Price Strategy for Promoting an Innovative Product in the Global Market

Abstract

The growing commercial importance of technologies in the modern world requires an understanding of the essence of innovation commercialization in the market environment. Innovative products are new competitive goods or services that meet the requirements for innovative activities.

The commercialization of innovations has a market nature, depends on market conditions, and is considered as the reproduction of the movement of intellectual capital to make a profit.

The production of innovations is a multi-stage process that involves creating ways to realize the company's potential based on marketing principles, identifying market development trends, and promoting new high-quality products aimed at satisfying current and future consumer needs.

The subjects of innovation commercialization are large companies (MNCs), medium-sized companies, venture companies and funds, private investors, specialized banks.

If a company plans to take a leading position in the industry, explore new directions, increase the production volumes of innovative products, and conquer the world market, it cannot do without a strategy. The strategy determines what needs to be done, where the company should move, and what it should focus on.

An important aspect of implementing a company's marketing strategy is to increase competitiveness in the global market. To increase competitiveness, it is necessary to identify the company's competitive advantages by implementing new technologies, developing and producing new products, improving quality, rebranding, etc.