Before getting into the issue of knowing whether marketing is a constraint on innovation, we should first get to know and evaluate the basic purpose of strategic marketing. So starting with strategic marketing, it is that sort of marketing which the organizations and companies use in order to create such plans for the company which should not only be able to satisfy the customers’ needs and demands but also increase the productivity and profitability of the company.
Now here it should be noted that productivity depends on the satisfaction and retention of customers of the company. When the customers will be satisfied from the products of the company, they will work as a source to attract more customers for the company and as a result, the productivity and the profitability of the company will increase. As we know that when we get a customer, we get one customer, but when we loose that customer, we loose a hundred customers. So, such a marketing plan should be implemented which should not only retain old customers but also should be able to attract more customers.
All these methods have a significant importance in marketing of a company’s strategic plans. And they have really proved to be successful for various organizations for the purposes of customer retention and increased productivity and profitability.
Tybout and Calkins (2005) found that every organization should typically create and develop a well written strategic marketing plan which should be able to promote the innovative products of any organization. Not only that, it should also be able to relate the implementation strategies regarding those plans. Scott (2007) found that innovation helps an organization in achieving dominance in a competitive market and suitable marketing strategy is always a key towards a successful innovation. Shilbury, et al., (2003) found