Building and Managing Capability for Marketing Innovation - Essay Example

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Building and Managing Capability for Marketing Innovation

This research will begin with the statement that business model innovation is becoming increasingly important in a world where competitors can easily imitate strategies. Business model innovation represents a higher order of innovation compared to product or process innovation. Many standard business functions have been undergoing radical transformations. Manufacturing no longer involves the mass production of standardized large lots, but the lean production of customized units of one. Not surprisingly, new voices have been calling for the reinvention of marketing. Today’s marketers face new challenges. Consumers are time poor and information-rich; they expect better quality, better services, lower prices and more value for their effort and money. New channels are proliferating, traditional distribution channels are consolidating, and competitors now come from all over the world, increasingly, with lower costs and sometimes of higher quality. By tapping multiple sources of competitive advantage, a new business model can help a company leapfrog competition. Companies need to keep examining their business model and their relevance for customers in an era of cutthroat competition. An innovation represents a significant improvement over what exists. A successful innovation generates a product or service that is valued highly by customers. As Peter Drucker puts it, “innovation is the process of finding a new with a new capacity to create wealth. Innovation may improve the yield of existing resources or may provide more value or satisfaction to customers.”  ...Show more

Summary

The major weaknesses of this study are concentrated on the building and managing capability for marketing innovation. This research aims to evaluate and present current market challenges; factors affecting marketing innovations; current marketing innovation practices etc.

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