Examine the impact of innovation on promotional strategies for an organization of your choice.

Japanese public limited company Bandai Namco Holdings Inc. (Bandai) was founded. It was created in September 2005 as a result of the union of Bandai and Namco. While Namco focuses on the gaming industry, Bandai's primary business is the manufacture of toys. A process improvement or a significant shift in the products or services that a company offers can both be referred to as innovations. A strategy is a collection of long-term goals that an organisation has set for itself. One of the four Ps of the marketing mix, promotion, refers to ways of reaching out to the public.

Recently, Bandai and HarshPlay, a free app that combines live streaming and virtual reality (VR), collaborated. HarshPlay provides music, sports, and gaming. However, this collaboration's unique 360° locations for live streaming, gaming, sharing, and VR viewing are its real innovation. The benefit of this innovation is gaining a competitive edge in the expanding market for virtual reality as a new medium for advertising. The ability to place 360° locations (as advertisements or brand presentations) using QR codes or links using mobile distribution channels has a significant impact on Bandai's promotional strategies. The requirement that consumers own VR headsets poses a restriction on the use of VR networks as a promotional strategy. Additionally, these users have had a low adaptation rate.

Hajime Nakatani, the CEO of Bandai, firmly believes that the company's mission statement of "Innovation through creativity" is true. As a result, innovation has the effect of fostering a creative corporate culture among all of its internal stakeholders, from the CEO to every single employee in all facets of Bandai's strategies and operations. In this regard, Bandai and Disney's Pixar worked together on the newest animated film, "Finding Dory". Given how well-liked the characters from the earlier film "Finding Nemo" were, this might be a good way to promote Bandai's brand. Playsets, feature figures, plush toys, and bath toys were all made by Bandai. that encapsulated the movie's spirit. Bandai's "My Friend Dory," an interactive soft figure that features 50 different phrases as Dory responds to different movements, is the new culturally significant toy. However, from an ethical standpoint, kids might end up pestering their parents into buying more toys. It might be deemed unethical to use pester power in promotional tactics.

Another innovation is Bandai's collaboration with Afero to develop its next-generation entertainment goods and services using connected devices and Afero's internet of things (IoT) platform. One-stop platforms for all connected devices, including smartphones and even washing machines, are what Afero, a software company, offers to developers and businesses.

The benefit of this innovation is that it lets Bandai advertise its goods while ensuring a safe connection between gadgets. Through the use of connected devices and cloud computing, this is a new type of above-the-line advertising for the Bandai brand. Bandai has greater access to more potential customers as mobile devices (such as smartphones, wearable technologies, and tablet computers) gain popularity.

The main drawback of this type of marketing tactic is that mobile devices cannot connect to the loT platform without Wi-Fi. Because there is no broadband infrastructure in less developed economies, it would not be appropriate. Additionally, every time a specific customer interacts with a connected device, more specifics about that particular interaction can be tracked and recorded for marketing purposes. Thus, information privacy and personal data security have implications for a specific stakeholder, like a Bandai customer. Employees of Bandai, including 3D artists, illustrators, and animators, may be at risk for layoffs. Some of Bandai's tasks might be productively outsourced as the company shifts its marketing strategies to the loT platform. GamecoStudios, a renowned digital and video games art company, had already been contracted to create some of Bandai's artwork, 3D modelling, and even promotional trailers and videos.

In conclusion, Bandai's marketing tactics are greatly influenced by innovation. The core of Bandai's mission statement is innovation through creativity. Bandai implemented novel strategies utilising cutting-edge technologies and strategic alliances, like Disney's Pixar, and developed fresh marketing opportunities, like the IoT platform.

This essay gave clear and comprehensive background information on the chosen company (Bandai). The essay's key definitions for the concepts (innovation and strategy) were included, and pertinent business management jargon was used throughout. Additionally, appropriate real-world examples are used, demonstrating effective application and bolstering proof.

In order to qualify for a balanced response, examiners typically expect candidates to present at least two arguments for and against. Here, benefits of innovation were discussed, including raising brand awareness and fostering a creative culture. In this essay, the drawbacks of innovation were privacy and ethical concerns, with the implications for various stakeholders.