Analyzing Marketing Innovation's Impact on Competitive Advantage

This report delves into the critical role of marketing innovation in achieving competitive advantages within the business landscape. It begins by defining marketing innovation as a strategy focused on redesigning and redeveloping products to meet customer needs and gain a strong market position. The report highlights the significance of innovation in marketing, emphasizing its importance for business survival and growth in a competitive environment. It explores various marketing tools, including social media marketing, marketing automation, mobile marketing, and inbound lead generation, illustrating how companies leverage these tools to implement innovative marketing strategies. Furthermore, the report analyzes the role of marketing innovation in achieving competitive advantages, such as product differentiation, pricing strategies, and improved packaging. The conclusion reinforces the necessity of marketing innovation for business success and survival, emphasizing the importance of tools and strategies in increasing revenue and profit. The report references several academic journals and online resources to support its findings.

Managing Innovation

Table of Contents
INTRODUCTION...........................................................................................................................1
OBJECTIVE....................................................................................................................................1
Conclusion.......................................................................................................................................3
References .......................................................................................................................................4

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 organisations 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 ofnew product at lower prices than others
companies supports the organisation in gaining position in market space.
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
organisation. 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 organisation 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
1

relevant product and services organisation 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 organisation 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
2

of product which are lower than others. Change in price of product support organisation in
market.
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 organisation 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.
3

References
Books and journals
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. 8(1).
pp.24-38.
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, p.159.
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. 32(4). pp.300-320.
Saridakis, G., Mohammed, A.M. and Sookram, S., 2015. Does crime affect firm innovation?
Evidence from Trinidad and Tobago.Economics Bulletin. 35(2. pp.1205-1215.
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. 3(1). p.10.
Online
Marketing Innovation . 2017. Accessed
through<http://www.innovationinpractice.com/innovation_in_practice/marketing-innovation/
>[Accessed on 13th June 2017]
4