Role of Innovation

ROLE OF INNOVATION IN STRATEGIC MARKETING

The term innovation refers to a new way of doing something .It is not just the invention of new idea but also bringing it to the market is essential to get success .Innovation is important at all stages of development; specifically, the creation and diffusion of technologies are important for economic growth and welfare across all economies. In order to be successful, today’s companies must become marketing oriented as well as innovation oriented. Innovation, is the profitable exploitation of new ideas. Its a tangible process and the need for an innovate work environment is widely recognised as being one of the key success factors in gaining competitive advantage in the global market place. Firms today realize that investing in innovation is crucial to business success. Innovation is a key to success in Strategic Marketing. Companies having main aim of making profits ,they want to increase their sales to enjoy more revenues and more profits so they focus on increasing sales .Innovation plays a good role in today’s strategic marketing. Innovation is the only way to stay ahead of the curve and change the world. Innovation is creative methodology and strategic thinking. Goal is to reach External perspective and internal capabilities. Companies focus on innovation more and ever to gain Competitive advantage to get better position in marketing so that customers can easily attracted they offered innovative and differentiated products to customers better than competitors to increase their profits as well as position. Productive and accurate Innovation , enables a firm to be proactive in anticipating emerging consumer trends, and thus address them via effective marketing strategies. They may offer new innovative products and services to customers. It can be done through new ideas adding new ideas in old ones, like in products , it can be done through adding new features to existing products i.e Q mobiles added more features to...