Modern Principles for Enhancing Market Management of Innovative Products in the Construction Industry

Abstract

This research explores modern principles for enhancing market management of innovative products in the construction industry. The construction sector is undergoing significant transformations due to technological advancements and increasing demand for sustainable and efficient building solutions. Innovative products, such as eco-friendly materials, energy-efficient technologies, and advanced construction methods like Building Information Modeling (BIM) and modular construction, are reshaping the industry. However, effectively managing the market for these products requires a strategic approach that considers technological integration, market segmentation, and stakeholder engagement.

The study identifies key principles for improving market management, including the adoption of digital marketing strategies, the utilization of data analytics for market trends and customer needs, and the development of robust regulatory frameworks that support innovation. Additionally, it emphasizes the importance of collaboration between construction companies, technology providers, and policy-makers to foster a conducive environment for innovation.

To enhance market management, the research suggests a multi-faceted approach that includes investing in training and development to build capacity in new technologies, promoting public awareness of the benefits of innovative construction products, and establishing incentives for adopting sustainable practices. By implementing these principles, the construction industry can accelerate the adoption of innovative products, improve overall project efficiency, and contribute to sustainable development goals. This study provides a comprehensive framework for stakeholders to navigate the complexities of managing innovative product markets in the dynamic construction landscape.