Marketing an Introduction

Question: Evaluate the challenges and benefits faced while completing Innovation and risk management models assignment report on Heinz Company. Answer: The main challenge was to identify the company supporting the assignment criteria, which could help in authenticating the overall outcome of the report. Furthermore, the selection process for an innovative company was essential to fulfil the requirements of the assignment. Moreover, I chose Heinz Company based on its implementation of innovation and inventions in their business process to achieve the required growth. Innovation is concepts or method, which are generally used by companies to improve their productivity and profitability. However, inventions help in developing new machinery, which could be used by companies to reduce their overall expenditure (Ayyub 2014). In addition, I had effectively collected all the financial data of Heinz Company from company website for evaluating the financial performance of the organisation. Furthermore, the main problems occurred when the physical inspection was needed to evaluate the innovative methods used by the organisation in effectively managing their risk exposure (Kern et al. 2012). Furthermore, I effectively evaluated the innovative packaging method that was being used by Heinz Company to reduce the overall cost of production (Heinz.com 2016). In addition, I was able to evaluate different types of innovative methods, which could be used by the Heinz Company to increase their productivity and profitability. Furthermore, the innovative methods like innovative packaging, brand name promotion, after sales services, product pricing, and blending could be effectively used by Heinz Company to increase their profitability. Moreover, theses mentioned innovation models could be effectively used by Heinz Compan y to increase its market presence and create demand for its products. Furthermore, the overall course work mainly required a development of strategy, which could be used by Heinz Company to increase its profitability. In addition, the innovation of new products is effectively suggested by me to increase profitability of the company. In addition, innovating new products could eventually help companies to create demand, which might help in increasing its profitability (Chari et al. 2014). Furthermore, I also researched on the production process currently being used by Heinz Company. In addition, I also effectively surveyed the market and detected the demand for a new profit, which could be developed by Heinz to increase their market exposure. Furthermore, I effectively used different method to implement the strategy proposed by me. Development of effective pathway could eventually help in achieving the required targets proposed in the plan (Berthon et al. 2012). Moreover, with the help of method like idea generation, idea screening, testing concept, business analysis, marketability test, technical implementation, commercialization, and perfect pricing the new product development could be effectively conducted. The implementation of theses method mainly helped in me to evaluate the strengths that could be obtained from perfect pricing and low costing. Furthermore, development of new product has mainly helped me to understand the significance of adopting costing strategies and brand promotion method, which enables companies to increase their overall profitability (Armstrong et al. 2012). Thus, I effectively generated the adequate awareness on different methods, which could be used by the company to increase its brand presence and profitability. Reference and Bibliography: Armstrong, G., Kotler, P., Harker, M. and Brennan, R., 2012.Marketing: an introduction. Pearson Prentice-Hall, London. 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