Managing Marketing Innovation

A Sample Report on Marketing Innovation Strategies

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Introduction

Marketing innovation is an strategy used by companies to redevelop and redesign their product (Singh-Ackbarali and Maharaj, 2014). The strategy focuses on making changes in current marketing style. The main objective behind marketing strategy is to fulfil needs of customers. This technique is used by business organizations to get position in global market and to increase it sales. Competitive advantage is defined as making better product than other companies to gain customers attraction. It is an advantage which is attained by providing services at prices according to expectation of consumers. There is huge relation between marketing innovation and competitive advantage. Innovation in product and services help the business to get competitive advantage. Launching of new product at lower prices than others companies supports the organization in gaining position in market space.

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Objective

The main objective of this study is to describe the role of marketing innovation in accomplish the competitive advantages in business.

Importance of marketing innovation

Innovation in marketing is very essential to survive in continuously increasing competition in the market (Dunn, 2016). It is important to implement innovation in marketing strategy to provide better products and services to customers (Paul and Phillips, 2015). Goal of any company is not limited to get profit only . It is also very important to innovate marketing to increase customer base. Innovation in marketing helps in increasing the profit of the organization. Innovation in marketing supports company to make changes in existing product according to expectation of customers. New marketing started is also essential to get position in the market.

Tools use in marketing innovation

Companies use various marketing tools to implement innovation in marketing strategy. Here are some tools :
Social media marketing tool : it is the most important tool use now a days to publicize the product of company. Various business organization makes use of social media platform to promote their product and services (Saridakis, Mohammed and Sookram, 2015). Mostly used social media platforms are Facebook, Twitter, LinkedIn and Instagram. Companies use these platform for making profile of their business and try to engage with customers. Posting about relevant product and services organization can make relationship with consumers. There are m,any software tools available to enhance social media marketing.

Marketing automation

Marketing automation is tool in which emails are sent to customers to give them information about current products and services . It make marketing easy and smoother than ever. In this technique of marketing innovation a software is use which save the information of customer (Rambocas ,Kirpalani and Simms , 2014). It sends customer relevant follow up information. It makes sale of product easy by sending relevant information of product directly to the customers.

Mobile marketing

It is the best tool used to promote the product by using mobile device. Website of company should have capability to run on mobile device and emails should be open on mobile screen. Text messages are sent by business organization to make customers aware about their latest services. Various companies are making mobile app to get better connectivity with customers. QR codes are also used by companies to advertise their product and services. These codes can scanned by mobile to get the information about the specific product

Inbound lead generation

It is tool in marketing innovation in which customers use keywords to find the product they are looking for. Involvement of key work help customer to find the product on the website of company (Rambocas, Kirpalani and Simms, 2014). This process of finding product with key word is called search engine optimization. Strong SEO can help business website to perform advertising online. Organisation can also launch e book and webinars to promote their product and increase customer base. It is very effective tool in marketing innovation.

Role of marketing innovation in achieving competitive advantage

Marketing innovation concept focuses on implementation of new promoting methods which include changes in design of product (Francis , 2015). It also changes price of product lower than other to lead competition in the industry. Change in current product ans services helps business to gain competitive advantage . New strategy used in promoting the product support business to generate more revenue than the previous strategy. Companies makes product which are not present in the rival company's product. Using this strategy if making product better than other help business to grow in competitive environment of global market. Marketing innovation assists company to make packaging of product better than the other firms. This is the way to attract more customers. New strategy in marketing also helps business venture to change in price of product which are lower than others. Change in price of product support organisation in market.

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Tools of marketing innovation (Marketing Innovation . 2017.) also helps business firms to gain competitive advantage. Social media marketing tool helps company to publicize its product on social platform . This tool is very helpful and provides required customer attraction to company. Mobile marketing tool also support business to gain advantage of competition by sending relevant information about product to customers (Francis, 2015). Marketing automation tool also help in gaining competitive advantage by sending emails to customers about the product ans services. Strategies used currently by company can be improved by marketing innovation technique (Dunn, 2016.). New strategy implementation support organisation to gain benefit of competition. Company can make enhancements in their current product and services by suing innovative tools. Customer abs increases by making innovation in product . Innovative product help business organisation to compete in market and take advantage of it. Innovative product and services better that rivalry companies help in getting better competitive advantage.

Conclusion

Summing up the above report it can be concluded that innovation in promoting product is necessary for any business venture to survive in growing competition in market. Role of marketing innovation competitive advantage is very important. New strategy in marketing supports business organization to increase its revenue and profit. Various tool like social media marketing , mobile marketing and marketing automation are helpful to implement innovation in marketing techniques.

References

  • Dunn, H.S., 2016. Teleworking the mobile Caribbean: enabling remote work among the marginalized in Jamaica and Trinidad and Tobago.ICT Skills & Employability, vol. 5, issue 2, Summer 2009.
  • Francis, J., 2015. A case for channelling creative industries into a viable industry sub-sector within a diversified economy in Trinidad and Tobago.Creative Industries Journal.
  • Paul, A.E. and Phillips, A., 2015. Management of Energy Resources for National Development: The Trinidad and Tobago Model.Key Determinants of National Development: Historical Perspectives and Implications for Developing Economies,
  • Rambocas, M., M. Kirpalani, V. and Simms, E., 2014. Building brand equity in retail banks: the case of Trinidad and Tobago. International Journal of Bank Marketin.
  • Saridakis, G., Mohammed, A.M. and Sookram, S., 2015. Does crime affect firm innovation? Evidence from Trinidad and Tobago.Economics Bulletin.
  • Singh-Ackbarali, D. and Maharaj, R., 2014. Sensory evaluation as a tool in determining acceptability of innovative products developed by undergraduate students in food science and technology at the university of Trinidad and Tobago.Journal of Curriculum and Teaching.
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