DESIGNING AN INNOVATIVE PRODUCT TO REACH THE CURRENT TRENDS IN THE POWER TOOLS INDUSTRY

Marian – Florentin GHENA, Liviu – Daniel GHICULESCU

Abstract


Power tools industry is known for intense competition, with numerous companies striving to carve out their market share and remain competitive. To gain a competitive edge, businesses often turn to innovation and forecasting techniques to identify current trends and forecast future developments. By analyzing market data, patent records, and potential scenarios, companies can glean valuable insights into emerging consumer preferences and technological advancements. These insights inform the development of new products, enhancements to existing ones, and improved marketing strategies to meet customer demands and outperform rivals. The paper enforces the application of innovation and forecasting methodologies to empower companies in the electrical tools sector to maintain their competitive advantage.

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References


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