DEVELOPING AND IMPLEMENTING MARKETING SECURITY METRICS TO REDUCE RISK WHILE PROMOTING AN INNOVATIVE PRODUCT

Abstract

The launch of an innovation product for businesses is a task that is inevitably linked to the risks related to the market situation, consumer behavior, involvement, and enterprise strategy. It is important for business management to understand the risks associated with promoting an innovative product, its own potential, and the impact on the business itself. Such risks should be identified in accordance with the enterprise marketing strategy. It is appropriate to use marketing methods to identify risks. The article develops and examines marketing security indicators that can be used by an enterprise to reduce innovation risks. It is suggested to use the coverage ratio of the minimum required market share for an innovative product and other indicators. With their help it becomes possible to determine the results of promotion of innovation in the market and to evaluate its compliance with the enterprise strategy. In addition, the importance of indicators of the initial penetration of the product on the market and the purchase index for the economic security of enterprises is considered. An algorithm for predicting the proportion of needs, which in turn acts as a unique mechanism, is considered to measure the risks associated with demanding innovators and, depending on the metrics used, to obtain results to prevent threats of all kinds. A developed method of diagnosing an innovative product can also be an important tool. These calculations can be applied with complementary analysis of products that will replace innovation. This allows the management of the company to identify the main competitors, the features of the proposed innovation and the target audience to which the innovation is intended. In addition, such an analysis may be useful for identifying risks in businesses that are already operating in the market by identifying an influx on their existing product. Thus, it allows to identify different types of threats related to the promotion of innovation in the market and to be applied in a complex, as part of a systematic approach, to the method of implementing marketing security indicators in the economic security of the enterprise.