It is well known by everyone the importance that marketing strategies and innovation have for a company today. Both are essential if you want to stand out in the competitive business world .
Innovation appears in changes to products, processes or management systems. Without innovation, it is not possible to differentiate oneself from the competition, which is why it must be used to achieve a commercial impact. Therefore, innovation is directly related to marketing strategies, especially when a new product is identified. In addition, companies that constantly innovate are seen as modern, dynamic and concerned about customer needs , and this, in every sense, stimulates sales.
The relationship between marketing and innovation strategies
There is a close relationship between both terms, together they can result in important strategies or solutions with which to face the market in a more optimal and efficient way. If we take the definitions of both terms, we see how marketing strategies and innovation are needed to be a force that generates positive results in a company. The interaction between both concepts is the following:
1.- Marketing identifies a specific need that must be met in the market; that is, it defines what the consumer demands and that no one else offers. Innovation conceives and conceptualizes the product, service or technology that can meet that need and provide value to the customer.
2.- Once the idea or concept to be developed has been identified, we return to marketing strategies to analyze the target market to which it will be directed, its demand potential and the characteristics that define it. Marketing is what determines the market potential and whether the product is viable.
3.- Now, these results return to the innovation table, which is kenya phone number responsible for defining and developing the technical and functional characteristics of the product, service or technology. This must be able to cover the need detected by the marketing strategies.
4.- Finally, for any innovation to be successful, it is essential that it is commercial. In this sense, marketing will be responsible for developing market introduction strategies, defining an efficient marketing process and a successful communication plan.
The idea is to show the point of view where marketing and innovation work together and creatively. The objective is to provide a clear response to a need in the market, providing a value proposition that achieves customer satisfaction . This satisfaction is what makes possible the commercial success of any product necessary for its sustainable development and for it to generate profits for the company.