The Role of Innovation in Driving Business Growth and Success
Added on 2019-12-18
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MARKETINGESSAY
TABLE OF CONTENTSTASK 1............................................................................................................................................2TASK 2............................................................................................................................................4REFERENCES................................................................................................................................91
TASK 1Marketing innovation is a concept of implement new ideas of promotion that includesimportant modifications in terms of design, packaging and promotion of the products in market.It plays an essential role and necessary for each business unit to take appropriate actions whichare linked with the innovation for attracting a large number of customers and also, to help inattaining competitive advantage in marketplace. Further, competitive advantage can be termed asdifferent types of situations which allow an organisation for producing appropriate goods andservices at low prices which can be desirable for the target customers (Boachie-Mensah andAcquah, 2015). For example, there are various types of innovations that are carried out by Applealong with the new features in their products which developed high publicity in the market.Further, there is an important role played by market intelligence for achieving success in thebusiness. It will also assist company to gain proper information related to products as well as totake appropriate decisions in terms of market opportunities.Innovation is considered to be an important element that helps an organisation for gainingcompetitive advantage over other competitors. Along with this, customers are more interested toinvest their money in terms of innovative products which is advantageous for a company.Further, a business enterprise can make enhancement in their customer base by offeringinnovative products which is overall helpful in increasing the level of productivity andprofitability (Bryson and Daniels, 2015). In this, there is the requirement to have properinnovation in marketing because there are different types of challenges faced by company forgaining competitive advantage so that it is required to create a competitive edge over other inmarket to survive in the long run. Further, there is an innovative approach developed by Applefor marketing through appeal of brand name. There are different types of ideas of innovation thatare carried out by organisation through various stakeholders such as customers, stakeholders aswell as employees that help company to sustain with satisfying the target market as per theirrequirements. With the help of digital media, there is development in the marketplace wherebrand is reaching to the customers and company also adopts their requirements. Along with this,technology is considered as another element for creating innovation which is a strategy related topromotion by different suppliers as per the demand of customers.In addition to this, marketing innovation is significant for a business in which marketersare able to identify the ideas for development with tangible process and there is requirement of2
innovative work environment which is a success element for achieving competitive advantage inthe marketplace. It can be stated that the organisation is required to ensure about using anappropriate approach of marketing of products that is based on person centric approach with thedemands of customers. Innovation in marketing assists in order to introduce strategy fordevelopment of products which helps to increase the level of performance of company (Carlborg,Kindström and Kowalkowski, 2014). On the other side, for an organisation, it is important toadopt different practices of competitive advantage which is essential for the survival inmarketplace. Thus, it can be said that marketing innovation gives an appropriate exposure to thebusiness along with increasing number of customers and also, helps in protecting competitiveadvantage of a company. There is requirement to adopt Porters Generic strategy that is beneficial for business andhelps in gaining competitive advantage in market. In this type of strategy, a way is provided forgaining competitive advantage in which firstly it includes cost leadership strategy where there isincrease in market share by charging low prices of products which helps in earning higher profit.It will help company to attract more customers by providing low priced products (Damijan, Stareand Kostevc, 2014). Further, through the strategy of differentiation, organisation makes certaininnovation in their products and services that are new in the marketplace or not have any closesubstitute. In this, it is required to ensure that innovation must not be made in such a mannerwhich can be easily re-created by competitors. Moreover, another approach is focus strategy inwhich company increases their market share as their main concentration is on to narrow themarket. Thus, it will help in increasing the level of revenue in company. Furthermore, there is a direct relationship between marketing innovation and competitiveadvantage as there are different types of challenges faced by organisation in order to gaincompetitive edge over competitors (Ding, Eliashberg and Stremersch, 2014). It is essential forcompany to achieve high competitiveness with the help of innovation as it can be carried out byproducing less costly products with better quality as compared to the services of competitors.Further, marketing innovation helps to maintain the growth and development in terms ofdifferent ideas used by company. It is considered to be important for business where companycan make innovation in their process of advertising products by using social media marketingwhich is highly growing in the market. Thus, it can be stated that marketing innovation plays animportant role in the growth and development of organisation. In context of competitive3
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