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Topic : sales through innovation
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Marketing & Branding

 

Is Innovation the best route to tackle competition?

Created by : Meena Deshmukh, Product/Brand Manager, Videocon Inds  | 03 30 2010 07:55:51 +0000
Industry : Advertising/PR/MR/EventsFunctional Area : Getting Started(Entrepreneurship)
Keywords : innovation organisations competition shareholders
Activity:  344 views;  last activity : 07 06 2010 20:18:09 +0000

Whenever a product is launched in the market, following it other similar products are also launched which creates a huge competition. It makes a lot of choices for the consumers which one to chose from. But always the organisation, which took the initiative of the idea gets a special place in the eyes of the customers.

Because of its creativity, consumers selects it better than other similar products whereas others struggle in the competition of similar products. So, in this situation, do you think innovation is the best route to tackle competition in the market?

  
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I agree with this statement. If an organisation does innovation of a new product in the market, people will have more concern towards his product thus will stitch to his product more than other similar products in the market. We can see the example of TATA NANO which was the first company to launch the small cars after whom, many companies followed but still, the market of TATA NANO is more than its competitors.
By Meena Deshmukh, Product/Brand Manager, Videocon Inds  03 30 2010 08:16:56 +0000
 
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Yes, Innovative Ideas leads to healthy R & D which is known as an important factor to compete in market..


By Vipin Bhasin, Private Equity/Hedge Fund/VC-Manager, Indian Investment Co.  | 04 07 2010 19:15:38 +0000
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Innovation does not mean to create a submarine out of a land cruiser!!!

Innovation, simply put, means display or advertise features that are either new or better than the competition and that really means that either the brand cashes in on it or decides to offer it without any cost to cash in on as the first move advantage!!

So what we are looking at here is a win win  situation for the brand. So innovation is the strategic way to outsmart the players in the same vertical or competitors as we all call them. This is where I would like to stress upon all those who are there on the other side of the fence that, there has been a debate on R & D here on toostep and I would like to gather their attention to that debate and look into whats been said by some people here. This is the reason where we should understand why R & D is a huge factor in a brands hygiene and lifecycle!!

Thanks for the referral and a very meaningful debate indeed!! :)
By Makrand Bhave, Marketing & MICE, WIZCRAFT International  | 04 03 2010 06:55:21 +0000
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Continuous R&D to develop the product leading to consumer-useful innovations released regularly in to the market is the single best route to tackle competition. It tells the consumer that as a manufacturer you can be relied upon to provide him with continuously more and more useful products / features that meet his growing need.
By RAMESH KANDADAI, Principal Consultant, ARM Consultants  | 04 03 2010 06:29:17 +0000
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Thanks for the referral Ms.Meena. You are right and innovation is the best route to tackle competition. The innovation on products, marketing technique, and channel of distribution will create a vibration in the market place and consequently in the minds of the customers.This will motivate the buyers to purchase the products with innovation & differentiation from others, setting aside the competitor's products.  


By NATTERAJA R. ARIKRISHNAN, GM-Projects, Bentec Electricals & Electronics Pvt. Ltd  | 04 02 2010 18:37:38 +0000
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No doubt...Innovation provides first-mover advantage. It not only helps in tackling competition, but if well managed it helps in to reap large profit-margins. Ofcourse nothing last forever, successful companies keep innovating and they keep creating their niche market segment.


By Arup Chakraborty, Managing Consultant  | 03 30 2010 22:27:57 +0000
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Yes i do agree with the above statement that innovation gives the competitive edge. Companies need to find the innovative ways to promote product then only it'l gain more market share.
By sunkara rajesh kumar, Marketing & Communications, ABC Sports  | 03 30 2010 17:13:51 +0000
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Even I do agree with the statement but only the innovation is not sufficient...If you able to maintain the quality of your product throughout then only you will be able to hold ur market otherwise competitors will grab the opportunity
By Shailesh , Business Development Executive, Ennov8-web  | 03 30 2010 10:54:07 +0000
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Yes .... I support this statement.

Innovation is not an easy thing. It requires strong R&D for which Cos are to allocate some fund. Often they are not in a mood for this.

Thus innovation ends in "copying" others. Or ends in gimmics. One relevant question : instead of spending huge amount in advertisement and endorsements by celebrity, why cos dont pay attention to innovations ?

 
By ASOKE KUSARI, Domestic Private Banking-Executive/Manager, A large leading PSU Bank - India  | 04 06 2010 02:42:43 +0000
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Instead of innovating the same product, one could try their hand at product extensions and better branding. Once a brand is built strongly it will survive the market place irrespetive of how much competition is around. Also product extensions in different packaging sizes for example could keep the brand fresh in the market place. The best example could be the Rs.1 shampoo sachets. Today you have the same sachets for everything ranging from pan masala to pickles.

So i feel more time should be invested in betterment of your product rather than going back to drawing board for a rethink. A rethink will only serve to spoil the brand image of the product.


By Jaygopal Raghavan, Marketing Manager, Landmark Group  | 04 05 2010 20:50:40 +0000
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Innovation is an excellent tool to stay ahead.  It is essential to stay ahead as well yet not the easiest one or for applicable all times.

Quest for Continual quality excellence must remain in focus yet When innovating care has to be taken of existing customer base servicing who have provided the platform to stand upon and make this progress possible.
By Ravindra Sharma, Managing Consultant, CHEF-India  | 04 05 2010 07:53:10 +0000
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There might not be any 'best' route to tackle competition. There is a relevant route to tackle competition depending on the circumstances. For example, innovation may be valued high in the case of high-tech industry. it might not be relevant in the case of an industry which is in the maturity stage, needs more focus on distribution and marketing, and requires lowering costs to keep the products competitive in which case innovation takes a backseat. 
By Azhar Kazmi, Professor, King Fahd University of Petroleum & Minerals  | 04 02 2010 19:58:35 +0000
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No it is not the only route and may not be the easiest / cheapest route. It largely depends on the situation at a given point of time. Let's understand - strategies are based a realistic assessments of your weaknesses and the strengths of the competition. Drawing them on a battleground that is unfamiliar to them and then bleeding them to death. So

  1. If i am a dominant player or have a lot of muscle power I will look at taking competition head on and crushing them by sheer weight
  2. If competition is well entrenched I will look at flanking and nibbling to weaken their base
  3. If i am a small player with lomited resources i will look at niching myself to survive and grow till such time that I can take the leader head on.
  4. If i am a new entrant the best option to gain attention and share would be to innovate - either physically or perceptually.

So, yes innovation is one of the many options available to a marketing strategist. Your ultimate selection will be based on the cost-benefit of the strategy adopted.

Vijay Raut - Marketing consultant

9322266445

New Product Development. Brand Revival
By vijay raut, CEO/MD/Director, Synergy Marketing Advisory Services  | 03 31 2010 04:08:52 +0000
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