Innovation

Companies in contemporary world understand that innovations are vital for their survival. As such it is significant to find a balance between maximizing the benefits of existing products and introducing better products into the market. It is necessary to coming up with new concepts and ideas, doing continuous research on the market as well as consumers and analyzing the results designing and developing products and services. The final step is the marketing of the product. Successful companies have a systematic way of introducing new products and services to the market and prepared well in advance for any eventualities that may arise. Introduction of new products and challenges are discussed in this case study. Bringing new product or service to the market is a challenge and initial stages this challenge is to survive in the market. As the times goes by the challenge differs and it is to increase the sales. In every challenge there is scope for growth and there are opportunities. It is necessary to face the competition in the market and due to the ever changing nature of market, advancing of technology, it cannot afford to be behind the competition when it is introducing a new product or service. When the market is changing rapidly product or service also must fit into the change. Effective Communication is the key to the success when introducing a product or service to the market and it is necessary to communicate effectively to achieve