Innovation Is A Key Ingredient For Success Marketing Essay

3036 words (12 pages) Essay

1st Jan 1970 Marketing Reference this

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Penalties: The total marks available for an assessment is reduced by 15% for work submitted up to one week late. The total marks available are reduced by 30% for work up to two weeks late. Assessment work received more than two weeks late will receive a mark of zero. [Incidents of alleged plagiarism and cheating are dealt with in accordance with the Institute’s Assessment Regulations.]

Plagiarism: Presenting the ideas etc. of someone else without proper acknowledgement (see section L1 paragraph 8).

Cheating: The use of unauthorised material in a test, exam etc., unauthorised access to test matter, unauthorised collusion, dishonest behaviour in respect of assessments, and deliberate plagiarism (see section L1 paragraph 8).

Continuous Assessment: For students repeating an examination, marks awarded for continuous assessment, shall normally be carried forward from the original examination to the repeat examination.

Question 1:

“Innovation is a key ingredient for success in the marketing place. There is no simple approach for companies to take to successfully innovate. Research indicates they need to overcome barriers to become serial innovators”

Innovation is……

the process that an idea or invention is translated into a good or service for which people will demand or need, (Heyningen, 2011). It is something that is new. People confuse innovation with invention but they are extremely wrong. Invention is an idea. Innovation is regarding the launch of this idea. Innovation was developed from a Latin word innovatus, defines to change or renew, generated from in-(into) + novus-(new). Explanation of innovation research started firstly 1903 by researchers Gabriel Tarde.

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Innovation is a key ingredient in for success in the market place because of many reasons. One main reason is that of the innovation life cycle. Inventing an idea is one task, bringing that idea to life is another. It is all about marketing, good timing and backing it to the very end of its life cycle. Shown below in figure 1 we have a graph that shows versus life cycles. Life cycles change due to demand and competition. As everyone knows you never hear two big brands launching similar products at the same time.

Graph of innovation life cycle

http://ars.els-cdn.com/content/image/1-s2.0-S0883902699000488-gr1.gif (Romana et al., 2001)

An example of two well known brands with similar products is the apple iphone and the samsung galaxy. These companies are launching phones every six months. However, this never occurs at the same time.

Dr. Jesus Perdomo Ortiz said “Some answers may lie in innovation literature and in the understanding of innovation as palimpsest. Professors Pavitt and Malerba taught that innovation is an activity subject to taxonomy-grouping things into different categories. In other words, forms of innovation are different according to the sector and the product. The telecommunications sector is itself particularly unique. Apple’s iPhone and Samsung’s Galaxy are a reflection of innovation as palimpsest. It could be understood as an innovation of improvement, but it’s perhaps better labeled as the fruit of the accumulation of successive layers of meaning. In sum, in this culture of multiple meanings, the patent debate should focus more on interpretation rather than discovery”, Jenson, (2012).

What is serial innovator???

Serial innovators look for opportunities. They look for sensible problems that cause possible customers cogent pain, problems with solutions which the customers would be willing to pay. Serial innovators know themselves when they have an interesting problem that can be solved, when it matches three benchmarks:

Solving the problem is realistic and has significant financial result.

A solution can be found easily.

The problem and solution are admissible to the customers and management (it unfolds problems and fits setup).

“Serial Innovators approach product development nonlinearly,” and their approach involves “much more overlap, iteration and feedback” between stages than is typical of more formal new product development processes. For example, a serial innovator may go back and forth between aspects of developing the product and creating market acceptance for it, or between understanding the problem and inventing and validating solutions to it”, (Griffin et al., 2012).

Barriers to Innovation:

There are a number of barriers that prevent innovation from taking place. Recognising and working out these barriers will help you to create a culture that is innovative in your organisation and help you to make a successful business, Shavinini, (2003). The most common barrier to innovation is a leader or manager not open to a new idea. This has a negative impact on the company throughout as employees are not bothered to come with new ideas as they know they either won’t be listened to or the manager or leader will not take their ideas any further. Any new ideas put forward should be listened to and the manager should allow the employee to justify their idea. As often the manager says ‘no’ as a result of past experiences which is wrong. Although the idea may be something not done before or it does not meet with the business regular operations, it does not mean that it is a bad idea or not worth letting the employees justify it (NSW government, 2012).

Often, employees do not have the time to generate new ideas as they are so busy doing their day to day work that they don’t feel they have time to be thinking of new ideas. Also, they may think of new ideas but they may be afraid to put them forward to the manager in case they are not heard or the risk of it not working.

Innovation may be seen too expensive for small businesses to carry out especially in times like now, an economic recession. However, managers need to think of the potential profit that innovation could bring to the company. There are also cost effective ways of carrying out innovation, IBM GLOBAL BUSINESS SERVICES (2006).

There may be a lack of qualified personnel in a company with a lack of information on technology which results in innovation not occurring. The employees may also have a lack of information on markets.

The biggest barrier is companies with the inability to implement and commercialise new ideas. After spending time, resources and effort to develop an idea, the final step is a failure and the product is never successful in the market. This often causes companies to become negative in relation to new ideas and they tend to begin focusing on the barriers rather than the positive outcome ideas may have, (D’Este et al., 2009).

In my opinion this statement innovation is essential for success in the marketing place. There is no simple method or criteria for companies to follow to successfully innovate. Research indicates companies must overcome barriers to become serial innovators which I believe is significantly true. It is clear from researching and reading about the successful businesses it is one of the main aims that every individual should have. The world wouldn’t be where it is today without so many serial innovators taking their companies throw the barriers and to successfully innovate.

A great example of innovation is that of the mountain bike. Most of the credit for mountain bike goes to a northern Californian group that were around in the 70’s. One of the earliest references around for off road bikes is in the 1890’s. These bikes were single speed bikes that were modified for long distance travel.

Their two biggest trips noted at this time were a nearly 800 mile and a 1900 mile trip.

Another well-known group of bikers was in the 1950’s. These bikes had some wonderful modifications for their time including: they had handlebar shifters, fat tires, and even some suspension. John Finley Scott is another man well renowned for his modified bike “The Woodsie” in 1953 for rides in the outdoors. His modifications included: shifting gears, fat tires, flat handlebars, Metcalfe and Canter (2003).

All these bikes do illustrate similarity to the modern day mountain bike, however nothing ever developed from it. The Marin County, California gains most of the credit for the modern day mountain bike.

Although this group were not the group to introduce big tires, flat handlebars, cantilever brakes, or even derailleurs, on a bike built for the mountains, they were the first to create all of mountain biking as we know it today. A few members of this group carried out the marketing, innovations and technologies that tipped mountain biking into becoming popular.

Since then, it’s just been one innovation after another for nearly 30 years. While the general layout of mountain bikes such as flat handlebars, derailleurs, big tires, and powerful brakes, have not changed there have been immense changes over the years which has improved and changed the sport tremendously. The biggest changes that occurred in mountain biking have been with the introduction of front and rear suspension. Other innovations have come in materials and manufacturing that has resulted in increased performance, part life, and significant weight reduction. Big advancements include: frame materials such as carbon fiber and advanced aluminium alloys. There have been many more advancements such as indexed shifting, the thread less headset, and better bottom brackets, have made bikes easier to work on and longer lasting.

Mountain bikes today are much faster, lighter, reliable, and much more expensive than the bikes of the past.

Our bikes and the parts on them are engineered to perform flawlessly and will last much longer than anything we had even 10 years ago. The hope is that there will be many more of advancements in suspension and materials in the future, which again will improve the sport and the bike itself. In my opinion, this clearly demonstrates the importance and the advantages of innovation.

Fig 2: O’Neill and Bessant, (2008)

Question 2: New Product Development (NPD) at Eirlock.

New product is the process that is used in business and engineering when a new product is being brought to the market. This is a process to ensure the product as the best potential possible and will be worth wile. There is many ways of developing a new product but finding the best isn’t possible if a proper process isn’t in place. Below is a sample of stages that should be in a NPD.

Test market

Prototype development

Launch

Final adjustments

Concept development and testing

Business analysis

Idea screening

Idea Generated

Fig 1. Sample of NPD

A SWOT analysis is used to help develop a New Product Development. It helps to analyse the strengths and weaknesses of a company or product. It also looks at the opportunities and treats of company or product.

In the following I would like to comment the company that I have studied (Eirlock) and the reason why products that they invented and launched were not a success.

The family seem to be great at generating ideas but it seems like they have not the knowledge to bring it to life. They had great success with the first product “Eirlock”. In 1994 it reached its peak of £468,000 worth of sales. When you consider the product was manufactured in 1988 and only made a peak of £468,000 isn’t great when you take raw materials and wages of 28 employees from this figure. When calculated if each product is worth £9 and their total is the amount above this gives a total of 52,000 units sold that current year. Their market was through Ireland and Northern Ireland, this is quite a small market. As they were distributing in Northern Ireland it would have made the UK more accessible for market which may have expanded their distribution and profit.

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Eirlock was sold through wholesalers’ these wholesalers supplied the products to the retail shops. It was the wholesalers that promoted the product. This to me was costing money for a task that could have been done by the company itself therefore if the ‘middle man’ had been cut out, profits would have increased for the company.

ISO: In 1991, the company were offered a licence to manufacture a security lock for ISO containers and semi – trailers. They were offered this by an American Security Product manufacturer at an exhibition. Mr Mc Carthy and his company decided to purchase initial stock of 10,000 units to test the market of this product. In my opinion, this is a significant amount of units with no research carried out about the demand in Ireland for this product. It was a big decision made without any consolidation or thought. It resulted in that they found out it could not be sold with a profit and they could not compete with the price of their opposition. In accordance with the NDP, if this product was properly conducted through the process that should be laid out, the outcome would have illustrated how successful the product was for the company preventing what occurred.

Security shutter: Joseph Mc Carthy (the owner’s son) invented a security lock for factory windows in 1992. The development of this product cost him £25,000. After spending this amount, the company found that there were similar products that have already been patented by a UK company. This resulted in them having to withdraw this product from the market. This again depicts a lack of research with a large sum of money being invested with no thought given for a product. This cost the company £15,000 worth of stock plus the £25,000 that was previously used to develop the security shutters. This shows a lack of NDP resource. This is where the requirement ‘Stage Get Model’ by Robert Cooper should be carried out. This model creates gates in between the stages. This is commonly used in modern companies to prevent situations like the one in the case study occurring. In these gates a group of individuals critically analyse the previous stage to prevent failure.

Control Cabinets: The Company expanded their area of electronics by designing and building control cabinets. In 1995, this built up a sale of £294,000. For a product that they did not seem too highlight in the case study, it appears to have been a successful product. One could question why this product wasn’t explained in great detail as it appears to have been a large success, asking was the negative products focused on. In my opinion, this is the next product in the product life cycle. I think concentration should be focused on this product as it is increasing every year in the sales performance which provides a huge advantage to the company. I believe this is the best NDP by far for this particular company and the way in which it was implemented should be concentrated on for future product developments.

Following these product failings Mr Mc Carthy (Senior) has become negative in relation to innovation and has lost all motivation in developing new products. This is stated in the case study where he states “the devil you know is better than the devil in you don’t know”. This statement shows how strongly he believes that the innovation of products is worthless which shows a negative attitude.

Action Plan: My report to Eirlock Limited would include the following action plan and activities –

First and foremost research is one of the main areas that must to be carried out prior to ‘concept development and testing’ (NDP). This ensures that the products launched are worth of testing, preventing loss of money. This will also help against competitors’. Eirlock currently pay other companies to carry out researches. The company and its employees should become more aware of the cost effective ways of innovating products through research. Also, the Stage Gate model should be included in the process of each product. I believe that Joseph Mc Carthy or another employee should be sent to advance their skills in the field of research.

In my opinion, employees should be reduced in the manufacturing of the Eirlock product itself and concentrate more on new electrical security devices. Expanding the market is also a major area that should be considered, e.g UK.

The Control Cabinet as one of the main products at this moment and time, possibly if it was promoted in more areas, sales could increase. Shown in the sales performance account the sales have increased for the previous three years. This is positive and should be seen as an opportunity for the company.

It is important that Mr Mc Carthy (Senior) is innovated and continues to manufacture new products. If he continues to be negative, it is time that he should take a step back and allow Joseph Mc Carthy the opportunity to innovate new products.

Another area I believe should be focused on is the promotion in marketing of the product. It is important that the products are all advertised well to ensure that customers are aware of the product. I think it is important to have a successful, innovated, market employee.

It also states that the company has recently engaged in re-equipment programme financed by grants and a loan the ICC. However, there are still a number of bought in components, e.g. four bought in injection mould components and the locks themselves for the Eirlock. Since this was one of the main products and ten employees manufacturing this product, this appears to be a large sum of money.

Overall, I believe that there is significant potential in this company if products follow the New Product Development process correctly. Eirlock has the employees and resources to develop and sale products that will be very successful.

Penalties: The total marks available for an assessment is reduced by 15% for work submitted up to one week late. The total marks available are reduced by 30% for work up to two weeks late. Assessment work received more than two weeks late will receive a mark of zero. [Incidents of alleged plagiarism and cheating are dealt with in accordance with the Institute’s Assessment Regulations.]

Plagiarism: Presenting the ideas etc. of someone else without proper acknowledgement (see section L1 paragraph 8).

Cheating: The use of unauthorised material in a test, exam etc., unauthorised access to test matter, unauthorised collusion, dishonest behaviour in respect of assessments, and deliberate plagiarism (see section L1 paragraph 8).

Continuous Assessment: For students repeating an examination, marks awarded for continuous assessment, shall normally be carried forward from the original examination to the repeat examination.

Question 1:

“Innovation is a key ingredient for success in the marketing place. There is no simple approach for companies to take to successfully innovate. Research indicates they need to overcome barriers to become serial innovators”

Innovation is……

the process that an idea or invention is translated into a good or service for which people will demand or need, (Heyningen, 2011). It is something that is new. People confuse innovation with invention but they are extremely wrong. Invention is an idea. Innovation is regarding the launch of this idea. Innovation was developed from a Latin word innovatus, defines to change or renew, generated from in-(into) + novus-(new). Explanation of innovation research started firstly 1903 by researchers Gabriel Tarde.

Innovation is a key ingredient in for success in the market place because of many reasons. One main reason is that of the innovation life cycle. Inventing an idea is one task, bringing that idea to life is another. It is all about marketing, good timing and backing it to the very end of its life cycle. Shown below in figure 1 we have a graph that shows versus life cycles. Life cycles change due to demand and competition. As everyone knows you never hear two big brands launching similar products at the same time.

Graph of innovation life cycle

http://ars.els-cdn.com/content/image/1-s2.0-S0883902699000488-gr1.gif (Romana et al., 2001)

An example of two well known brands with similar products is the apple iphone and the samsung galaxy. These companies are launching phones every six months. However, this never occurs at the same time.

Dr. Jesus Perdomo Ortiz said “Some answers may lie in innovation literature and in the understanding of innovation as palimpsest. Professors Pavitt and Malerba taught that innovation is an activity subject to taxonomy-grouping things into different categories. In other words, forms of innovation are different according to the sector and the product. The telecommunications sector is itself particularly unique. Apple’s iPhone and Samsung’s Galaxy are a reflection of innovation as palimpsest. It could be understood as an innovation of improvement, but it’s perhaps better labeled as the fruit of the accumulation of successive layers of meaning. In sum, in this culture of multiple meanings, the patent debate should focus more on interpretation rather than discovery”, Jenson, (2012).

What is serial innovator???

Serial innovators look for opportunities. They look for sensible problems that cause possible customers cogent pain, problems with solutions which the customers would be willing to pay. Serial innovators know themselves when they have an interesting problem that can be solved, when it matches three benchmarks:

Solving the problem is realistic and has significant financial result.

A solution can be found easily.

The problem and solution are admissible to the customers and management (it unfolds problems and fits setup).

“Serial Innovators approach product development nonlinearly,” and their approach involves “much more overlap, iteration and feedback” between stages than is typical of more formal new product development processes. For example, a serial innovator may go back and forth between aspects of developing the product and creating market acceptance for it, or between understanding the problem and inventing and validating solutions to it”, (Griffin et al., 2012).

Barriers to Innovation:

There are a number of barriers that prevent innovation from taking place. Recognising and working out these barriers will help you to create a culture that is innovative in your organisation and help you to make a successful business, Shavinini, (2003). The most common barrier to innovation is a leader or manager not open to a new idea. This has a negative impact on the company throughout as employees are not bothered to come with new ideas as they know they either won’t be listened to or the manager or leader will not take their ideas any further. Any new ideas put forward should be listened to and the manager should allow the employee to justify their idea. As often the manager says ‘no’ as a result of past experiences which is wrong. Although the idea may be something not done before or it does not meet with the business regular operations, it does not mean that it is a bad idea or not worth letting the employees justify it (NSW government, 2012).

Often, employees do not have the time to generate new ideas as they are so busy doing their day to day work that they don’t feel they have time to be thinking of new ideas. Also, they may think of new ideas but they may be afraid to put them forward to the manager in case they are not heard or the risk of it not working.

Innovation may be seen too expensive for small businesses to carry out especially in times like now, an economic recession. However, managers need to think of the potential profit that innovation could bring to the company. There are also cost effective ways of carrying out innovation, IBM GLOBAL BUSINESS SERVICES (2006).

There may be a lack of qualified personnel in a company with a lack of information on technology which results in innovation not occurring. The employees may also have a lack of information on markets.

The biggest barrier is companies with the inability to implement and commercialise new ideas. After spending time, resources and effort to develop an idea, the final step is a failure and the product is never successful in the market. This often causes companies to become negative in relation to new ideas and they tend to begin focusing on the barriers rather than the positive outcome ideas may have, (D’Este et al., 2009).

In my opinion this statement innovation is essential for success in the marketing place. There is no simple method or criteria for companies to follow to successfully innovate. Research indicates companies must overcome barriers to become serial innovators which I believe is significantly true. It is clear from researching and reading about the successful businesses it is one of the main aims that every individual should have. The world wouldn’t be where it is today without so many serial innovators taking their companies throw the barriers and to successfully innovate.

A great example of innovation is that of the mountain bike. Most of the credit for mountain bike goes to a northern Californian group that were around in the 70’s. One of the earliest references around for off road bikes is in the 1890’s. These bikes were single speed bikes that were modified for long distance travel.

Their two biggest trips noted at this time were a nearly 800 mile and a 1900 mile trip.

Another well-known group of bikers was in the 1950’s. These bikes had some wonderful modifications for their time including: they had handlebar shifters, fat tires, and even some suspension. John Finley Scott is another man well renowned for his modified bike “The Woodsie” in 1953 for rides in the outdoors. His modifications included: shifting gears, fat tires, flat handlebars, Metcalfe and Canter (2003).

All these bikes do illustrate similarity to the modern day mountain bike, however nothing ever developed from it. The Marin County, California gains most of the credit for the modern day mountain bike.

Although this group were not the group to introduce big tires, flat handlebars, cantilever brakes, or even derailleurs, on a bike built for the mountains, they were the first to create all of mountain biking as we know it today. A few members of this group carried out the marketing, innovations and technologies that tipped mountain biking into becoming popular.

Since then, it’s just been one innovation after another for nearly 30 years. While the general layout of mountain bikes such as flat handlebars, derailleurs, big tires, and powerful brakes, have not changed there have been immense changes over the years which has improved and changed the sport tremendously. The biggest changes that occurred in mountain biking have been with the introduction of front and rear suspension. Other innovations have come in materials and manufacturing that has resulted in increased performance, part life, and significant weight reduction. Big advancements include: frame materials such as carbon fiber and advanced aluminium alloys. There have been many more advancements such as indexed shifting, the thread less headset, and better bottom brackets, have made bikes easier to work on and longer lasting.

Mountain bikes today are much faster, lighter, reliable, and much more expensive than the bikes of the past.

Our bikes and the parts on them are engineered to perform flawlessly and will last much longer than anything we had even 10 years ago. The hope is that there will be many more of advancements in suspension and materials in the future, which again will improve the sport and the bike itself. In my opinion, this clearly demonstrates the importance and the advantages of innovation.

Fig 2: O’Neill and Bessant, (2008)

Question 2: New Product Development (NPD) at Eirlock.

New product is the process that is used in business and engineering when a new product is being brought to the market. This is a process to ensure the product as the best potential possible and will be worth wile. There is many ways of developing a new product but finding the best isn’t possible if a proper process isn’t in place. Below is a sample of stages that should be in a NPD.

Test market

Prototype development

Launch

Final adjustments

Concept development and testing

Business analysis

Idea screening

Idea Generated

Fig 1. Sample of NPD

A SWOT analysis is used to help develop a New Product Development. It helps to analyse the strengths and weaknesses of a company or product. It also looks at the opportunities and treats of company or product.

In the following I would like to comment the company that I have studied (Eirlock) and the reason why products that they invented and launched were not a success.

The family seem to be great at generating ideas but it seems like they have not the knowledge to bring it to life. They had great success with the first product “Eirlock”. In 1994 it reached its peak of £468,000 worth of sales. When you consider the product was manufactured in 1988 and only made a peak of £468,000 isn’t great when you take raw materials and wages of 28 employees from this figure. When calculated if each product is worth £9 and their total is the amount above this gives a total of 52,000 units sold that current year. Their market was through Ireland and Northern Ireland, this is quite a small market. As they were distributing in Northern Ireland it would have made the UK more accessible for market which may have expanded their distribution and profit.

Eirlock was sold through wholesalers’ these wholesalers supplied the products to the retail shops. It was the wholesalers that promoted the product. This to me was costing money for a task that could have been done by the company itself therefore if the ‘middle man’ had been cut out, profits would have increased for the company.

ISO: In 1991, the company were offered a licence to manufacture a security lock for ISO containers and semi – trailers. They were offered this by an American Security Product manufacturer at an exhibition. Mr Mc Carthy and his company decided to purchase initial stock of 10,000 units to test the market of this product. In my opinion, this is a significant amount of units with no research carried out about the demand in Ireland for this product. It was a big decision made without any consolidation or thought. It resulted in that they found out it could not be sold with a profit and they could not compete with the price of their opposition. In accordance with the NDP, if this product was properly conducted through the process that should be laid out, the outcome would have illustrated how successful the product was for the company preventing what occurred.

Security shutter: Joseph Mc Carthy (the owner’s son) invented a security lock for factory windows in 1992. The development of this product cost him £25,000. After spending this amount, the company found that there were similar products that have already been patented by a UK company. This resulted in them having to withdraw this product from the market. This again depicts a lack of research with a large sum of money being invested with no thought given for a product. This cost the company £15,000 worth of stock plus the £25,000 that was previously used to develop the security shutters. This shows a lack of NDP resource. This is where the requirement ‘Stage Get Model’ by Robert Cooper should be carried out. This model creates gates in between the stages. This is commonly used in modern companies to prevent situations like the one in the case study occurring. In these gates a group of individuals critically analyse the previous stage to prevent failure.

Control Cabinets: The Company expanded their area of electronics by designing and building control cabinets. In 1995, this built up a sale of £294,000. For a product that they did not seem too highlight in the case study, it appears to have been a successful product. One could question why this product wasn’t explained in great detail as it appears to have been a large success, asking was the negative products focused on. In my opinion, this is the next product in the product life cycle. I think concentration should be focused on this product as it is increasing every year in the sales performance which provides a huge advantage to the company. I believe this is the best NDP by far for this particular company and the way in which it was implemented should be concentrated on for future product developments.

Following these product failings Mr Mc Carthy (Senior) has become negative in relation to innovation and has lost all motivation in developing new products. This is stated in the case study where he states “the devil you know is better than the devil in you don’t know”. This statement shows how strongly he believes that the innovation of products is worthless which shows a negative attitude.

Action Plan: My report to Eirlock Limited would include the following action plan and activities –

First and foremost research is one of the main areas that must to be carried out prior to ‘concept development and testing’ (NDP). This ensures that the products launched are worth of testing, preventing loss of money. This will also help against competitors’. Eirlock currently pay other companies to carry out researches. The company and its employees should become more aware of the cost effective ways of innovating products through research. Also, the Stage Gate model should be included in the process of each product. I believe that Joseph Mc Carthy or another employee should be sent to advance their skills in the field of research.

In my opinion, employees should be reduced in the manufacturing of the Eirlock product itself and concentrate more on new electrical security devices. Expanding the market is also a major area that should be considered, e.g UK.

The Control Cabinet as one of the main products at this moment and time, possibly if it was promoted in more areas, sales could increase. Shown in the sales performance account the sales have increased for the previous three years. This is positive and should be seen as an opportunity for the company.

It is important that Mr Mc Carthy (Senior) is innovated and continues to manufacture new products. If he continues to be negative, it is time that he should take a step back and allow Joseph Mc Carthy the opportunity to innovate new products.

Another area I believe should be focused on is the promotion in marketing of the product. It is important that the products are all advertised well to ensure that customers are aware of the product. I think it is important to have a successful, innovated, market employee.

It also states that the company has recently engaged in re-equipment programme financed by grants and a loan the ICC. However, there are still a number of bought in components, e.g. four bought in injection mould components and the locks themselves for the Eirlock. Since this was one of the main products and ten employees manufacturing this product, this appears to be a large sum of money.

Overall, I believe that there is significant potential in this company if products follow the New Product Development process correctly. Eirlock has the employees and resources to develop and sale products that will be very successful.

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