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Marketing & Management of Innovation - Essay Example

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Background Need drives human to struggle and to tread the path of the invention in order to find ways for the satisfaction of the particular need. As the awareness regarding the global issues started getting amplified and people started getting more conscious about the energy crisis in several countries, then the need for such electronic devices arises which are not really power hunger…

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Marketing & Management of Innovation

It is a concept which is replete with innovation and creativity. It is a stupendous effort with the never ending benefits for the people. It is a product which is pre-eminent in its kind. One can present it as superior to all others by presenting it as sumptuous. But what if it is useless and people are unable to solve their un-served needs. Pre-eminence in marketing can only be achieved with the delivery of additional value to the customer and making them delighted. One is delighted when the need is satisfied, and he/she gets more value out of the preferred product. Exactly in the same manner LED “Lantern” concept is there only to solve the problem of consumers by phasing out the power hunger bulbs and lightning the field with more efficiency and in an effective manner. Product concept The product concept of LED “Lantern” is, in actual, to encourage people to lighten the fields in some more effective ways with less hazardous material used in the manufacturing and less power consumption. According to one of the estimates, it takes around 1/5 less of energy than the normal light bulb. It is also free from the hazardous element such as mercury thus requires less voltage. ...
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