficient for it as it has renowned across the world. Brand image of this company is very good as customers trust n its products. Firm is serving with best quality and efficient marketing strategy. Great British Furniture Company should also improve its quality and efficient marketing in order to attract maximum numbers of customers and get recognition around the world.
Essay on my journey of discovery through the module
This module seeks to explore the full range of organizational design and innovation operations, with a strong course emphasis on the way in which success in these areas can impact on competitiveness in the marketplace. During completion of this report, I am able to increase different set of information and knowledge related to particular subjects covered in report. From above research, I am able to identify the concept and various trends in marketing innovation and design. Furthermore, I am able to identify benefits and value derived by the clients or customers or recipients from innovative products. In addition to it, various aspect of product design and uniqueness of product in term of shape, design, usefulness and relevancy are identified with this study. Through this information, it developed a critical thinking, learning about furniture industry and analytical ability in me during conducting this research. In addition to this, I have gained information about patterns in which a research is conducted and progressed. With the help of this report, I have also learnt about literature review and purpose behind conducting it.
This literature helps me to analyze the various perceptive of one topic and helped me in taking appropriate decisions. It also supported me to identify the various trends and developments in furniture industry in recent years. This research was very interesting for me as I have learned about many inserting things such as design of furniture. It was very interesting for me to know about various structures of bed like floating bed, sofa bed, books case convertible bed and multipurpose bed. I have also learned about the brand appeal in relation to competitors in contemporary markets. These trends and developments were useful in conducting my study as it helped to analyze the actual market situation of furniture industry of UK. After conducting this research Now, I can conduct literature review over various topics.
Furthermore, I have learned about the various elements which create a value to the customers. If these elements are included in a product, product will be innovative but if ignored it can cause for dissatisfaction in mind of customers. This learning will also help me in purchasing any type of product as I will be more aware with features and quality of product. The important factors which create a value for its customers are quality, price, satisfaction, preference and innovation. Now, I am more aware with the uniqueness of products, its elements and convenience. It has developed a good sense of understating in me regarding various aspects related to a particular problem. By understanding literature review now, I am able to do a survey on different types of concepts. I have gained useful information regarding emerging trends in market and various type of structure for furniture. It was very interesting for me to taking furniture as a product for y research. As I have gained a new knowledge about furniture. It has developed a sense of understanding in me about furniture. Through this study I also learned about the usefulness and relevancy of furniture. Through this research, my anlytical ability and thinking capacity have been increased. In this report, various approaches and concepts have been used in order to understand the objectives of research clearly. This approaches and concepts increased my knowledge regarding different perspectives.
This survey also developed a unique point of view in me to look at different perspective and concepts. It was quiet inserting and new to me to for taking furniture as a topic of my study. Before completing this report, I do not have any type of about furniture industry and its development. But now, I can give suggestions and recommendations on structure and design of furniture as it have developed a deep understanding of usefulness and relevancy while choosing furniture. This type of understanding will assist me in my future for selecting the furniture for my home as well office. It has also developed an interest in me to know about new shapes and designs of furniture available in the market. Market design and innovation strategy has propelled organizations, both large and small, into positions of market strength and commercial sustainability. It was very difficult to select an contemporary product for the research as there were many innovation products available in the market.
This study has developed a sense of understanding of the contemporary furniture market. This understanding will help in conducting further research on same topic as well as other topics. Hence, I am able to enhance my knowledge and also can get appropriate information related to the same. Furthermore, I have gained knowledge about research methodology which will provide me help in my other research also. From this survey, I can conduct working paper which will also help me in adding the extracurricular in my CV and make it attractive. In addition to this, it will also provide me help in gaining good marks in curriculum which will enhance my strengths. Through this report, I have improved my communication skills which will be prove useful for me in my personal as well as professional career. It also helped in adding more skills to my personality and my personality was developed during this research. I have got several benefits from these reports which will definitely going to help me in getting progressive opportunity.
Conclusively, it can be said that there are various opportunities for Great British Furniture Company to grow in UK Market. As per report, marketing strategy suing by firm is effective but it can make necessary improvements in it. These enterprises possess lack of recognition in comparison to its competitor so it can be improved by using social media as a advertisement tool In additions to this, benefits to clients or customers by use of furniture has been discussed. Furthermore, this report also describes unique elements of furniture in term of shape, design, usefulness and relevancy. In this report, a study is made on marketing innovation in which new marketing concepts are described and changes in design, packing, price and structure of the product have been also discussed. It plays a significant role in better understanding consumer needs, approaching new markets, and increasing sales of firms.
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