In the contemporary marketing era, strategy of introducing products as novel and innovative is prevalent. But it is debatable that whether such tactics is extraordinarily good or drastic. This article explores both sides objectively and provides a conclusion.
Primarily This psychological phenomena is attracting numerous customers. People are always drawn to exclusivity. This factor drives them to consume more newish products on the other hand encourages industries to boost their production. Thus resulting in economic growth and a competitive market system that encourages wide range of competition. In a highly competitive market, every company could strive to be more productive hence resulting in a better technological developments. Such economic growth enhances job creation. For instance, the mobile industry is on dramatic growth on this contemporary market. This is possible because of the novelty based theme the smartphone companies had introduced.
However, this also raises ethical issues. The branding could be misleading and superficial targetting wide range of consumers. The companies advertises their products with a minimal change but procrastinate as a major upgradation. These could not be productive to the consumers. Such branding could induce unnecessary consumption by the buyers. On the other hand, this notion could hugely benefits companies with good capital and might drive away startups and small companies from the market. Creation of monopolies n the market are strictly prohibited by Indian Competition Law, 2001and the treaties concerned with International Trade. As it exploits the consumer and the economy. Moreover this might lead us to a world filled with more lies, illusions and environmental wastes. The moral duty of industrial groups might become delusional. In the market of smartphones, the possibility of producing more e wastes travels on a parallel line with the circumstances to produce more. The expectation of upgradation could possibly be deteriorated into superficial changes.
In conclusion, while concentrating on introducing novelty the notion of genuine upgradation should not be ostracised by the companies. It should not pave way for a superficial consumption. The legal, ethical and environmental issues should be strictly adhered by the companies boosting production with novelty with environmental consciousness.