Marketing Innovation and Design

Questions: 1. Learning outcome from the study? 2. Several challenges faced while study work? 3. New ideas and concepts received from study? 4. Reason behind the disagreement with the topics? 5. Negative and positive learning regarding the study work? Answers: 1. Learning outcome from the study The main focus of this study work is on innovation of soap product of little soap. With the help of this study, I came to known about importance of innovation and improvement in product. Along with this, I also came to several factors which should be considered while innovation and improvement of any product. Some of main outcome which we learned from this study work is; analysis of contemporary and new market. In addition to this, with the help of this study I also came to known about the market segmentation and customers choice. The main point which I learned from this study work is that; innovation helps in improving the business and other. While working on this study I also came across the behavior and attitude of different customers of little soap products. I learned that, some customers are happy with the changes on the other hand, some easily do not accept the changes in products. Apart from this, with the help of this study I came to know the importance of analysis and interpretation of data while innovation. I also got chance to interact with several loyal customers of the soap product. As the innovation and improvement stage is done with the analysis of customers and other target audience. 2. Several challenges faced while study work There were several problems and challenges faced by me while this study. The major problem was faced regarding customers and other new audience. When the product was launched in market with new and innovative characteristics, the attitude change of customers created problem. I also faced several issues regarding the convincing stage of customers, that is, new product with all new features were not easy for customers to accept. There were some customers who had accepted the innovation in soap product easily. But some customers were not facing problem in accepting the changes. Apart from this, I also faced problem regarding the collection and interpretation of data. The collection and interpretation stage is the initial stage of this study. While interacting with loyal customers of soap product the communication was also one of the problems. On the other hand, I also faced problem regarding marketing and selling strategy selection. With the help of these strategies the launch of new and improved product is done. So, the selected strategy should be effective and important. I faced several problems regarding marketing and selling of soap product. The testing stage played an crucial role in this study work, so while finalizing the media for advertisement also created several problems. 3. New ideas and concepts received from study Some of the major new ideas and concepts which I received from this study work is selection of strategies, media of advertisement and others. With the help of this work, I came to known importance of several factors which are important in innovation stage. Some of the factors are customers need, requirement, market demand, testing, usability and others. I also came to known about the importance of advertisement of the product. On the other hand, I also came to know the main reason behind innovation and improvement of product especially soap. In addition to this, I also came to know several marketing and selling strategy which can help in increasing productivity of product. With the help of this study work I also got chance to provide suggestion regarding the innovation in soap product. The main improvement was done by use taking into consideration customers need and demand. 4. Reason behind the disagreement with the topics There were several points and topics which I opposed, that is, the marketing and selling strategy. Some of the experts involved in study work were saying to use high price of strategy, but I was against was it. As the soap product is used by all age and group people. So in context to this, I suggested experts to follow the low price, online selling, medicine and related strategies. With the help these strategies customers will be attracted easily. Some of the other point on which I disagreed was regarding packaging and selling of soap product. The main reason behind disagreement was less coordination of our team members, poor communication and coordination among the members. On the other hand, some team members were in favor of online advertisement and selling only. But I was against of it, as I suggested experts to advertise the new and improved product both in offline and online methods. There are some groups of customers who still prefer offline shopping, so the soap product should be available for them also. Along with this, I also suggested to implement effective marketing and selling strategy regarding the product. There were several conflicts regarding the soap product selling, marketing and other strategies. 5. Negative and positive learning regarding the study work With the help this study work, I came to known in depth about the strategies and procedures which should be followed in innovation stage. On the other hand, I also got chance to share my knowledge and other information with other team members. Some of the positive learning which I gained from this study work is; I got chance to work in innovation and improvement process of soap product. While this study work I also got chance to interact with the customers and others in live, that is, face to face. In addition to this, study helped me in improving my practical knowledge regarding the marketing, selling, innovation and other processes. The main factor on which this study work is dependent is data collection and interpretation. I came to learn about several ways and methods which help in completion of study work in proper manner. The negative impact of this study work on me is; the limited time allocated by team members regarding the information collection, analysis and other process. On the other hand, the completion of study was dependent on data collection and analysis. So I have to complete the allocated task in limited time.