9. Innovation and markets
9. Innovation and markets
9.1 Corporate strategies
Pioneering strategy
Imitative strategy
Market development
Product development
Market penetration
Product diversification
Hybrid approaches
The relative success of pioneering and innovative strategies
Corporate social responsibility
9.2 Market sectors and segments
Categories of market sectors
The influence of market sectors
Classifications of consumer market segments: income, profession, age, family, values, behaviour
The development of a product family
9.3 Marketing mix
Marketing mix - the 4Ps: product, place, price, promotion
Product: standardization of products
Place: implications of internet selling for a company in relation to its supply chain and distribution network
Strategies of setting price: cost-plus, demand pricing, competitor-based pricing, product line pricing, psychological pricing
Promotion: advertising, publicity, personal selling
9.4 Market research
Purpose of market research
Consumers’ reaction to technology and green design, and subsequent impact on design development and market segmentation
Market research strategies
9.5 Branding
Brand loyalty
How brands appeal to different market segments
The difference between a trademark and registered design
The implications for a company of positive and negative publicity on brand image
Contribution of packaging to brand identity
Effects of product branding
Evaluating the global impact of branding
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