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manufacturing of a new (or improved) product of manufacturing
process or equipment.
Innovation means ‘something new’ or ‘something different’ that
is not seen or experienced or understood earlier by the customer
/consumer; this could possibly need new knowledge or discovery
and possibly need an invention which is the technological and
engineering aspect of innovations.
Innovation marketing concept
Innovation marketing has been of a considerable interest in recent years. Marketing
innovation can have different forms, such as the success of new products, creative
marketing programs, new and better sales techniques (Suciu, 2011). Innovation marketing is
a new concept that is different from other types of marketing company that deals with
goods and services to the enterprise market penetration or new markets. Shergill &
Nargundkar (2005) state that marketing innovation, as innovation, marketing programs and
marketing methods, including 4 P: product, price, promotion and place. Harms et. al. (2002)
describes the innovation as a new element of the marketing mix, which is new and tangible
benefits to businesses, which, according to Chou (2009), is the most important
differentiation and excellent operation. Marketing innovation is the key when you want to
maintain a competitive advantage and maximize shareholder value. Innovation Marketing
can be understood as a synonym for the word creativity/innovations only. Of course,
executives want their companies to be of a more innovative culture and marketing reflects
this. They allow the employee a certain portion of time to work on projects that are not in
their territory (3M, Google). Some people think, marketing strategy is synonymous with
innovation in marketing. The strategy is creative and considered a qualitative and
quantitative analysis of the combination. The combination helps to identify companies with
new opportunities for customers and market share. Marketing is a discipline, practice, and it
is changing. In terms of marketing innovation one must not forget the feasibility study. We
have to answer the question which option may create a breakthrough, innovative products
and services. When looking at the success of Apple, which comes in creating new products
and services, such as the iPhone, iTunes, iPad, companies want to do the same in your
industry. This approach sees innovation marketing, responsible for new opportunities with
new products and services in existing markets or perhaps new markets. From this
perspective, marketing works with R&D throughout the innovation process, through
marketing research. Marketing helps to understand the unmet needs, market segments,
trends and technologies. The second approach understands innovation marketing as a
traditional marketing mix through the application of the product, price, promotion, location
and distribution. Marketing innovation emerged when marketing figured out how to use the
Internet. For example, the Internet has made significant changes in the company's ability to
distribute products; some have become redundant physical distribution points. The Internet
has changed the distribution channel strategy in the company's value chain. Prices may be
dynamic, and auctions have helped consumers and businesses to sell to the highest bidder
or to buy at the lowest price. The Internet provides a new level of transparency, which also
had a significant impact on pricing. More and more natural products are now of digital
content on the Internet. With regard to the promotion of new digital technology appeared
such marketing tools as SEO, PPC. Some believe that innovation is more culture or attitude,
where everyone is encouraged to be creative. Innovation goals and objectives may be the
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