The Use of Innovative Tools to Promote a New Product in the Competitive Environment

Maria G. Tindova () and Olga V. Ledneva ()
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Maria G. Tindova: Synergy University
Olga V. Ledneva: Synergy University

Journal of Modern Competition, 2023, vol. 17, issue 1, 87-95

Abstract: The article is devoted to the consideration of modern, innovative methods of promoting a new product on the market, which is a tool for strengthening the competitiveness of an enterprise, its efficiency in a dynamic economy. At the first step of the work, the authors consider and analyze practical methods and tools for creating and promoting new goods and services on the markets that meet modern consumer needs. The considered tools are aimed at expanding existing and developing new market niches. The article substantiates their ability to increase brand loyalty, while reducing possible risks. The next step of the work was the development of a model for promoting a new product in the company's marketing system using the example of a specific enterprise, namely JSC NPP Almaz, the first stage of which was an analysis of the financial and economic activities of the enterprise in order to determine the possible costs of creating and promoting a new product. The authors draw attention to the possible risks when creating a new product and give recommendations on how to reduce them. Based on the analysis, the last stage of the work was the development of specific recommendations for modifying the tools for promoting a new product in the enterprise marketing system. The main base of the modification is the synthesis of traditional channels of product promotion, such as personal sales, participation in exhibitions, radio advertising with innovative Internet tools, among which are SEO optimization, SMM management, contextual advertising. The authors give arguments justifying the use of community marketing functionality in order to improve the quality of promotion of new products through social networking channels. As a result, an assessment is made of the possible economic effect of the proposed scheme for promoting a new product on the market and occupying new product niches.

Keywords: internet marketing; community marketing; promotion of a new product; competition (search for similar items in EconPapers)
Date: 2023
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DOI: 10.37791/2687-0657-2023-17-1-87-95

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