In a product innovation approach, the company pursues product innovation, and then tries to develop a market for the product. Product innovation drives the process and research is conducted primarily to ensure that a profitable market segment(s) exists for the innovation. The next big thing is a concept is that refers to a product or idea that will allow for a high amount of sales for that product and related products. Marketers believe that by finding or creating the next big thing they will spark a cultural revolution that results in this sales increase. The rationale is that customers may not know what options will be available to them in the future so we should not expect them to tell us what they will buy in the future. However, marketers can aggressively over pursue product innovation and try to overcapitalize on a niche. When pursuing a product innovation approach, they should ensure that they have a varied and multi-tiered approach to product innovation.
