Ebook Innovation in Marketing: Part 1

Ebook Innovation in Marketing: Part 1 includes the following content: Chapter 1 introduction, chapter 2 innovation in marketing defined, chapter 3 antecedents and consequences of marketing innovation, chapter 4 marketing innovation strategy, chapter 5 interrelation of marketing innovation and other innovations. Đề tài Hoàn thiện công tác quản trị nhân sự tại Công ty TNHH Mộc Khải Tuyên được nghiên cứu nhằm giúp công ty TNHH Mộc Khải Tuyên làm rõ được thực trạng công tác quản trị nhân sự trong công ty như thế nào từ đó đề ra các giải pháp giúp công ty hoàn thiện công tác quản trị nhân sự tốt hơn trong thời gian tới.

Introduction

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Innovation is integral to the organizational change process, which typically unfolds gradually rather than suddenly Change takes time to develop and is often perceived as insignificant by many; however, it is a crucial aspect of a company's evolution.

Change is among the most important developments in any organization and must be treated as such

Innovation is crucial for companies aiming to gain a competitive edge in today's rapidly evolving market By enhancing their offerings through innovative practices, businesses can differentiate themselves and avoid stagnation in profitability amidst fierce competition To achieve maximum uniqueness and build customer trust, companies must prioritize innovation as a core strategy.

Innovation serves as the foundation of effective market strategies, essential for companies aiming to achieve outstanding results To succeed, organizations must align their operations with productive strategies, as these serve as the guiding framework for their implementation roadmap Without a well-defined strategy, companies cannot progress effectively, highlighting the critical role of innovation as the driving force behind strategic development.

To thrive in a competitive landscape, companies must prioritize innovation to discover profitable and effective ideas Conducting thorough research is essential for developing strategies that propel growth, ensuring that every plan is meticulously crafted to minimize the risk of failure and avoid any potential setbacks.

Intellectual property is a critical component that organizations cannot afford to ignore, as it represents a significant achievement stemming from innovation When the need for fresh ideas arises, it necessitates enhanced intellectual capacity Consequently, organizations must invest in robust intellectual mechanisms that not only foster idea generation but also facilitate the implementation of these ideas In summary, innovation relies heavily on effective management of intellectual property.

Copyright © 2021 IG Publishing Pte Ltd All rights reserved Unauthorized distribution is prohibited This document was downloaded by the Academy of Policy and Development on February 3, 2023, at 03:58:43 GMT, emphasizing that the intellectual property of any company is uniquely theirs.

Innovation enables companies to easily develop intellectual properties, which are exclusive discoveries related to their products These properties necessitate the protection of patents, copyrights, and trademarks to prevent other companies from copying the inventor's work To sustain a competitive edge in the market, it is crucial to maintain uniqueness and exclusivity Historically, the most profitable companies globally have been recognized for their distinctive marketing strategies.

Lutfihak Alpkan, 2011) With the help of innovation, such companies are able to come up with intellectual property that works ideally in keeping the respective products exclusive

The marketing aspect of any company still stands among the core milestones that make the profit-hunting venture a successful one

Marketing is the process of promoting and selling products through advertising, serving as a vital social mechanism that enables firms and individuals to fulfill their needs by exchanging value Central to its definition is the creation of awareness, which is essential for driving sales and enhancing a company's reputation Over the years, marketing has remained a key pillar in the success and progress of any business.

Effective marketing strategies are crucial for a company's success, as they directly influence the outcome of product launches While some companies manage to introduce new products successfully, the profitability of these products often raises questions.

In such a scenario, the question on how marketing was done comes in

The underperformance of a product's profits may stem from ineffective marketing strategies Conversely, when a similar product is introduced by another company, it can experience rapid sales growth within days This highlights the importance of unique and effective marketing approaches in driving product success.

The integration of innovation and marketing is essential for developing strong, reliable products and driving impressive sales While marketing alone can promote products, truly winning the hearts of potential customers requires strategic planning and execution To achieve this, businesses must focus on maintaining a competitive advantage over their rivals through effective innovation and targeted marketing strategies.

According to Peter F Drucker, the primary purpose of marketing is to create customers, which ultimately drives an organization's profits Successful marketing hinges on two fundamental pillars: marketing and innovation, both of which utilize a company's resources The ultimate goal is to gain a competitive advantage, whether through new or existing products.

In recent years, the integration of innovation and marketing has emerged as a significant trend, particularly in the Indian market Gillette Company capitalized on this opportunity by thoroughly researching the shaving habits of Indian consumers They discovered that India has a strong shaving culture but lacks effective products to facilitate a more convenient shaving experience.

As a result, Gillette decided to apply innovation in ensuring that the problem among Indians is solved

After conducting market observations, Gillette introduced a double-edged razor, offering a superior alternative to traditional razor blades for Indian consumers This innovative product aimed to redefine the shaving experience in the market.

Innovative money transfer solutions like World Remit, Western Union, and MoneyGram emerged to address the challenges of sending money internationally In the past, transferring cash across borders was nearly impossible, highlighting significant gaps in the banking system Recognizing this need, these companies developed streamlined mechanisms to simplify and enhance the money transfer process for users worldwide.

Innovation in Marketing Defined

To enhance value for target customers and markets, organizations must develop a structure that fosters innovative solutions, driven by positive attitudes and beliefs.

Innovation may involve forging partnerships with other organizations which co-operate in order to cut establishment or operational costs

Innovation in marketing is influenced by factors such as the competitive landscape, the firm's size, and its stage of development Effective strategies are guided by well-defined goals and target markets, while also relying on strong leadership from top management.

Today's consumers are becoming increasingly sophisticated, driven by greater access to information, evolving tastes, and shifting climatic conditions As a result, both governments and businesses must embrace innovation to adapt to these changing dynamics.

Firms and governments must reevaluate their processes to transform emerging ideas into profitable value for commercial use or public benefit This deliberate effort leads to the development of new or improved products, enhanced processes, and innovative service offerings For innovation to thrive, individuals and organizations need to adopt a different mindset, fueled by interest and a desire to take on challenges They must possess the stamina to overcome criticism and the ability to foster respect among team members, creating cross-functional teams that embody a strong team spirit and effective leadership to drive the innovation process responsibly.

In today's competitive landscape, continuous innovation in products, services, technology, processes, and business models is essential for firms to gain an edge over their rivals By systematically enhancing the likelihood of success, companies can introduce offerings with previously low probabilities of success This can be achieved through effective problem-solving strategies that involve upgrading technology, skills, and data systems, leveraging information systems, and harnessing the intelligence of the entire innovation process.

Innovation encompasses diverse strategies, such as connecting known concepts to the unknown and drawing conclusions from established knowledge, often termed "genius innovation events." Traditional systematic innovation typically occurs within research and development departments, known as "closed innovation," characterized by a structured approach aligned with a firm's budget and leadership Furthermore, companies can pursue radical innovation, leading to the development of entirely new products, processes, and technologies.

Innovation extends beyond just science and technology; it often arises from societal challenges such as low parking fee collection rates and environmental changes that disrupt weather patterns, leading to issues like flooding and global warming These emerging challenges significantly influence the nature of innovation and can drive changes in policy formulation by governments and advocacy groups.

Innovation involves implementing new ideas in products, processes, or various aspects of a company's operations to create increased value This value encompasses not only enhanced benefits for the company but also advantages for consumers and other businesses Key definitions of innovation highlight its role in driving value creation across multiple dimensions.

• Product Innovation : the presentation of another product, or a critical qualitative change in a current product

• Process Innovation : the presentation of another process for making or conveying merchandise and services

Some authors highlight a third type of innovation focused on organizational change within companies; however, we believe this fits within the broader category of process innovation Product innovations can be tangible manufactured goods, intangible services, or a combination of both Recent significant tangible product innovations, such as computers, smartphones, and microwave ovens, have profoundly impacted how people live and work Intangible products, including various software components necessary for managing data flow through these devices, facilitate communication and information delivery.

In 2023, the Academy of Policy and Development accessed a document from IG Publishing Pte Ltd, emphasizing the importance of process innovations in enhancing product categorization and the adoption of best practices among firms These innovations play a crucial role in improving operational efficiency and customer satisfaction.

We call this last stage dissemination, and unmistakably the advantages of innovation to the economy and its residents are not completely acknowledged until the point that this has occurred.

The innovation process consists of several distinct stages, each requiring specialized knowledge, skilled personnel, and advanced equipment, along with a significant investment of time Successful completion of each stage yields outputs that begin as intangible knowledge but can later transform into tangible products for sale However, some outputs may remain intangible, particularly when applied to various service activities.

The innovation process consists of key stages (1–3) that establish fundamental scientific knowledge, develop new procedures or designs, and create initial prototypes of products or processes This phase often involves significant effort from various specialists, including public research institutions, universities, independent inventors, and companies, and is commonly referred to as research and development (R&D) True innovation is only achieved when stage 4 is reached, marked by the introduction of a compelling product or process This commercialization phase initiates a new sequence of events, known as distribution (stage 5), which encompasses the widespread adoption of the innovation in the market It's important to note that the innovation journey is not linear; feedback loops exist between the different stages, with consumers and firms often modifying or enhancing innovations and providing valuable insights back to the developing companies, a process known as incremental innovation (von Hippel, 2005).

Copyright © 2021 IG Publishing Pte Ltd All Rights Reserved Unauthorized distribution is prohibited This document was downloaded by the Academy of Policy and Development on February 3, 2023, highlighting the importance of the underlying product or process, which is sometimes essential for achieving completeness.

Incremental innovation involves making small improvements to existing processes or products, while radical innovation introduces entirely new creation methods that lead to a completely different category of innovative products.

Steam motors, the interior burning motor, power, chip, and the Internet would all be able to be considered cases of extraordinary developments

Their presentation drastically changed the way the economy worked and an enormous scope of different innovations followed afterward

Innovation often involves collaboration beyond a single firm, with public research organizations and university departments playing a crucial role in generating new knowledge that companies can transform into technologies Even when new information is developed commercially, activities may be divided among various firms within the industry.

Antecedents and Consequences of Marketing Innovation

The integration of market innovation within organizations presents challenges, as changing established antecedents requires significant effort and time To successfully implement change, firms must often undergo alterations in top management, corporate structure, and capital structure.

Innovation marketing transforms traditional promotional strategies into a developmental process aimed at reducing risks, uncertainties, and resource optimization It establishes a marketing framework that aligns with the innovation process, from stabilizing a positive environment to addressing customer needs and fulfilling their demands This approach focuses on managing the outcomes of technological advancements In the broader context of successful innovation, there exists a distinction between pre-launch marketing and post-launch marketing efforts.

Innovation in advertising channels must be understood as a dual-layered concept On one hand, it is a strategic activity for both manufacturing and distribution companies seeking a competitive edge within the distribution channel On the other hand, it represents a transformative process that enhances the economic capabilities of distribution systems As this transformation unfolds, new forms of distribution emerge, introducing innovative services alongside existing ones In both scenarios, innovation stems from the collaborative efforts of firms within the channel, increasingly involving their partners both upstream and downstream This shift emphasizes innovations that are more focused on the vertical network rather than on individual companies.

Recent advancements in marketing channels have rapidly transformed the landscape, driven by technological innovations that enable more efficient organizational strategies This evolution has heightened competition among businesses within the channel Additionally, the modernization of the retail sector over recent decades has significantly strengthened and enhanced the role of retailers, further fueling creative marketing strategies.

Indeed, even the social changes and new behavioral examples of the

In 2021, IG Publishing Pte Ltd emphasized the importance of innovations that align with evolving consumer values in the manufacturing and distribution of goods This includes a focus on traceability and adherence to social, environmental, and ethical standards throughout production processes.

The dynamic factors influencing competitive progression at both horizontal and vertical levels include the rise of private label products, advancements in retail marketing, and increased integration within manufacturers and retailers' supply chains This evolution has been driven by technological innovations in distribution channels, particularly in information and communication technologies (ICT), which have created new market opportunities (Castaldo, 2001; Cardinali, 2005).

Market-based elements can be categorized into demand-driven variables related to shifts in customer attributes and behaviors that companies aim to address, and competition-driven components that emphasize differentiation and swift responses to changes in final demand This approach often relies on the principles of time-based competition, highlighting the importance of the time factor in gaining a competitive edge and shaping marketing strategies with a focus on competitors, sometimes prioritizing them over final demand.

Marketing innovation comprises various sub-components, but we will focus on six key elements backed by robust theoretical support These elements help elucidate the behaviors and conditions that lead to successful market innovation.

These have been chosen and will be addressed separately They are: -

• Permissiveness cultivation from marketing imagination.

• Market presentation from marketing insight

We shall look at each of the respective antecedent and their associated sub-antecedents below.

In today's competitive market, clear insights are crucial for organizations to thrive Marketing insights serve as essential tools for uncovering valuable data that enables marketers to engage effectively in their campaigns Recognizing the significance of these insights is vital for marketers before embarking on any marketing initiative.

Marketing insight refers to the ongoing ability to understand market dynamics, industry trends, and patterns through intuition and experience It encompasses leveraging previously untapped information to drive revenue growth Companies with strong marketing insights can harness new understandings of change, significantly influencing their decision-making and strategic actions Their proficiency in identifying the underlying causes of market shifts sets them apart in a competitive landscape.

A key attribute of insight is the ability to shift understanding beyond the obvious, enabling organizations to be creative rather than merely reactive to market trends This proactive approach grants a competitive advantage, as such organizations consistently develop unique products or services instead of duplicating existing offerings Companies with profound marketing insight aim to be market leaders, setting the pace rather than following competitors They engage in deep, accurate thinking to uncover the real challenges faced by their target consumers and swiftly address these issues While market foresight and insight are interconnected, they serve different purposes; foresight allows firms to identify market phenomena ahead of competitors, enhancing their strategic positioning in the industry.

With market insights, it is more about the innovation purposes and taking action.

To gain valuable market insights, companies must conduct extensive data analysis and research This process involves various analytical methods and a significant amount of information Ultimately, insights are a product of human cognition, emphasizing the essential role of the human mind in deriving meaningful conclusions from data.

Creative thinking and exceptional problem-solving skills are essential A thorough understanding of mental and data principles is necessary, as data is constantly evolving Maintaining an open mind towards these changes is crucial, and it's important to view all insights as provisional and subject to challenge.

A company can do all the research they want, but the power to stand out and make a difference entirely relies on how well the data is analyzed

Correct analysis, correct application and how well it is defined to action

To unlock opportunities for companies, it is essential to generate, develop, and create true insights, which stem from a series of qualitative research efforts rather than relying solely on quantitative data.

It is better for a company to have one insight than having 500 pages of analyzing data.

The success of a company hinges on effective data collection, analysis, and insight generation While good research addresses the current state of affairs, valuable insights focus on potential outcomes and transformations Without market insight, a company struggles to innovate and risks making costly errors, which can erode consumer trust and confidence, ultimately resulting in significant revenue loss.

Marketing Innovation Strategy

This review explores the connections between learning orientation, innovation, and financial performance in traditional manufacturing firms Learning orientation is characterized by a shared vision, commitment to learning, open-mindedness, and knowledge sharing within the organization Innovativeness reflects the firm's ability to develop or transition to new products, manufacturing processes, and business systems Financial performance is defined as the organization's long-term strategy for achieving financial success, measured through metrics such as return on sales and competitive standing.

Most studies on the relationships that exist among firm innovations,learning orientation, and financial performance has ignored the waylearning orientation directly affects financial performance

Many research studies have overlooked the importance of assessing the indirect effects of learning orientation on financial performance, which is crucial for understanding its total impact This study aims to address this gap by employing a higher-order structural equation model and bootstrapping techniques to evaluate whether the mediating effect of learning orientation is non-significant, partial, or full, while also determining the overall effect on financial performance.

Many studies examining the relationship between learning alignment and firm performance are cross-sectional, focusing on a specific moment in time and potentially suffering from survivorship bias This bias may lead to an overestimation of the benefits of learning alignment on innovation and financial success, as firms that have failed are not included in the analysis Therefore, it is crucial for researchers to conduct studies in more homogeneous contexts and consider cross-national research, as highlighted by Calantone et al (2002).

Consequently, the study investigates how learning positioning, firm innovation and financial performance are connected in the industry, the relatively homogeneous and traditional industry (Sande, 2008).

A sizable part of the literature on learning orientation and firm innovations does not account for important dimensions of organization innovativeness The shallow operationalization of firm innovativeness

In today's competitive landscape, companies often excel in optimizing processes to reduce costs, yet may fall short in innovating new products for emerging market segments To foster new knowledge in unexplored areas, a fundamental approach to operationalizing firm innovations can prove beneficial.

To advance the understanding of innovativeness, it is essential to validate findings through a comprehensive operationalization of the term, rooted in a rich history of innovation research Current literature, as noted by Deshpande and Farley (2004), lacks a universally accepted and reliable scale for measuring innovativeness Establishing a clear definition of innovations and developing a robust, valid assessment scale is crucial for generating new insights through survey-based studies This study aims to address this gap by employing an extensive definition of firm innovations, evaluated through three first-order indicators: product, process, and business strategy innovativeness.

This study investigates the impact of learning orientation on financial performance, both directly and through the mediation of firm innovativeness Utilizing a higher-order structural equation model and bootstrapping techniques, the research assesses whether the mediating effect of learning orientation is non-significant, partial, or full Additionally, it explores the moderating role of firm age in the relationships between learning orientation and organizational innovativeness, as well as between learning orientation and financial performance The subsequent sections provide a theoretical background for the research, detailing the methodology, analyses, results, discussion, significance, and limitations of the study.

Firm innovativeness is characterized by the willingness and ability of companies to develop new ideas and implement innovative solutions, despite the diverse definitions of innovativeness and innovation found in existing literature (Garcia and Calantone, 2002).

Company innovativeness focuses on adopting new products, manufacturing methods, and business structures that may not be entirely new to the market This includes both incremental and radical innovations, emphasizing product innovation as a crucial element for manufacturing firms Product innovation encompasses the development of new products, enhancements to existing ones, and the adoption of innovative solutions, highlighting its significance in driving competitiveness and growth within the industry.

Product innovativeness is defined as the extent of newness a product brings to both the company and the marketplace, as highlighted by March-Chorda et al (2002) and Cormican and O’Sullivan (2004).

Process innovativeness in production is characterized by advancements in techniques and the technologies used in manufacturing, leading to significant innovation (Tatikonda and Montoya-Weiss, 2001) For a process to be deemed revolutionary, it must be new, improved, or newly implemented Business system innovativeness pertains to all aspects necessary for managing, structuring, operating, and overseeing both internal and external environments of a company This includes organizational improvements, which involve introducing or adopting new ideas and behaviors, as well as the implementation of contemporary managerial and operational standards (Damanpour and Evan, 1984; Damanpour, 1987, 1996).

Wang (2008) defines getting to know orientation as the alignment of company values that influences how organizations acquire information He highlights the significance of intentional processes in enabling organizational learning to achieve common goals In contrast, other researchers, including Fiol and Lyles (1985) and Garvin, argue that for learning to be meaningful, it must result in a change in behavior.

In contrast to the views presented by earlier researchers, Hurley and Hult (1998), Huber (1991), and Slater and Narver (1995) suggest that a corporation's new understanding can empower its values to guide its actions, indicating that a genuine change in behavior may not be necessary for this alignment.

In this take a look at, a mastering employer is defined as an organization with a getting to know orientation Following Calantone

In 2002, the study characterizes a learning-oriented company as one that effectively generates and utilizes information to achieve a competitive advantage, particularly when this strategy is integrated into strategic planning and implemented organization-wide Additionally, insights from Calantone et al support this definition.

In 2002, learning orientation was defined as a company's commitment to acquiring knowledge, fostering a shared vision, promoting open-mindedness, and facilitating intra-organizational knowledge sharing This mastery orientation empowers a company to effectively gather, disseminate, and share information.

2008) Tidd (1997) argued that groups centered on gaining knowledge of can acquire higherinformation of theorganizational factors that affect the purchase of recent expertise associated with era and the marketplace.

Learning is essential for fostering innovation and enhancing financial performance over time Research by Calantone et al (2002) highlights a direct link between organizational learning and improved monetary outcomes, emphasizing the importance of continuous learning in achieving a competitive advantage.

(1990) guaranteed that for figuring out how to emphatically influence performance, a firm needs to draw in deliberately in the field of learning

Interrelation of Marketing Innovation and Other Innovations

Identifying a stable correlation between innovation and market structure is challenging due to various factors Reverse effects have been observed in both products and innovations, as noted by Boone (2000a) Additionally, certain innovations that do not displace existing technology (Gilbert 2006) and those lacking complementary products (Kretschmer, Miravete, and Pernias 2009) further complicate this relationship.

INTERRELATION OF MARKETING INNOVATION AND OTHER INNOVATIONS

Scholars have yet to reach a consensus on whether the type of innovation impacts business performance, despite theoretical expectations that innovations should enhance a firm's operations (Walker, 2004) For instance, administrative innovations can pave the way for advanced technical innovations in sectors like libraries and pharmaceuticals (Damanpour & Staropoli, 1998) The organizational structure plays a crucial role in the innovation process, influencing its progression to launch (Germain, 1996) Furthermore, in public organizations, organization, marketing, and product innovations are interconnected (Walker, 2008), with a strong correlation observed between process and product innovations (Walker, 2008) Additionally, there is a positive relationship among process, organizational, marketing, and product innovations (Gunday et al., 2011).

Early researchers have categorized types of innovation into pairs, including administrative versus technical, product versus process, and radical versus incremental innovations.

In 2011, researchers identified various types of innovation, including hybrid, service, management, business strategy, and commercial innovation (Gunday et al., 2011; Rowley et al., 2011) According to the OECD (2005), innovation can be categorized into four main types: product innovation, marketing innovation, process innovation, and organizational innovation The connection between product and process innovations is closely linked to the concept of technological developments (Gunday et al., 2011).

Below are some of the definitions that several scholars have been using to define:

Product innovation involves introducing a new or significantly enhanced good or service, focusing on improvements in characteristics, intended use, technical specifications, components, materials, software, user-friendliness, and other functional aspects Process innovation refers to the adoption of a new or notably improved method for production or delivery, encompassing substantial changes in techniques, equipment, or software Organizational innovation entails implementing a novel organizational method within a company’s business practices, workplace organization, or external relations.

Definitions Source: What Motivates Marketing Innovation and Whether Marketing Innovation Varies across Industry Sectors – By Shu Wang This should be in References

A study by Industry Canada (2014) reveals that organizational and product innovations exhibit a complementary relationship, while process innovations are found to replace both organizational and marketing innovations However, the complementary link between organizational and product innovations, as well as the substitution between process and marketing innovations, is weaker compared to the strong substitution observed between process and organizational innovations, highlighting their sensitivity to the environmental context in which they are applied.

Hundreds of studies have been done to look into the market distinction and its relation to the performance of the business (See Dawes, 2000;

Langerak, 2003 for partial lists) The performance measure is typically looked at based on the following.

(4) Aggregate terminal performance measure by looking at things like profitability, sales and sales growth, return on investment [ROI], product success, market share

(5) A total of intermediate performance measures such as the level of customer satisfaction, employee satisfaction, customer service, customer retention, product quality.

Market distinction, often tied to established principles of market research, is closely linked to market orientation and its impact on performance outcomes Research indicates that performance measures can obscure the true effects of market orientation on final results (Homburg and Pflesser, 2000; Matear et al., 2002; Pelham, 1997) Given that customers are central to marketing strategies, these insights are valuable for executives aiming to meet market demands effectively Additionally, studies highlight various roles that new products play in enhancing market distinction and orientation (Atuahene-Gima, 1995; Baker and Sinkula, 1999a; Han, Kim, and Srivastava, 1998) However, the relationship between new product success and its influence on market orientation, profitability, and market share remains ambiguous.

Moorman and Rust (1999) highlighted the distinction between market orientation and marketing activities, defining market orientation as a strategic philosophy focused on delivering value through predefined plans that connect companies with consumers In contrast, marketing activities encompass the specific actions a firm undertakes to execute the results of an effective marketing campaign.

Research has developed market orientation scales that companies can utilize to assess their performance One such scale, the MARKOR scale, created by Kohli, Jaworski, and Kumar in 1993, evaluates the organizational effectiveness of a firm in its market orientation practices.

The article discusses the importance of effectively acquiring, disseminating, and responding to customer and market information It emphasizes the need for organizations to manage information strategically to enhance their decision-making processes and improve overall performance.

The Narver and Slater (1990) scale assesses a firm's alignment with customer and competitor orientations, as well as the cohesive functioning of various departments This evaluation provides a comprehensive understanding of a firm's true orientation, focusing on broader aspects rather than just processes, procedures, and strategies.

According to (Moorman and Rust 1999) the firm’s abilities relate to the following:

The marketing-customer connection refers to a company's capability to effectively align its product offerings, promotional strategies, pricing models, and distribution methods with the immediate needs of its customers.

Marketing-finance connection - The ability of the firm to obtain enough sales, be able to retain customers, and have good cost control measures that meets their financial objectives

Marketing-research and development connection - This is the firm’s ability to have a concept development plan, research and development, and production capabilities.

This study confirms the relationship between market orientation and market activities in driving the success and profitability of new product innovations Viewing market orientation as a resource-based organizational format highlights it as a collection of skills that the organization nurtures and utilizes as valuable resources This perspective differentiates between skills and resources, with resources being implied, distributable, and socially complex, as discussed by Hunt and Morgan.

Market orientation, as defined in 1995, is a crucial resource capability that, when combined with exceptional skills, processes, and procedures, elevates a product above its competitors and secures a competitive edge Essentially, possessing resources alone is insufficient for a firm to achieve a competitive advantage; it is the integration of these resources with skilled execution that truly drives success.

A strong market differential is key to boosting a firm's profit levels, as it enables the creation of innovative products that cater to a specific market orientation By introducing a new product in a potentially stronger market, businesses can drive new product development (NPD), a crucial strategy for staying competitive and increasing revenue.

The cost associated with the development, production and marketing of

Tiêu đề	Innovation in Marketing
Tác giả	Jonah C. Pardillo
Trường học	Society Publishing
Thể loại	e-book
Năm xuất bản	2019
Thành phố	Oakville

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Số trang	191
Dung lượng	11,09 MB