Marketing & Management of Innovation Essay Example | Topics and Well Written Essays - 4000 words

Marketing & Management of Innovation - Essay Example It is a concept which is replete with innovation and creativity. It is a stupendous effort with the never ending benefits for the people. It is a product which is pre-eminent in its kind. One can present it as superior to all others by presenting it as sumptuous. But what if it is useless and people are unable to solve their un-served needs. Pre-eminence in marketing can only be achieved with the delivery of additional value to the customer and making them delighted. One is delighted when the need is satisfied, and he/she gets more value out of the preferred product. Exactly in the same manner LED â€Å"Lantern† concept is there only to solve the problem of consumers by phasing out the power hunger bulbs and lightning the field with more efficiency and in an effective manner. Product concept The product concept of LED â€Å"Lantern† is, in actual, to encourage people to lighten the fields in some more effective ways with less hazardous material used in the manufacturing and less power consumption. According to one of the estimates, it takes around 1/5 less of energy than the normal light bulb. It is also free from the hazardous element such as mercury thus requires less voltage. Its life is 20 times more than an incandescent bulb which makes it the perfect choice for consumers, with its multi functionality LED â€Å"lantern† has the competitive advantage over the others. It can be utilised as a torch lantern by solving the problems of most of the people victim of darkness and want to light their fields and areas while spending less dollars, then LED â€Å"Lantern† is a right choice for them. Its utilization for camping purposes can be very fruitful as well. Stressing upon its features, Cree white LED has been installed in it. It has also been allotted a rotate side knob for multi functioning. Its long list of phenomenal attributes do not end up here .it has got top class magnifying glass which is very pre-eminent. It provides the foc used long beam which enhances the visibility and serves the consumer with better focus. It has got 2-mode electronic switch for the convenience of the consumer â€Å"HIGH & FLASHING†. Green â€Å"LED† indicator makes it visible in the darkness, and at the time of any emergent situation, it can be very helpful to get hold of it in the darkness. It is water resistant; its ability to light the fields never gets affected with any external intrusion such as water or any other liquid. Technical Assessments Before the transformation of the product concept into the realized product, its technical aspect must be assessed properly. The product LED â€Å"Lantern†, as the name suggests, is based upon the technology that is (Light emitting diodes). The absence of the filament in LED technology based LANTERN makes it cost effective as it helps to curb the consumption of electricity required in order to run the product. Illumination of LEDs occurs as the flow of electrons take n place through the material which behaves as the semiconductor, all this process to be undertaken as a result of charge provided by the electric circuit in the form of electricity (Knisley, 2002). LED is a diode which emits the light. It behaves as the conductor. There is no reversal process taken place for the flow of electricity. It is considered to be the one way process. These diodes are comprised of the main components that are whisker which creates the connectivity with the