Market Ideas, Creativity and Innovation

Steve Jobs would not have become so popular if there wasn’t the existence of the term called, “product.” Products create a market for the consumers. The products fulfil the needs and the desire of these consumers. Considering only the manufacture things as products would be wrong. Ideas, information, and of course services too are considered as products. The making of a product depends on three essential things; functions, needs, and ingredients. Thus, the property and the role of a product is same everywhere. Now the question, how one product in a particular market is different from the other?

Brands:

Well, the question may sound confusing, but it is important to have an answer to this issue. Products will carry on their function in the market, but then that would not be sufficient for the manufacturing company to survive in the market.untitled

Samsung and Apple operate in the same market. But few of you will always buy the product offered by Apple. Few will never think of buying anything other than the Samsung products.So, both Samsung and Apple are more than any company. They are the brands. Products cater to customer’s need; brand caters to customer’s desire or want. It helps in differentiating one product from the other. Think of yourself? The love you have for a smartphone is different from the love you have for an Apple iPhone.

iu9jO3CYou do not love to have a smartphone. You have the need for a smartphone. You love the brand called Apple, and thus, you love the iPhone. The brand makes promises to you. You are convinced by those words of promises. Finally, you have an emotional attachment towards those promises. If a product is equivalent to function, then the brand is comparable to emotions.

Now you have created your brand; now the time has come for you to attract more and more customers.

  • If you are promoting your brand, then do it with expertise. If your promotion includes something that is not relevant, avoid having it.
  • Your brand should have an online presence in the search engines. Your friends, colleagues, and most importantly your potential customers should know about your brand. This is important. You should create brand awareness. Social networks, your comments on the blogs of various people will make people aware of your brand. Creating networks through the internet is one of the most important ways of increasing brand awareness.

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New Product:

Imagine the queue a shop had when the new iPhone watch was launched in the market. Well, many people say that the line took a “V” shape. It was that long. Is it because these people do not owe any watches? Wrong, rather it is quite the opposite. Most of the people, who were there in the queue, had a watch. Maybe they were even looking at it standing there for a long time. So, why do you think there were so many people who wanted to buy the Apple Watchapple-watch-1Well, there are two paramount reasons behind it; first the brand name, Apple. The second reason is your desire or want. You may not need the watch, but you want to have that watch with you. The companies too, want that you have this want and desire inside you. They want that in the beginning, only the consumers should go for their new products. The consumers who buy the product at the beginner’s stage are known as early adopters. There are more than one ways to gain profit from the early adopters.

  • The manufacturing costs of the new products are most of the time very high. Thus, generating new revenue is necessary for the organisations. The early adopters in the market help in generating initial revenues.
  • If a product like Apple Watch is launched in the market, then the features of the product attract the early adopters. A momentum is created by the product. People not only like the product they are attracted to it. They wanted to show off and thus through word of mouth the desire that was initially created receives a momentum. Other people too, feel that they should have the watch with them. Thus, the new product has a profitable market, which would help the organisation to grow.
  • The early adopters also help in increasing the credibility of the new product.

Therefore, the early adopters encourage innovation and thus there are so many new products in the market. It is important to have early adopters in the market they will only encourage innovation and new products.

References:

CNET. (2016). Apple Watch, the re-review: One year after its launch, is it worth buying?<http://www.cnet.com/au/products/apple-watch&gt;

TrackMaven. (2016). What is Brand Awareness? A Definition – TrackMaven.

YouTube. (2016). What is Branding?

Zeeshan Abbas Ali

Student ID: 216304968

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