Essays on Use of Relative Knowledge, Identification of Innovators Assignment

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The paper "Use of Relative Knowledge, Identification of Innovators " is a perfect example of a marketing assignment.   Manufactures need to make good use of the product characteristics which include relative advantage, compatibility, complexity, observability and trialability so as to speed up the acceptance of the GPS car navigation system. Relative advantage is termed as the extent to which a consumer view certain attributes of a new and innovative product being better as compared to the attributes of similar products. The manufacturer will make good use of this knowledge to ensure that consumers view the attributes of the GPS as being better than the already existing ones and this will lead to a faster adoption rate (Calantone, Cavusgil, Schsmidt & Shin 2004). (b) Use of Compatibility knowledge The manufacturer will also need to make good use of compatibility as speeding up its acceptance.

Compatibility is more related to how the customers perceive the new and improved product into their lifestyle choices. Based on these the GPS car navigation systems seems to be very compatible with the lifestyles of in the modern-day since it will assist people a lot when travelling in offering right direction to their destinations (Greenhalgh et al.

2004). (c) Use of Complexity knowledge The other product characteristic that the manufacturer need is complexity. It refers to the extent to which consumers view the product as being difficult to utilize. Based on these manufacturers need to apply this knowledge to ensure that the GPS is not complex and this will ultimately increase the adoption rate. In instances when the consumers view the GPS as being less complex the manufacturer can take full advantage of these to gain a price premium for its product. (d) Use of the triability knowledge The manufacturer also needs to use triability knowledge.

This relates to how the product needs to be tried within a limited period of time prior to the actual use. The manufacturer needs to offer the consumers with the ability to try the products and this in a way reduce the perceived risks that are associated with the purchasing of the GPS car navigation system. This will show the customers that as the manufacturer you are totally confident of the product. (e) Use of observability knowledge The manufacturer will also need to put into good use the observability knowledge.

This refers to the extent to which the consumers can be able to observe the innovativeness and positive aspects of the new product which in our case in the GPS car navigation system. Based on these the manufacturer can use this knowledge to add more attributes so as to offer more benefits to the consumers than the already existing systems (Greenhalgh et al. 2004). Question 2 (a) promotional, pricing and distribution strategies for innovators Panasonic can make good use of the diffusion of innovations framework to come up with pricing, promotional and distribution strategies for the various adopter categories.

For the innovators, the pricing strategy that can be applied effectively is skimming so as to gain the full benefits of the new product. Also in regard to this group of adopters, the promotional strategy that can be adapted effectively is the use of social media and the distribution strategy to be used is the use of selective distribution (Wejnert 2002). Based on this kind of distribution, there will be few retail outlets tasked with the duty of distributing the product.

References

Calantone, R, Cavusgil, T, Schmidt B & Shin, G 2004, Internationalization and the dynamics of product adaptation - An empirical investigation.

Greenhalgh, T, Robert, G, Macfarlane, F, Bate, P & Kyriakidou, O 2004, “Diffusion of Innovations in Service Organizations: Systematic Review and Recommendations”, Milbank Quarterly, vol. 82, Iss. 4, pp. 581–629

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Wejnert, B 2002, "Integrating Models of Diffusion of Innovations: A Conceptual Framework", Annual Review of Sociology (Annual Reviews), vol. 28, pp. 297–306.

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