Marketing innovation plays an important role in the development of entrepreneurial activity. Bringing an innovative product or product category to the market can make a business more successful. Application of modern methods of research, attraction of clients will provide growth of new clients, increase competitiveness of the enterprise.
The notion of innovative marketing
Innovative marketing is a concept of marketing, based on the desire of the enterprise to constantly improve the quality of products, services and methods of attraction of customers.
Development of business is always accompanied by increase in a turnover of sales, expansion of assortment. It is impossible to do this without competent development of new goods or services.
Without presenting market novelties and not improving the system of attracting the target audience, you can reduce profits, because competitors are constantly moving forward, carry out the development of new products to reach the first positions in all sorts of ratings and to attract more customers and consumers of services.
Innovative marketing is not only a change in products, but also the methods of attracting the target audience to them. It generates demand, its main task is to meet the desires and needs of current and future customers.
This type of marketing is based on the use of creative ideas regarding the creation of goods, services and technological developments.
This type of marketing is considered from two positions:
- As a philosophy of entrepreneurial activity. Marketing offers a business ideology, the purpose of which is the orientation of the firm to achieve superiority over competitors in the application of innovation.
- As an analytical process. Marketing involves various kinds of research aimed at studying the market, the concepts of competitors, identifying consumer preferences, predicting demand surges for innovative goods and services. Marketing solves the problems associated with bringing an innovation to market.
Marketing innovation is a set of processes directly related to the introduction or unity of knowledge of a given activity, introduction of the newest products and services. By means of marketing innovations are carried out increase of competitiveness of the enterprise.
Intertwining of marketing and innovation activities involves the concept of marketing innovation, the purpose of which is to identify poorly satisfied or latent needs of consumers, development and promotion of new products that meet these needs more fully and effectively than competitors’ products.
