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