New Innovations and Similar Products, Essay Example

New innovations are considered better than similar products because of a number of factors. Primarily, a new innovation has an improved quality compared to the original products. The improved quality despite retailing at a slightly higher price would be preferred by the consumer who understands the benefits accruing from the new innovation. However, price sensitive consumers would take time before appreciating the new innovation as quality change is not worth spending a dollar more on a similar product. Secondly, an innovation just as a newly invented product creates a new market from the similar products. Although the original customers might continue to consume the newly innovated product, the segmentation of the market will classify the consumers as a different niche. Thirdly, new innovations extend the product range due to their similarity with the original products and the improved production processes to the manufacturer. Unlike similar products, new innovations require reduced materials, labour costs, energy consumption and insignificant environmental damage.

Numerous opposition and barriers to adoption of new innovations results from change in the composition compared to the similar products. Innovation although derived from the similar products are more often than not designed and packaged in new styles to differentiate them from the similar products. Thus lack of information concerning the innovations cause potential consumers to shy away from the new products, in turn missing out on the new features and benefits. Similarly technological change in the new innovations cut off the consumers of similar products due to obsolete techniques and methods of consumption. However, the barriers to adoption can be removed through packaging, presentation, information and demonstration. For instance, a new finish for denim would be made available or both male and female wearers in order for ease at acceptance. The same new finish for denim can be packaged in a style common to other denim clothes to appeal to the consumers of similar clothing. Information of the new innovation should also be provided for consumers to enlighten them of the associated benefits.

The visibility of the innovation can be enhanced by providing adequate information to the consumers, educating them on uses and presenting the innovation in an appealing manner.

Certain risks are associated with the consumer’s adoption of the innovation. Most importantly of the risks is the change in the features hence the need for more education. Similarly, cost increases poses more risks t the consumer due to the fear that the quality in the new innovation might not be tested yet, compared to similar products. Fear of change is also another aspect that would hinder the consumer’s rate of adoption for innovation.

The risks associated with the consumer’s adoption of new innovation can be eliminated by allowing the consumer’s to test the products prior to consumption. The testing sessions will allow the final consumers to easily accept the new innovation and quickly adopt them. Similarly, free samples for the potential consumers will allow the general public to change the negative perception of the new innovation.