Analyzing Innovation to Meet Changing Marketing Trends - Research

This research report explores the critical role of innovation for organizations in navigating evolving marketing trends. It addresses the challenges posed by rapidly changing customer needs, market competition, and technological advancements. The research aims to investigate emerging innovation trends and their impact on current marketing practices, emphasizing how organizations can leverage innovation to customize products and services for sustained market competitiveness. It highlights the importance of adapting to digitalization, ensuring customer satisfaction, and maintaining effective business practices through strategic innovation. The report references key literature, including studies on the Internet of Things, product service-systems, and the synergistic effects of marketing and R&D capabilities on innovation performance.

Running head:MANAGEMENT
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Name of the student
Name of the university
Author note

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Report title The significant importance of innovation on organizations towards
meeting the changing marketing trends
Industry partner Who is your industry partner?
Binary Trends is the industry partner, which is digital agency based in
Melbourne. It is a premium Google business partner that develops the
software.
Research field What is your research field/discipline?
The research will be conducted on marketing field. The research will
specifically focus on the scope on innovation to further explore the market
opportunities of organization.
Overarching
problem
What problems is your industry partner facing?
While analysing the current digital market trends, it can be noticed that
due to frequently changing needs of customers it has become challenging
for the companies to meet the expectation level of the customers (Tiddand
Bessant2018). Furthermore, it can also be said that market competition as
well as technological advancement are some of the cases, which are
creating barrier for the companies to make others understand regarding
its values, in this situation innovation become necessary. In such situation,
lack of innovation becomes a major hindrance for organizations to cope
up with all such market barriers.
What specific problem will your research project explore and try to
resolve?
The research will explore importance of innovation for organizations in

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solving the market barriers. Moreover, the focus on the research will be
on the way the organization can use innovation to customize their
products and services for being competitive in market. With strong ability
to manage the changes and innovation, organizations can bring
competencies in their business.
Why is it important to solve this problem?
Continuous innovation in the market makes the market saturated and it
increases the market competitiveness, which brings the opportunities for
small and medium sized organizations. In this situation, customer
satisfaction along with maintenance of the effective business practices has
become dependent on innovation strategies adopted by the company. In
this context, innovation is the only way of combining ideas in unique ways
to meet the specific customer needs.
Overarching
research aim
What does your research aim to explore/investigate?
The research paper aims to focus on analysing the emerging innovation
trends and its impact on the current marketing practices. Highlighting the
changing adoption capacity of individuals, the necessity of marketing
changes through the innovation has beendescribed.
Research
questions(s)
What are your research question(s?
 What are the emerging marketing trends faced by the companies?
 How innovation is important for organizations to meet changing
market trends?
 How organizations can better manage and implement innovation

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to bring organizational success?
Literature
review:
Keywords used
for literature
search
What keywords will you use?
Rapid innovation, marketing challenges, customer satisfaction, marketing
trends, digitalization
Literature
review:
Lee, I. and Lee, K., 2015. The Internet of Things (IoT): Applications,
investments, and challenges for enterprises. Business Horizons, 58(4),
pp.431-440.
In ‘The Internet of Things (IoT): Applications, investments, and
challenges for enterprises’it is mentioned that Customer satisfaction has
become one of the important concerns in the current business scenario
(Lee and Lee 2015). In the current digitized global market, ensuring the
sustainable position in the market, organizations have involved in
bringing the rapid innovation in the market. In this situation due to
availability of innovation options in the market, the changing needs and
demands of the customers have created pressure on the companies.
Fargnoli, M., Costantino, F., Di Gravio, G. and Tronci, M., 2018. Product
service-systems implementation: A customized framework to enhance
sustainability and customer satisfaction. Journal of Cleaner
Production, 188, pp.387-401.
In the article namely ‘Product service-systems implementation: A
customized framework to enhance sustainability and customer

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satisfaction’ it is mentioned that it cannot be denied that rapid growth as
well as technological advancement in the marketing sector is creating
barrier for the companies to make customers’ understand regarding its
mission (Fargnoli et al. 2018). Pressure on the companies for making
uniqueness has influenced needs for innovation adoption.
Company letter See details above (read the section ‘Requirements’)

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Reference list
Lee, I. and Lee, K., 2015. The Internet of Things (IoT): Applications, investments, and
challenges for enterprises. Business Horizons, 58(4), pp.431-440.
Ren, S., Eisingerich, A.B. and Tsai, H.T., 2015. How do marketing, research and development
capabilities, and degree of internationalization synergistically affect the innovation performance
of small and medium-sized enterprises (SMEs)? A panel data study of Chinese
SMEs. International Business Review, 24(4), pp.642-651.
Tidd, J. and Bessant, J.R., 2018. Managing innovation: integrating technological, market and
organizational change. John Wiley & Sons.
Fargnoli, M., Costantino, F., Di Gravio, G. and Tronci, M., 2018. Product service-systems
implementation: A customized framework to enhance sustainability and customer
satisfaction. Journal of Cleaner Production, 188, pp.387-401.