Evolution of a Cutting Edge Marketing Strategy for Vitafoam’s Innovative ‘Early Days’ Products
Shoyelu, Oluwaseun (2014)
Seinäjoen ammattikorkeakoulu
2014
All rights reserved
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2014121019225
https://urn.fi/URN:NBN:fi:amk-2014121019225
Tiivistelmä
Firms employ different growth strategies, such as acquisitions and continuous process improvement, as well as product innovation to generate exceptional shareholders’ value. Among all, innovation is less risky and highly sustainable, even guaranteeing a profitable margin, firm and product differentiation, and market leadership status. However, inventing a new product in itself does not complete the innovation process until there is a commercial success and wide use of such a product.
The case company, Vitafoam Nigeria Plc, has evolved new product innovations for a huge target market of infants and children in its environment but has not been able to successfully commercialize them and to take the first mover advantage. Hence, the reasons for the failure were investigated while developing a comprehensive strategy through which it may recoup on its investments in the innovation process that generated its Early Days products, capturing the lion’s share of the market.
The key drivers for ensuring the successful diffusion of Vitafoam’s Early Days products, such as communication through mass media and word of mouth, economic condition, and the marketing mix variables, were isolated and applied to the resulting product, price, place, and promotion strategies recommended for the Company.
The case company, Vitafoam Nigeria Plc, has evolved new product innovations for a huge target market of infants and children in its environment but has not been able to successfully commercialize them and to take the first mover advantage. Hence, the reasons for the failure were investigated while developing a comprehensive strategy through which it may recoup on its investments in the innovation process that generated its Early Days products, capturing the lion’s share of the market.
The key drivers for ensuring the successful diffusion of Vitafoam’s Early Days products, such as communication through mass media and word of mouth, economic condition, and the marketing mix variables, were isolated and applied to the resulting product, price, place, and promotion strategies recommended for the Company.