MIS D6

Discussion-6

by Venkat Rao Narwade - Tuesday, June 9, 2020, 1:17 PM

 

Hello Class,

Product Idea & Electronic Marketing

A product idea is a business idea for a possible product that an organization has to plan, develop and market to cater to a set of targeted consumer base (Hofacker, 2011). There are five main stages for an effective product idea (Hofacker, 2011). They are:

Product Identification

In this stage the overall description of the product must be ascertained. The market growth, market size, needs and trends, shopping patterns must be analyzed to scope the importance of the product. A detailed study of the market challenges and opportunities must be grasped (Hofacker, 2011).

Product Solution

There are four main things to study in the overview of the product. They are Product Uniqueness, Target audience, product features and product benefits (Hofacker, 2011).

Patenting the product and looking to avoiding other similar patented products in the market is a crucial step in this process. User experience and environmental effects must be taken into consideration (Hofacker, 2011).

Product Design

Design doesn't just mean how a product looks or feels. There is a lot more to it. Aesthetics, interface, hardware & software requirements, functional & performance requirements must all be met. Not to forget the requirements of Standards for compliance for patenting rights (Hofacker, 2011).

Business Model

In this stage the pricing and positioning must be taken into consideration and these factors must be assessed reasonably. The cost structure and revenue streams must be identified for any product idea to become successful (Hofacker, 2011).

Business Insight and Marketing

In this stage, the risk assessments such as product risks, market adoption and competition from other organizations must be taken into consideration. Marketing must be done accordingly. If marketing tactics on the Internet can be suitably deployed, one can witness a phenomenal increase in traffic which in turn leads to an attractive increase in revenue. If awareness is created amongst customers regarding your website, you cannot expect inflow of revenue. Something else needs to be done to get desired results (Brenner, 2019).

The target customers for this are the customer's who shows their interest in the electronic gajets like the teensElectronic marketing is the marketing of the product in the form of electronic media, while making use of the same principles of marketing generally. Internet marketing isn't to be confused with electronic marketing because electronic marketing can also include electronic customer relationship management catering to the direct requirements of the customers. It is also much cheaper than traditional ways of marketing. A good product idea can be developed using the above framework and a good example of a product idea is a marketplace. There is vast base of consumers for various goods and services which can be provided by using the electronic customer relationship management (Brenner, 2019).

References

Brenner, M. (2019). What is Marketing. Retrieved from

https://marketinginsidergroup.com/strategy/what-is-marketing/

Hofacker, C. (2011). Electronic Marketing. Retrieved from  

Retrieved from https://www.researchgate.net/publication/232702061_Electronic_Marketing

Thanks.