New Innovation Launch: Elements To Consider For Optimal Diffusion
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School of Business |
Bachelor's thesis
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Date
2022
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Mcode
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Markkinointi
Language
en
Pages
27 + 9
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Abstract
Innovation is essential for the economy, society, and individual companies. Launching new and innovative products helps a company generate more profitable business and strengthen its position in the market. However, almost half of the new products introduced fail. Moreover, it seems to be even harder to launch more innovative products. Since launching an innovation is a complicated and multidimensional process, it is difficult to find universal tactics that would work in any environment and product. However, a few actions can be identified that seem beneficial for any company launching new products. Those actions are conducting market research, identifying key stakeholders, determining the target market, and considering economic conditions and seasonal effects when deciding on the launch timing. Overall, there are six topics, consisting of 19 sub-sections, identified from the literature on innovation launches. The six topics are 1) preparation, 2) positioning, 3) pricing, 4) timing, 5) distribution, and 6) promotion. The factors that define which tactics of the 19 sub-sections best benefit which companies depend, for example, on the industry, degree of innovativeness, target market, and type of the product in question. Therefore, it is a complicated task to decide how to implement the launch of a new innovation. However, being familiar with research findings on the topic helps to remember what elements to consider in the process.Description
Thesis advisor
Mikkonen, IlonaKeywords
innovation, innovation marketing, new product launch, diffusion of innovations