Marketing design and innovation: Toshiba Television assignment sample
Introduction
In this age of extreme competitiveness and advanced technological changes, the marketers need to analyse the changed market trends and demands. This is because, the target mass of this era comprise of a tendency to get inclined towards the features of technologically advanced products. In this context Cluskey (2009) denoted that the marketers need to offer highest attention towards the concept of periodic innovation. However, it is quite a costly affair to maintain periodic innovation concept to satisfy the changed demands and requirements of the customers. Despite of extreme difficulties, most of the organisations operating in this age, desired to implement the technique of marketing design and innovation. Alvarez and Parker (2011) reflected that marketing is considered as a procedure to promote the features of the product lines in the entire globe and innovation enhances the underlining features of the products so as to increase its dominance among the target mass. Thus, marketing innovation is considered as a procedure to introduce a wide range of innovative techniques that may enhance the features, designs, style of packaging and many others. Implementation of this concept helps an organisation to attract a wide range of customers thereby amplifying the demand and prosperity of the brand. This may increase the brand value and profitability of the organisation among others. Considering these facts, most of the global brands like Toshiba implemented it and attained the Consumer Electronics Award (Amit and Zott, 2010).
Periodic innovation came in to lime light mainly due to the changes in the demands and requirements of the customers. The introduction of the Toshiba television is one of the significant examples of periodic innovation (Arndt, 2009). Toshiba television includes a wide range of features like high resolution, light weight, huge screen size, wattage capacity and many more. Introduction of a television with the presence of above mentioned features proved extremely advantageous and effective for the organisation in this age.
Task 1:
1.0 Benefits and Value Derived by customers on using Toshiba television:
Alvarez and Parker (2011) denoted that introduction of varied types of innovative features with the television of Toshiba improved the market share and profitability as compared to many other rival players. The benefits and values attained from Toshiba television are presented below:
Impressive design
Arndt (2009) reflected that the design of Toshiba created a distinct image and demand in the saturated market scenario. This is mainly due to the high quality of visual display that attracted the attention of numerous customers thereby improving the position of Toshiba in the market among others.
High Quality Sound:
Barnes and Scornavacca (2004) deciphered that high quality speakers enhanced the sound effect of Toshiba television. It made the sound more clear and transparent. Inclusion of AMR 100 increased the transparency of the sound that increased the demand of the product in the market.
High resolution:
Presence of 1366*768 resolutions acted as a catalyst for the television of Toshiba that increased its profitability and market share. This is because; it successfully satisfied the altering demand and requirements of the customers (Johnson and Gustafsson, 2008).
10-bit CEVO engine:
Cravens and Piercy (2009) pointed that inclusion of advanced technological features such as 10-bit CEVO engine offered the facility of video calling. With the help of it, an individual may easily remain linked with the entire globe. So, this facility of 10-bit CEVO engine is highly accepted by the target mass that enhanced the prosperity of the product line.
Auto Signal Booster features
Auto Signal Booster features helps to increase the image quality of the television thereby increasing the clarity of internal signals. This improved the quality of image of the television that enhanced the satisfaction level of the customers. Thus, Slater et al. (2011) mentioned that presence of these features improved the product demand and profitability thereby amplifying the total revenue significantly. Moreover, the competitiveness and sustainability of the organisation also improved to a significant extent (Baghai et al. 2009).
3D colour Management
3D colour management is another important feature that increased the demand and profit margin of the organisation. It improved the quality of the image of the television that proved extremely beneficial to fascinate the new customers towards the brand.
HDMI and external Hard disk:
Sadler (2001) denoted that inclusion of HDMI and external hard disk facility increased the sound quality of the television. As a result, the customers may enjoy each and every moment more pleasurable way.
USB Device
Richard et al. (2010) mentioned that the inclusion of USB device within the television enhanced the intensity to view any of the video images at any point of time. Moreover, USB device facility also improved the capability to insert pen drives, hard disks and many others. Thus, it enhanced the satisfaction level of the customers thereby enhancing the demand and prosperity of the organisation to a significant level. Along with the technological features, the design and style of Toshiba television is attracted the customers to a widest extent. Against the latter statement, Peppers et al. (2011) reflected that presence of AV gadget facility presented negative impact over the demand of the television and decreased its image in the market. Despite of the presence of such demerits, Toshiba television became successful in increasing its profitability due to the presence of numerous advanced features.
The value and benefits obtained from Toshiba television is entirely linked Maslow’s hierarchy of needs. The technologically advanced features and designs of Toshiba television increased the fascination of the customers. Due to this, the profitability and equity of the product increased that improved the sustainability of the organisation. To satisfy the changing demands of the customers, Toshiba television implemented varied features such as Auto Signal Booster features, 10-bit CEVO engine, high resolution and many more. As a result of which, the retention rate of the customers increased thereby amplifying the prosperity and distinctiveness in the market among other rivals. Along with technological features, the design also enhanced the craze for repeat purchases due to the presence of HDMI and external Hard disk with 3D colour Management. Moreover, presence of such a television in the house is considered as a pride and status symbol for the individual. So, the demand of the product increased with rapid leaps and bounds (Morgan and Hunt, 2010).
As mentioned by Koufaris et al. (2010) that introduction of these above mentioned features and designs satisfied the changed requirements of the target mass. As a result, the reliability and loyalty of the target mass towards the brand enhanced significantly thereby amplifying the position considerably. On the contrary, Johnson and Gustafsson (2008) argued improper implementation of the technological features may hinder the brand value and demand of the product line in the market. As a result, the market share and total revenue might get declined thereby decreasing the reputation of the organization in the market. So, in order to retain the demand and position in this aggressive age, implementation of the concept of periodic innovation is extremely effective. It may analyse the changing demands of the target mass and fulfill it effectively.
2.0 Uniqueness in design elements:
| Product Features | Toshiba television | LG television | Samsung television |
|---|---|---|---|
| Item Weight | 4.3 KG | 5.5 KG | 5.2 KG |
| Resolution | 1366*1020 | 1121*564 | 1034*453 |
| Weight | 60g | 67g | 74g |
| Display technology | LCD, LED, Projection, Plasma | LCD, LED, Projection, Plasma | LCD, LED, Projection, Plasma |
| Screen Size | 20,28,32,40,60,80 inches | 24,32,40,60,80 inches | 24,32,40,60,80 inches |
| Refresh rate | 100 Hertz | 140 Hertz | 120 hertz |
| Display resolution maximum | 768p | 657p | 555p |
| HDMI | 82 cm | 67 cm | 60 cm |
According to the comparison made within the Japanese technology of Toshiba television with Korean LG television as well as Samsung television as mentioned in appendix, a clear cut demarcation can be made of the features that enhanced the demand of Toshiba. Inclusion of CEVO engine within Toshiba television increased the integration of internal hardware along with software components. Other remarkable features like HDMI facility, USD and speakers created a distinct identity of Toshiba television in the market among others (Cravens and Piercy, 2009). This enhanced the productivity and profitability of the organisation in the market among others. Capon and Hulbert (2010) reflected that presence of game move facility helped the customers to avail the facility of various 3D games by sitting in home in Toshiba television. USB port facility also enhanced the demand of Toshiba television thereby enhancing its customer base and productivity considerably. Moreover, 1366*1020 (HD: high definition) offered a significant height in the demand of the Toshiba television as compared to other contending players. On the contrary Baumol (2004) argued, failure to implement the advanced innovative changes within the organisation may hinder its prosperity and market share in the globe as compared to many other rival players.
2.1 Product life cycle
Basheer and Ibrahim (2010) mentioned that the life span of consumer electronics is extremely low. This is mainly due to the implementation of the concept of periodic innovation. Periodic innovation of technology is recognised as a business tactic to attract a wide range of customers towards the brand thereby amplifying the brand image and productivity. This enhanced the market share and profitability of the organisation resulting in amplification of the demand and equity. Despite of similar technological features, the demand of Toshiba television is high in Asia, Middle East and Australia rather than EU and US due to the presence of the advanced features. On the contrary Barzel (2013) criticized that if Toshiba television failed to evaluate the changing demands of the target mass then it may not retain in the global perspectives.
Figure 2: PLC of Toshiba television
(Source: Barnes, S. J. and Scornavacca, E. 2004, p.139)
Considering the diagram of PLC, it may be mentioned the Toshiba television is presently on the maturity stage but moving towards the declining stage. The prime cause behind such decline is lack of market trend analysis. The competitors of Toshiba television concentrated highly on innovation and introduced retro product lines named ‘curved tv’ (Aydin et al. 2007). Curved tv comprises of varied types of inventive features that enhanced the demand of consumer electronics. Considering this fact, Baghai et al. (2009) denoted that presence of advanced graphics and technologies acted as the core competencies of the organisation. Hence, the demand of Toshiba television increased due to the presence of such features.
3.0 Brand Appeal:
3.1 Competitive Strategy:
To improve the competitiveness, Toshiba television introduced various features such as HDMI facility, 3D, USD, CEVO engine, WEB and speakers enhanced its position in the market (Amit and Zott, 2010). This is mainly due to the presence of the concept of disruptive innovation that threatened the technologies used by Toshiba to extend its PLC time frame through constant R&D. These features enhanced the sustainability of the organisation resulting in amplification of the brand image and prosperity in the market. As determined by Arndt (2009), advanced and modern technological features of Toshiba television helped the organisation to increase the sustainability. In against to the latter statement Alvarez and Parker (2011) criticised that absence of the presence of advanced features might hinder the brand value and reputation of the organisation.
3.2 Brand Pyramid:
Allen and McCluskey (2009) denoted that to satisfy the changing requirements, varied types of advanced features are introduced such as additional speakers and game move facility, CEVO engine. These features increased the portfolio and brand value of the organisation as compared to many others. High resolution facility, USB along with additional speakers of Toshiba television acted as a catalyst for the organisation to increase its demand and market share.
Conclusion
Conclusively, it may be analysed that product innovation is extremely essential for an organisation. This helps to increase the brand value and market share of the organisation in the global era as compared to many other rival players. Doing so, helped the organisation of Toshiba television to increase its portfolio as compared to LG television and Samsung television. It is mainly due to the presence of numerous advanced specifications and features that increased the market share and growth in the overall global perspectives.
References
Alvarez, S.A. and Parker, S.C. (2011), "Emerging Firms and the Allocation of Control Rights: a Bayesian Approach", Academy of Management Review, 34(2), pp. 209-227.
Amit, R. and Zott, C. (2010), "Value Creation in E-Business", Strategic Management Journal, 22(6), pp. 493.
Arndt, J. (2009), "Toward a Concept of Domesticated Markets", Journal of Marketing, 43(4), pp. 69-75.
Aydin, S., Cetin, A. and Ozer, G. (2007), “The relationship between marketing and product development process and their effects on firm performance,” Academy of Marketing Studies Journal, 11(1), pp. 53-68.
Baghai, M., Smit, S. and Viguerie, P. (2009), "Is Your Growth Strategy Flying Blind?", Harvard business review, 87(5), pp. 86-96.
Barnes, S. J. and Scornavacca, E. (2004), “Mobile marketing: the role of permission and acceptance”, International Journal of Mobile Communications, 2(2), pp. 128-39.
Barzel, Y. (2013), "The Entrepreneur's Reward for Self-Policing", Economic inquiry, 25(1), pp. 103.
Basheer, A. and Ibrahim, A.M.A. (2010), “Mobile marketing: examining the impact of trust, privacy concern and consumers’ attitudes on intention to purchase”, International Journal of Business and Management, 5(3), pp. 28-41.
Baumol, W.J. (2004), "On Entrepreneurship, Growth and Rent-Seeking: Henry George Updated", American Economist, 48(1), pp. 9-16.
Capon, N. and Hulbert, J. (2010), Marketing Management in the 21st Century. New Jersey: Prentice Hall.
Cluskey, R. (2009), "Structure, Policy, Services, and Performance in the Business Incubator Industry", Entrepreneurship: Theory & Practice, 15(2), pp. 61-77.
Cravens, D. and Piercy, N. (2009), Strategic Marketing. New York:McGraw-Hill.
Johnson, M. and Gustafsson, A. (2008), Improving customer satisfaction, loyalty, and profit. 1st ed. San Francisco: Jossey-Bass.
Koufaris, M., Kambil, A. And LaBarbera, P.A. (2010), “Consumer Behavior in Web-Based Commerce: An Empirical Study”, International Journal of Electronic Commerce, 6(2), pp. 115-138.
Morgan, R. and Hunt, S. (2010), “The commitment-trust theory of relationship marketing”, the journal of marketing, 53(2), pp.20-38.
Peppers, D., Martha, R. and Bob, D. (2011), ‘Is your company ready for one-to-one marketing’, Journal of marketing 12(3), pp. 210-221.
Richard, W. Olshavsky and Donald, H. (2010), “Importance of marketing strategy?” Journal of marketing 13(2), pp. 93–100.
Sadler, P. (ed.), (2001) Management Consultancy – a handbook for best practice, Second edition, AMBA / Kogan Page
Slater, S. F. and Olson, E. M. (2011), “Marketing’s contribution to the implementation of business strategy: an empirical analysis”, Strategic Management Journal, 22(1), pp. 1055–1067.
Task 2
Reflective Essay
Introduction
In this age of extreme competitiveness and sustainability, ‘Marketing design and innovation’ is extremely essential. In this age, marketing innovation is the most effective requirement. In this globalised age, periodic innovation helps to satisfy the changing requirements of the customers to a significant extent. As a result of which, the brand value and market share of the organisation enhanced resulting in the amplification of the portfolio.
Implementation of the concept of marketing design and innovation helps to attract a wide range of customers of varying age group and profiles. As a result, the profitability and total revenue enhanced significantly as compared to others. Doing so, also helps to create a demand in the saturated market that enhanced the demand and portfolio of the organisation.
Learning from the assignment
In this era of extreme bargaining rivalry, marketing design and innovation is extremely essential. This is because; with the help of inventive designs, an organisation may attract a wide range of customers of varying age groups and income groups. Moreover, introduction of these features also helps an organisation to satisfy the changing requirements of the target mass. As a result, most of the global brands desired to offer highest dedication towards the concept of marketing design and innovation. Innovation might prove effective in attracting and retaining the customers for a long period of time thereby amplifying the productivity and profitability of the organisation. Along with this, with the help of inventive features, an organisation may increase the brand value and market share in the market among others. Due to which, the total sale and profitability of the organisation might get enhanced to a significant extent. The similar business tactic is followed by the organisation Toshiba at the time of developing Toshiba television. Developing Toshiba television not only increased the market share and prosperity but also enhanced the profitability considerably.
Moreover, marketing design acts as a catalyst in analysing the changing trends and requirements of the customers. Implementing the changing trends, the organisation may increase its customer base and productivity as compared to many other rivals. So, innovation is essential.
Innovation-a challenge
Innovation is considered as a challenging affair for the organisations operating in this age. This is because, the inventive features might be designed in such a way that it satisfies the changing requirements of the customers. However, in order to do so, both marketing design and innovation need to be used. With the help of collaborated effort of both the concepts, the demand and prosperity of the organisation enhanced to a significant extent among others. Other than this, in order to develop varied types of inventive product lines, a huge range of operating cost need to be used. Along with this, the supply chain activities of the organisation also need to be altered to a significant extent. Thus, due to implementation of such a concept, both the operating cost and mode of operations need to be altered to a considerable extent. Thus, innovation and marketing design concept need to be implemented only after viewing the trends of the market in an effective way. So that, it becomes successful in all regards.
A deeper focus on the concept of innovation
Although inventive features is essential, but promotion of these features is more essential as it helps to increase the awareness level. As a result of which, the demand and profitability of the organisation enhances resulting in amplification of the brand image and prosperity as compared to many other rival players. However, failure to offer promote the feature of the product lines of the organisation may hinder the brand value and reputation of the organisation. Considering this fact, numerous global brands desired to promote the inventive features extremely through social media and traditional print media techniques. Doing sio may increase the interest and fascination of the customers towards the brand resulting in amplification of the profitability and brand value. Thus, it may be revealed that marketing innovation and promotion are directly related with one-another. Effective promotion is extremely beneficial for an organisation offering dedicated focus towards innovation. Only then, the demand and prosperity of the brand may be enhanced to a significant extent among other rivals. Otherwise, due to improper promotion, the reputation might get hindered significantly.
Conclusion
Conclusively, it may be revealed that the ideas and facts obtained from this current assignment is extremely beneficial for me. It helped me to understand the importance of marketing design and innovation in an efficient way. Along with this, it helped to understand, in what ways, innovation may develop and destroy the brand image and market share of an organisation. However, I also became aware about the requirement of promotional techniques while promoting the inventive features of a product line. However, I also became aware, that improper selection of promotional techniques might decline the attraction and image of the brand in the market. Thus, I understood the impact of marketing design and innovation for an organisation in this era of advancement.
Moreover, I also became able to understand that innovation may prove effective only if the changed trends are analysed. After analysing, an idea of the requirements of the customers may be attained. Then, such type of features might be implemented in the product lines so that, the organisation may increase its reliability. Thus, I became able to understand, the importance of market trends in the tactic of innovation. Other than this, analysis of the features of the rivals is also essential. I revealed the fact that after proper evaluation of the competitor features, the idea of innovation might get improved. More advanced features might be implemented within the product lines so as to enhance the reputation and productivity. Thus, all these information are extremely important for me in improving my future life. Hence, I revealed that, with the help of this assignment, the ways by which, innovation and design may improve the prosperity of an organisation. Therefore, I would try to implement these ideas in the organisation in which I would be engaged to increase its profitability and brand value.
