The Role of Innovation in Driving Business Growth and Success

The provided content consists of academic articles and a blog post related to management, marketing, innovation, and internationalization. The topics covered include the evolution of service innovation research, the impact of innovation on employment and skill upgrading, innovation and marketing in the pharmaceutical industry, and the importance of marketing innovation. Other studies explore the relationship between innovation and internationalization, as well as the role of design and innovation in securing competitive advantage. These articles and blog post highlight the significance of innovation and design in modern marketing practices.

MARKETING
ESSAY

TABLE OF CONTENTS
TASK 1............................................................................................................................................2
TASK 2............................................................................................................................................4
REFERENCES................................................................................................................................9
1

TASK 1
Marketing innovation is a concept of implement new ideas of promotion that includes
important 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 which
are linked with the innovation for attracting a large number of customers and also, to help in
attaining competitive advantage in marketplace. Further, competitive advantage can be termed as
different types of situations which allow an organisation for producing appropriate goods and
services at low prices which can be desirable for the target customers (Boachie-Mensah and
Acquah, 2015). For example, there are various types of innovations that are carried out by Apple
along 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 the
business. It will also assist company to gain proper information related to products as well as to
take appropriate decisions in terms of market opportunities.
Innovation is considered to be an important element that helps an organisation for gaining
competitive advantage over other competitors. Along with this, customers are more interested to
invest 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 offering
innovative products which is overall helpful in increasing the level of productivity and
profitability (Bryson and Daniels, 2015). In this, there is the requirement to have proper
innovation in marketing because there are different types of challenges faced by company for
gaining competitive advantage so that it is required to create a competitive edge over other in
market to survive in the long run. Further, there is an innovative approach developed by Apple
for marketing through appeal of brand name. There are different types of ideas of innovation that
are carried out by organisation through various stakeholders such as customers, stakeholders as
well as employees that help company to sustain with satisfying the target market as per their
requirements. With the help of digital media, there is development in the marketplace where
brand 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 to
promotion by different suppliers as per the demand of customers.
In addition to this, marketing innovation is significant for a business in which marketers
are able to identify the ideas for development with tangible process and there is requirement of
2

innovative work environment which is a success element for achieving competitive advantage in
the marketplace. It can be stated that the organisation is required to ensure about using an
appropriate approach of marketing of products that is based on person centric approach with the
demands of customers. Innovation in marketing assists in order to introduce strategy for
development 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 to
adopt different practices of competitive advantage which is essential for the survival in
marketplace. Thus, it can be said that marketing innovation gives an appropriate exposure to the
business along with increasing number of customers and also, helps in protecting competitive
advantage of a company.
There is requirement to adopt Porters Generic strategy that is beneficial for business and
helps in gaining competitive advantage in market. In this type of strategy, a way is provided for
gaining competitive advantage in which firstly it includes cost leadership strategy where there is
increase 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, Stare
and Kostevc, 2014). Further, through the strategy of differentiation, organisation makes certain
innovation in their products and services that are new in the marketplace or not have any close
substitute. In this, it is required to ensure that innovation must not be made in such a manner
which can be easily re-created by competitors. Moreover, another approach is focus strategy in
which company increases their market share as their main concentration is on to narrow the
market. Thus, it will help in increasing the level of revenue in company.
Furthermore, there is a direct relationship between marketing innovation and competitive
advantage as there are different types of challenges faced by organisation in order to gain
competitive edge over competitors (Ding, Eliashberg and Stremersch, 2014). It is essential for
company to achieve high competitiveness with the help of innovation as it can be carried out by
producing 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 of
different ideas used by company. It is considered to be important for business where company
can make innovation in their process of advertising products by using social media marketing
which is highly growing in the market. Thus, it can be stated that marketing innovation plays an
important role in the growth and development of organisation. In context of competitive
3

advantage, it provides strength to company in order to offer appropriate quality of goods and
services according to the needs and requirements of customers (Ersun and Karabulut, 2013).
Moreover, different competitive strategies of marketing are required to be followed by company
which helps in gaining long term success in marketing. It will also be helpful for an organisation
to remain competitive in the marketplace. Thus, it is important to have appropriate marketing
innovation which will assist the organisation to grow and gain strategic competitive advantage
over different competitors.
TASK 2
Marketing innovation is considered as an important part which is related to the unique
attributes of the goods and on the basis of same, there is differentiation of products in the market
and it also acts as an aspect of growth of organisation. Further, it is necessary to take corrective
measures in perfect competition market along with the innovative products by which customers
would get attracted (Hashi and Stojčić, 2013). In context of present study Orbit drops is chosen
as a product of Wrigley which was launched in the year 2003 in Austria. This company is
considered as the leader in confections which provides a wide range of products that covers
mints, gums as well as candies. It operates in 50 countries along with the distribution in more
than 180 nations. The brand of Wrigley brings smiles on the faces of their customers around
globe. This particular product is selected for launch according to the requirement of customers.
In this study, product of Wrigley is chosen for launch in Austria which is considered as
one of the most popular product (Ilić, Ostojić and Damnjanović, 2014). The main reason behind
this launch is that the consumers of this brand have different perception so that the company is
expected to launch Orbit drops and also provides various flavours in the product. This particular
product was launched in the year 2003 in Austria. It can be stated that there is a direct connection
between the launch of new product and trends of customers as new aspects are always preferred
by them so that the product can achieve their targeting the customers. Customer trends can be
termed as the behaviour and perception of people regarding buying of products as demands of
customers are always changing. This is the reason company is required to make some specific
changes as per the changing trends of customers (Junge, Severgnini and Sorensen, 2016).
Further, there is increase in the level of performance of products of Wrigley which is gaining
positive response that is on the basis of utilization of product along with the expectations and to
announce new elements of the products.
4

In addition to this, in terms of marketing, the company already started launch their
products outside US. They also provide appropriate services which are based on the perception
of customers as goods which gives benefits to customers and value of the money along with it
they serve high quality products. Further, it is necessary to use effective strategies of marketing
in order to promote the products in market which is advantageous for company. It can be stated
that in order to achieve success in terms of new product launch as it can be done by analysing the
requirement of consumers. Further, it will prove to be effective for business to analyse the needs
and requirements of customers before launching products in the marketplace (Kam Sing Wong,
2013). It is considered mainly as an appropriate sense of marketing which is required to manage
the forces of sales as well as profitability. There are some of the strategies related to marketing
which helps the cited firm to create an high level of profit in marketplace.
Orbit drops is chosen for launching it in Austria after appropriate market research which
shows the perception of the consumers regarding the products in market. On the basis of that
market research, it will be helpful for company to analyse the tastes and preferences of
customers. It is one of the most successful companies that launch products according to the
requirement of customers. In context of citizens of Austria, they are already aware of the issues
of health and started making reduction in the level of sugar in their diets. This leads to shift in the
choice of their bubble gums to different sugar free chewing gums in the year 2016. On the basis
of scenario, stated organisation came up with their brand that is Orbit drops that is sugar free and
also accounts to 90% of the value of shares (Leeflang and et.al., 2014). This also helps in
improving the dental hygiene of people of Austria. Further, due to high level of disposable
income of people in US, they are able to spend high amount on buying products. They are
concerned about their spending in those products which help to increase the level of standard of
living to a significant extent. According to the theory of Maslow Hierarchy of needs, an
individual looks for satisfying his/her basic needs to the self-actualisation level. In this, the safety
needs of consumers are satisfied where they are given more healthy products which is related to
sugar free content and it is considered as an appropriate option in order to maintain dental
hygiene.
In order to determine the link between customer trends and launch of new product based
on preference of consumers, there is an appropriate survey which is carried out by Wrigley
regarding feature of Orbit drops which is to be introduced in the market. It includes the survey
5

where people will be asked about tastes and preferences of products. It can be identified by using
the product Anatomy model that helps to identify the different elements of product which
includes the colour as well as the other usefulness of the product. It also covers the main product
which helps in analysing the elements of product that is offered by company (Mohnen and Hall,
2013). It is considered as the main element which determines feature of product for attracting
consumers. For instance, in context of demand of orbit chewing which involves an element of
mouth freshener. Moreover, generic product includes the element that includes core ingredients
which is useful in order to produce a chewing gum. There is high quality of material which is
used by the company for the purpose of producing chewing gum in market. Along with this,
expected product which helps in determining the appropriate features in which the customers
may expect that there is high level of mint is present in the chewing gum along with the long
period of time. Lastly, it includes the augmented product which covers those features that are not
expected by consumers. However, company also provides some of the essence in goods along
with the addition of value in products as compared to its competitors. In this, Wrigley might
provide different types of flavours in their chewing gum that includes orange, strawberry, etc.
which give more assistance to a wide range of customers.
Furthermore, in order to determine the market performance that mainly covers the
attitude and behaviour of customers regarding the product which can be determine with the help
of various techniques. It is essential to analyse the market performance and to make some
changes in the products as per the requirement of customers. It will helps in giving contribution
(Mooi, Wathne and Kayande, 2016). It includes some of the factors that are required to be
considered in context of market performance such as brand awareness about the product of
Wrigley through which customers are able to recall the brand. It is considered as the strategy of
advertising and also, behaviour of customers. Thus, it can be termed as the probability where
customers are familiar regarding availability of products. Further, there is another factor which is
sales that helps to find out the market performance of new product which is going to be launched
in marketplace which have many criteria that are advantageous for company. Sale of products
and services assists company to identify the performance that develops a brand image for a wide
range of customers. Also, it provides various opportunities to company for retaining the
customers for their repeat purchase (Ping and Shunbin, 2014).
6

Moreover, for the purpose of managing performance of product in market, customer
acquisition is helpful for describing the process of new product in context of specific brand that
will help in the enhancement of products and services. It will assist company for managing the
products that are launched in market according to the needs of consumers. It is considered as an
essential aspect for the purpose of evaluating an effective combination value that helps to bring
customers to business. In addition to this, for the new product which is to be launched in market
is required to engage a wide range of customers with the help of various techniques along with
innovation that assists in order to increase the employee’s performance in marketplace. In terms
of market performance, customer retention can be termed as the ability of an organisation for
retaining their customers for a long period of time. If there is high level of retention of customers
which reflects that they are able to purchase it that creates increase in the development and
growth of business. It will help in managing an appropriate criteria according to the needs and
requirements of customers which also evaluates the brand initiatives and loyalty of people.
(Podmetina, Volchek and Smirnova, 2015).
In this, there is another factor which is market share that helps to identify the
performance of a new product launched in target area. It will help in developing an appropriate
assessment of market portion that is controlled by company and considered as volume on the
basis of total share of business outside various segments. It is calculated by organisation through
the sales over specific period of time which is divided by the total number of sales of business.
Market performance can be identified by stated organisation through the use of balanced
scorecard. It is a tool for measuring performance that assists the business enterprise for assessing
level of performance and to execute activities according to the set goals. The stated company can
utilise this tool through measurement of performance on daily basis according to the strategies
and objectives. This will help the organisation for getting information of plans which assist them
to perform in a better way (Soltani and et.al., 2015).
In addition to this, diffusion of the innovation model will create awareness between
consumers related to products and services. There are different types of advertisements placed by
company on social networking that provide information to a wide range of customers about Orbit
gum which are offered in varied flavours. According to the existing customer trends, stated
organisation can establish their marketing innovation with the help of digital platforms. The
target market which is selected covered for chewing gums are youth and students who are active
7

on social media (Wagner III and Hollenbeck, 2014). Thus, the current trends of consumers helps
the company to use appropriate platform so that they can place their product in market.
From the above carried out study, it can be inferred that marketing innovation plays an
important role for a business where there are different types of strategies adopted by firm for
attracting customers. In this, marketing is related to the brand of Wrigley. There is an appropriate
product selected which is Orbit drops of Wrigley which is preferred by the consumers in
marketplace. In terms of above mentioned aspects which identified that the product is launched
according to the requirement and needs of customers. Further, it is mainly considering the
appropriate requirements and needs of customers as compared to the existence of products of
Wrigley in marketplace. There is the requirement of analysing market where product is going to
be launched and it will help company to produce as per the demands of customers. The selected
product which is Orbit drops is required to apply some theoretical models which help company
to gain competitive advantage in the marketplace. It can be stated that there are effective
strategies used by company which help the firm for creating a strong brand image by producing
it at a large level and most of the customers get attracted towards it. Thus, it will prove to be
effective for the business to use those tactics so that they can make their product popular among
the customers.
8

REFERENCES
Books and Journals
Boachie-Mensah, F. and Acquah, I. S., 2015. The effect of innovation types on the performance
of small and medium-sized enterprises in the Sekondi-Takoradi Metropolis. Archives of
Business Research. 3(3).
Bryson, J. R. and Daniels, P. W. Eds., 2015. Handbook of service business: Management,
marketing, innovation and internationalisation. Edward Elgar Publishing.
Carlborg, P., Kindström, D. and Kowalkowski, C., 2014. The evolution of service innovation
research: a critical review and synthesis. The Service Industries Journal. 34(5). pp.373-
398.
Damijan, J. P., Stare, M. and Kostevc, Ä., 2014. Impact of innovation on employment and skill
upgrading of firms (No. 819). Bruegel.
Ding, M., Eliashberg, J. and Stremersch, S., 2014. Innovation and marketing in the
pharmaceutical industry. Emerging Practices, Research, and Policies. New York: Spring
Science. Print.
Ersun, A. N. and Karabulut, A. T., 2013. Innovation management and marketing in global
enterprises. International Journal of Business and Management. 8(20). p.76.
Hashi, I. and Stojčić, N., 2013. The impact of innovation activities on firm performance using a
multi-stage model: Evidence from the Community Innovation Survey 4. Research Policy.
42(2). pp.353-366.
Ilić, D., Ostojić, S. and Damnjanović, N., 2014. The importance of marketing innovation in new
economy. Singidunum Journal of Applied Sciences. 11(1). pp.34-42.
Junge, M., Severgnini, B. and Sorensen, A., 2016. Product‐Marketing Innovation, Skills, and
Firm Productivity Growth.
Kam Sing Wong, S., 2013. The role of management involvement in innovation. Management
Decision. 51(4). pp.709-729.
Leeflang, P. S. and et.al., 2014. Challenges and solutions for marketing in a digital era. European
management journal. 32(1). pp.1-12.
Mohnen, P. and Hall, B. H., 2013. Innovation and productivity: An update. Eurasian Business
Review. 3(1). pp.47-65.
Mooi, E. A., Wathne, K. H. and Kayande, U., 2016. Openness and Innovation Performance
Revisited. Journal of Marketing Behavior. 2(1). pp.69-76.
Ping, H. and Shunbin, L., 2014. Analysis of marketing innovation risk based on network model.
International Journal of u-and e-Service, Science and Technology. 7(4). pp.95-102.
Podmetina, D., Volchek, D. and Smirnova, M., 2015. The relationship between innovation and
internationalisation in a turbulent environment.International Journal of Technology
Marketing. 10(3). pp.326-341.
Soltani, S. and et.al., 2015. Marketing innovation in rural small food industries in Iran. Journal
of Food Products Marketing. 21(5). pp.533-551.
9

Wagner III, J. A. and Hollenbeck, J. R., 2014. Organizational behavior: Securing competitive
advantage. Routledge.
Online
Importance of Innovation and Design in Marketing. 2016. [Online] Available through:
<http://www.londonschoolofmarketing.com/blog/bid/379997/Importance-of-innovation-
and-design-in-marketing> [Accessed on 6th March, 2017].
10