Innovation is a certain change, something new in the mental process or in any other sphere of functioning and the use of the latest inventions to advantage. From this arise revolutionary, radical and additional transformations in the thought process, commodity products, operations or management. In the field of marketing, based on economics, the role of innovation is the change must increase customer value and significance. The goal of innovation is favorable change.
Innovations that lead to improved productivity represent the main source of increased profits in the economy. In a general sense, innovation is a leading theme in the exploration of economics, entrepreneurship, technology, business, design, engineering, and sociology. Innovation is often shaped by the result of an action. But economists focus more on the action itself, from the emergence of an idea to its realization into something beneficial, and on the systems in which the action itself will unfold. Innovation is correlated. with productivity and development because of increased productivity, competitive position, efficiency, market share, and quality.
Market fronting or fronting is a marketing action leading to the capture of the market in which another business entity operates, or entry into a foreign market. The action is associated with a complex solution to a problem. Market fronting by the seller of an innovation begins with a basic problem: at what cost to sell the novelty. As a rule, everyone makes the same mistake here – it is to sell on any terms, as long as the product is bought.
This position has only one advantage: the seller declares himself and that there is some kind of innovation, but undermines future prestige. For example, a potential buyer might think that the innovation is not of high quality.
This kind of low-end fronting will have the consequence of trying to buy other products at low prices. The event then has the following steps:
Market Analysis.
Fronting will be successful if there is complete information about the market. It is also necessary to develop a possible strategy.
Fronting itself.
It begins with an expert study of the market in question, with the development of a plan for capturing the market.
Time and a method of an innovation output
These parameters depend on a concrete situation.
The structure of innovative marketing is in the process of creation. Marketing and innovation mutually influence each other. Marketing selects the tools and methods, respectively, the activity itself is subjected to deformations. And innovations in marketing appear.
