Importance of Marketing Innovation and Competitive Advantage

Task 1
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Table of Contents
TASK 1............................................................................................................................................3
INTRODUCTION.......................................................................................................................3
Importance of marketing innovation and competitive advantage................................................3
REFERENCES................................................................................................................................7
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TASK 1
INTRODUCTION
Marketing refers to promotion and advertising of products and services to target people. It
is done with help of various sources such as social media, TV, newspapers, etc. Marketing
innovation is defined as applying new marketing strategies and concepts within market. The
concepts applied unique and distinct which are not been used before (Hernández, Cooper and
Murphy, 2018). Usually, it represents significant change in design or feature or product
packaging. With marketing innovation, promotion, pricing as well as positioning strategies are
changed.
Innovation is process of implementing new idea, concept, process, etc. within an
organisation. With help of innovation organisation is able to gain competitive advantage in the
market. However, concept of innovation is broad as it includes use of new technology and
resources in process or method and doing things in new way. furthermore, innovation must be
related to implementing idea at reasonable cost or to fulfil specific goals and objectives. For
instance- Samsung implement innovation in their products. They launch new smart phones with
latest technology and providing more storage (Ungerman, and et.al 2018).
Besides that, it is necessary for companies to sustain in market and gain competitive
advantage. A competitive advantage is advantage gained by organisation over others. It is either
in terms of value of product or service, low cost, high quality, etc. Here, an example can be taken
of Apple that offer high quality smart phones like iPhone X, XR, etc. as compared to its
competitors (Kim, Kim and Choi, 2019).
However, strategic competitive advantage is gained through strategies that are applied by
company in the market. Generally, they are marketing strategies which distinguish firm from its
rivals. Thus, it has been analysed that marketing innovation and competitive advantage are
interrelated with each other. For example- Amazon gained competitive advantage by applying
various strategies and differentiating themselves from others.
Importance of marketing innovation and competitive advantage
As said by Molina-Castillo, Meroño-Cerdan and López-Nicolás, (2019) in such a
competitive business environment it has been identified for every organisation it has become
difficult to sustain. They need to implement innovation in order to differentiate themselves from
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