The current particular report deals with the market design and innovation of the products. For having a comprehensive understanding and comparative study of product innovation and design, the researcher has selected McDonald’s Nachos Chicken Fiesta Sandwich. Apart from that, the researcher has also focused much on different kinds of theories and models used in product innovation and market design.
McDonald’s is one of the leading fast-food restaurants in the global market. The company was founded in 1940 by Richard and Maurice McDonalds. Since 1940, the company is serving its customers with fresh fast foods with high quality and value of services in the global market. McDonald’s makes innovation in products and services on regular interval as per analyzing the perception of customers and market trend (McDonald’s UK, 2015)
1. Critical evaluation of the main characteristic of products innovation and design
According to Jaeger and MacFie (2010, pp-38), most of the new products of the organization failed upon introduction in the global market, but few products are received success in the market and gained innovation awards and other benchmarks of success. Kohlbacher and Herstatt (2010, pp-36) argued that one of the main and considerable characteristics of product innovation and design is to make a specific difference with its competitors in the market. It is noted that the company generally makes innovations in products and changes the design of products for increasing the brand value and attracting more and more customers in the market.
McDonald’s makes innovation in its products as per the taste of the customers and market trend. The company has recently launched its innovative products named McDonald’s Nacho Chicken Fiesta Sandwich after McDonald’s Chicken Burgers in the market. McDonald’s has mixed the taste of fiesta of flavors with crispy chicken, topped with a zingy salsa sauce, cool sour cream, crunchy nachos and iceberg lettuce in the particular product. It is also noted that McDonald’s is one of the first fast-food restaurants that introduced such kinds of innovative products in the market in order to make a major difference with its competitor in the global market.
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Lockwood (2010, pp-37) opined that product innovation is also more or less connected with the market design. It is noted that customers are pretty much aware of the quality of products and services in the global market. Their demands along with expectations are very high. They always want to taste new products launched in the market. Halpern and Lubar (2010, pp-37) noticed that McDonald’s generally innovates and designs products after the comprehensive analysis of market trends and the strength of competitors in the market. It is just because, innovation and design products are generally concerned with the competitive advantage.
On the other hand, Heifetz et al. (2009, pp-37) also commented that McDonald mainly focused on three things while making design and innovation in products and services. McDonald’s Nacho Chicken Fiesta Sandwich received success in the market just because, the company has understood the taste of customers and how the market is designed in the contemporary business market environment………….