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Innovation is the basis of business existence

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Innovation is the basis of business existence


Innovation is the basis of business existence. Inventors may sometimes come up with crazy ideas that may seem not to sell, but the moment this innovative idea is developed into products, the reverse happens. Gary Dahl is considered the pioneers of crazy innovation that reaped huge profits in the pet industry. The core basis for coming up with the pet rock was that his product as a pet had nothing to do with live pets conditions such as being groomed, fed or getting ill. Due to his canny strategy, by selling each unit at $ 3.95 he was able to manage a ship 1.5 million units in the six months his crazy idea lasted (Dean, 2015).

Billy-Bob Teeth is one of the bizarre innovation that has turned to be profitable ventures. Back in 1993, Jonah White who was a dentist saw a dental student Rich Bailey picking up girls using a homemade hillbilly teeth at the Missouri State University during a football game. On the way home, the dentist started chatting with the student on how to fashion such an "innovation." Luckily, the student agreed to share the idea, and the two paired up, and business was born. By 2011, the company had made over $40 million. Today, over 21 million units of Billy-Bob set have been made and sold (Dean, 2015). Their product can be purchase and viewed not heir

Marketing entails understanding the price of the product (price), the place to sell the product (place), the consumers (people), and the product itself (product) that sum to produce the 4Ps of marketing (Richardson & Gosnay, 2011). The American are obsessed with dental care and that most of the people around the world yearn for whiter teeth. Bill-Bob teeth capitalized on the idea that people are having the obsession of whiter teeth hence why introduce a product that will hide the discolored teeth (Paley, 2007). In doing so, Billy-Bob understood the people and it served a market that was obsessed with dental care. Billy-Bob teeth products are considered crazy by actually making people look ugly.  The Billy Bob teeth are considered one of the craziest ventures yet a very profitable venture. The main idea behind this crazy innovation was to change how people smile (Dean, 2015).

The co-founders Rich and Jonah have made over $ 50 million in the 20 years they have been in the industry (Dean, 2015). According to Paley (2007), one of the advantages of crazy products such as the Billy-Bob teeth is the ability to market itself. Billy-Bob has based its marketing in this idea-the ability of a crazy product to market itself. According to Richardson & Gosnay (2011), when people see a crazy and curious product, an impression is created within them, and in turn, they share this impression with friends and relatives. With time, the same friends and relatives share the same impression with others hence scoring a wider market segment. The ugly teeth are being sold in over 150 countries around the world, and they have achieved this by selling over 20 million units.

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  • Title: Innovation is the basis of business existence
  • Price: £ 79
  • Post Date: 2018-11-09T10:37:44+00:00
  • Category: Assignment
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