Relationship between innovation and marketing, innovation, marketing, business market, customer, market place, technology innovation
The author has analyzed the data using secondary data which has been clearly cited in the paper for future reference. The aim of the study is to understand the relationship between marketing and innovation, the basic functions of business. Here the author answered the need for integration between marketing management and research and development department of the firm. To answer the relation that whether its inversely proportional or directly proportional the author has also focused on the past merely the 1950s to the 1960s when marketing management was isolated and perceived as an unimportant part by the technical creative team. The paper also contains a discussion on the current situation of marketing and innovation in the later part of the report, author has elaborately explained what is Marketing and Innovation and how they are interdependent. Finally, the results are obvious and clear that a successful product is created with collective effort of marketing and creative team.
[...] Keywords: marketing, innovation, relationship between innovation and marketing, brand, customer. Introduction Marketing is a process that helps a business to gain a competitive edge in the market by differentiating ones' product from the competitors (Cohen, 2013). They allow customers to choose a product from the crowd of competitors who are selling identical products. Now they are the one, who is close to customers as they are regularly communicating with general people to find out their unmet needs. Even though they are always in search of markets that are overlooked by the competitors so they can penetrate those markets as well. [...]
[...] It has also changed the customers' tastes, preferences and has increased their expectations. Bibliography: Aarikka-Stenroos, L., Sandberg, B. and Lehtimäki, T. (2014). Networks for the commercialization of innovations: A review of how divergent network actors contribute. Industrial Marketing Management, pp.365-381. Camisón, C. and Villar-López, A. (2011). Non-technical innovation: Organizational memory and learning capabilities as antecedent factors with effects on sustained competitive advantage. Industrial Marketing Management, pp.1294-1304. Cohen, H. [...]
[...] So, the consequence was very harsh, as businesses were facing failure despite rigorous investments from both the government and the industry. After then, a study was conducted which came up with a conclusion that the situation can be tackled if both the marketing management and creative team works together from the first stage to the last stage of a product life cycle. And thus new strategies were created to implement into practice. That is when the first time; industries realized the relationship of marketing and innovation. [...]
[...] Apple is always trying to innovate and incorporate them into their products. Marketing investments can help to increase shareholder value by enhancing cash flow which means higher revenues and lower costs which are important in the automobile industry where continuous innovations are made to fulfill customer needs (Srinivasan et al., 2009) by accelerating cash flow especially in high-fixed-cost industries where fast product diffusion is needed to finance their operations. This can be attained through rigorous advertisements to aware people about the availability of the product, by reducing vulnerability in cash flow because stable cash flows have higher net present value which means lower cost of capital and by increasing brand equity which will also enhance the firm's residual value. [...]
[...] (2018). THE IMPACT OF MARKETING INNOVATION ON THE COMPETITIVENESS OF ENTERPRISES IN THE CONTEXT OF INDUSTRY Journal of Competitiveness, pp.132-148. Christensen, C. M., Raynor, M. E., & McDonald, R. (2015, December). What Is Disruptive Innovation? Retrieved April from https://hbr.org/2015/12/what-is- disruptive- innovatio Christensen, C. M., Raynor, M. E., & McDonald, R. (2015, December). What Is Disruptive Innovation? [...]
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