Marketing Research Into Innovative Marketing

There are more than four million small business organisations all over the UK and they are contributing half of the UK’s GDP and UK’s employment. Hence, marketing for small businesses is seemed to be neglected (Department for Business Innovation and Skills, 2012).

Bigliardi, B. (2013). The effect of innovation on financial performance: A research study involving SMEs. Innovation: Management Policy & Practice, 15(2): 245-256.

Exploratory innovation compared to pioneering orientation and market pioneering should be seen as a balanced approach of both concepts. It tries to explain the internal as well as the external environment by focussing on a radical innovation of its product but at the same time also respecting the market demand and emerging customer

Tidd et al (2000) states, “the innovation is a business process of revolving opportunity into new ideas and of putting these into widely used practice. In term of the nature, there are five major types of innovations: novelty, competence shifting, complexity, robust design and continuous improvement. While in term of the extent of change, innovations can be divided into incremental, radical and

The Bolton Committee (1971) sought to define small enterprise by the following criteria: they own a small market share, are managed by owners or co owners and operate independently of any large firm (as cited in Bach, 2007, p.15). Bach (2007) concluded that, in an effort to survive against the influence of larger businesses with their expanded budgets and reach, these small businesses must rely on their ability to innovate and segment the market. These enterprises are critical for employing workers across the job market and further spurning competitiveness (Bach, 2007). Gruber (2004) noted that, in addition to limited financial resources, small and new businesses are often restricted by the uncertainty of market predictability and marketing planning. Doyle’s research surmised that due to these externalities the process of building credibility and establishing competitive advantage - regarded as one of the most important determinants in early success - could most effectively be achieved through unconventional means (as cited in Gruber, 2004, p.188). This entirely different approach, in which large ad budgets don’t exist, has numerous benefits.

From many of these examples and articles, we can gather much information over the relationship between innovation and strategic management. Although, some areas may not be proven in its fullest capacity, there are undoubtedly ways that innovation improved business operations and practices, which can be seen in examples such as Apple, Microsoft, Dominos, and Samsung. On the other hand, not every business incorporating innovation is a success story. In the dynamic days we find ourselves in today, business and organizations are digging deeper into the wells of innovation. We have all come to enjoy the benefits and I am not sure of anyone that would want to

The traditional view of marketing is that the firm makes something and then sells it. A) Will not work in economies where people face abundant choice. B) New

Tidd and Bessant (2009) argued that “Unless an organization is able to move into further innovation, it risks being left behind as others take the lead in changing their offerings, their operational processes or the underlying models that drive their business”.

Pen-drive, now-a-days, is very important and significant device to carry data and other types of media. With the demand of the customers and the inconvenience of carry data or only a small file through floppy drive the idea of pen-drive has come to the developers mind. So, it is the contemporary product that replaces the usage floppy drive and caters the demand of present customers. The only problem is its connectivity system with other devices. If the pen-drive can be connected with the present USB system as well as it can be added with Bluetooth connectivity system to establish connection also with smart phone, tablets, smart TV, Laptop and other devices with the use of Bluetooth. It will be easy and convenient for the use of Pen-drive if the Bluetooth facilities will be ensured. So, in this assignment the details analysis of the benefits and values derived by the

The second stage is selection. It is well known fact that innovation is risky. In order not to fail, firm has to thoroughly assess the opportunities, so innovation will be held within the frame of company’s technological and marketing competences and will be coherent with overall business strategy (Tidd, J., Bessant, J., 2009). There are three components in this phase. The first component comes from previous stage and implies the analysis of opportunities, both marketing and technological, procurable for the firm. The second component includes the distinctive features company possesses, which are knowledge base, employees, equipment and experience (Prahalad, C., Hamel, G., 1990). The third component is suitability to the overall business strategy. This implies the fact that proposed innovation should be beneficial for firm’s performance, in other words, be in company’s competence base, otherwise it could lead to the failure (Cooper, R., 2000).

A brief review of the literature studied in depth concerning product innovation in given below.

Companies live and breathe innovation; or, at the terribly least, notice it basic to their success. Such companies are those that others ought to emulate for they recognize that to do business, as Peter Drucker prompt in an exceedingly recent Harvard Business review article, “Every firm—not simply businesses—needs one core competence: innovation.”

In recent years, with the economy era full challenge, marketing theory and practice are accelerating the pace of innovation. Marketing not only has widely exploited in the economy and society field, but also more and more enterprises constantly innovate new performance, new competitive, new brilliance in unprecedented enthusiasm. Therefore, diverse strategies are adopted by most firms to discover and meet the needs and desires of its customers (Jobber & Fahy, 2009). Marketing orientation is one of the most successful strategies, such as the Apple company, it put to use and reap significant profit. Some specialists argue that product orientation can be used in all firms, while others debate that marketing orientation is more suitable for all products. However, several obstacles are faced by firms when they intend to move from a product to a marketing orientation. This essay will briefly describe that definition of the marketing orientation and product orientation, examples for some firms use marketing orientation and product orientation respectively as well. Furthermore, it mostly discusses key obstacles for if a firm moves from product to marketing orientation and give some reasonable solutions.

The business world today is overstretched on what it is supposed to offer to the market. Today, an organization that does not embrace involution and technological changes in its operations is as well doomed to fail. There is no choice left other than that of deeply venturing in innovation and technological changes. Clients, in this century, are on the lookout for that organization, which is offering more than just a product to satisfy their needs. The client needs have evolved and other preferences, which include elements of modernism, are redefining what customers are looking for once the go out for shopping. Therefore, if an organization wants to survive the hostile business environment, it cannot underscore the importance of change. With this understanding, business organizations have ensued on measures that position them on the right track to achieve innovation and embrace changes on the products they offer to the market. Today, these organizations are setting aside large amounts of cash to fund research and development activities that will ensure they are up-to-date technologically. However, the chief goal of this paper is to explore and critically analyze the correlation between expenditure on R & D and the state of innovation level. The main question is to whether investing heavily on R & D activities really makes a company to be very innovative or whether it is worth it. Alongside this, the paper also examines other elements

Marketing is a crucial activity for the survival and success of a business. Businesses today have more marketing opportunities than ever (Bresciani & Eppler, 2010). In small businesses, marketing relies heavily on word of mouth recommendations for customer acquisition.Today’s economy, distinguished by relationships, technology, and networks, favors some of the characteristics of SMEs (Walsh & Lipinski, 2009).