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company's innovation culture. For example, setting a goal that a certain part of the revenue
will come from a new product or giving employees time to work on projects outside their
area. Marketing innovation occurs as a part of the culture and is seen as a better way to do
what we do.
Market innovation can also be seen in commercial or advertising campaigns. Generally, due
to creativity and innovation such campaigns are recognized by awards, reviews in the press
and sometimes results in the form of sales. Marketing, advertising and public relations firms
are hired for their ability to be creative and innovative. Some of the best ads and campaigns
become viral, which many marketing specialists dream. Schumpeter (1912) describes
innovation marketing as the opening of new markets. Marketing innovation is clearly
separated from product innovation, because the latter includes technical specifications and
functional characteristics (Mothe & Thi 2010). Marketing innovations are designed to
change the company's market relations (Johne (1999). This includes changes in dealing with
customers or in other words the new information flows and new measures. Other types of
marketing innovation is the creation of new distribution channels to serve new markets or
existing markets in a new way (Johns & Davies, 2000). According to the product design and
pricing, they may be the subject of innovation attracting customers, but without changing
their operation base.
Table 2. Concept of innovative marketing.
Author
Concept
LEIA Technological
Development Center
(2000)
Chen (2015)
The Marketing of innovation particularises the common
marketing concepts into the innovating process focusing in
the decreasing of risks, uncertainty and optimisation of
resources. The innovation marketing develops the marketing
philosophy all across the innovating process from the
stabilising of the climate favourable to the arising of the ideas
with the customer wants and needs satisfaction as an
unquestionable goal to the control of the results of the
innovation launching.
In recent years, for instance, new ways of gathering
consumer information through innovative marketing
programs and technologies have enabled forms to reach
consumers more effectively and to use pricing strategies that
were previously not feasible; new trading formats and
techniques, such as online stores and Amazon.com is oneclick
online ordering process, have expanded the market for
many forms and potentially reduced consumer transactions
costs.
Hauser, Tellis (2006) Marketing is well positioned to participate in the
understanding and management of innovation within firms
and markets, because a primary goal of innovation is to
develop new or modified products for enhanced profitability.
A necessary component of profitability is revenue, and
revenue depends on satisfying customer needs better (or
more efficiently) than competitors can satisfy those
needs.
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