Report on Marketing Design and Innovation Type: Report

                Innovations in marketing and products can be discussed with different thoughts as different theories have been associated with the concept of innovation. Innovations are adopted to make better changes in the process of marketing and it involves all the processes of change the ways of marketing for the products. As for product innovations, some modern and updates ways are adopted to make better changes in products as to upgrade the standards of the products. The rules are not fixed for innovations as different techniques can be adopted. Main motive is to take an edge over competitors so the innovation methods are adopted (Weerawardena,2003).  As for changing the marketing techniques of the products, the features of the marketing plans can be changes, the placement of the products, price techniques can be changes as to if see the seniors of the current situation if the competitors are using the techniques of luxurious pricing, then the companies can have the techniques of economy pricing to attract more customers with the same quality of the products. Innovations can be adopted in the phase of placement, companies can involve more online ways for the promotions of the products and when it comes to promotions then different promotional ways can be adopted to have an edge over competitors. Innovations can be adopted for new and existing products. It is not that all the old products can be modified. It is important to see what the current situation is and to see the current situation, further decisions can be taken (Weerawardena and Mavondo,2011

Competitive advantage through innovation of MARKETING DESIGN AND INNOVATION

            Image of brand is the basic and primary unit of the company. The brand image develops in years and it gets its name and famous with the acceptance of the people. Customers are the real elements who give name and fame to a brand. Competitors are a reality but here it is most important to know one thing that is it important to make changes due to the situation of the competitors only? Many customers can be associated to the company with its name, so here it is important to see the name and the image of the brand that what image it has according to its brand name and existing product qualities (West, D.C., Ford and Ibrahim,2015).

          Innovations are made to keep the values and image of the company on maintained notes. They are developed to give more strength to the values and name of the company but is it right to make continuous changes in marketing plans of the company related to their products? Stability matters here in this situation, as innovations can be developed in products or marketing ways then they can be solid and not that easily changeable as the plans of the products with rapid changes can destroy the image of the company (Anning-Dorson, Hinson and Amidu,2018).

            Kim and Mauborgne brought the strategy of Blue Ocean and they mentioned in that plan that it is not important for their companies to go fully with the wave of competition and do each and everything as per the merits of competition. It is important to see what the acceptance level of the customers regarding the current values of the companies is. If they are with the company on the same level of product design then there is no need to get into high levels of competition. Instead of getting into competition, the image of the company can be made influential with better plans (Dereli,2015).

         As for the competitors, it is very important to see what they are producing and then to compare the features of the products with competitors. Some companies just assume that they have everything and they don’t need to get any innovation. The balance can be adopted here as the companies should look into their own business development side and they also have to look into the values of competition.

         As the example can be seen in the case of Nokia that they are their pioneers in cell phone industry and they made successful set in terms of durability and class. They had their features as their key factor of strength. They gained fame but the problem was that they didn’t try the ways of innovations. They kept their old ways of marketing and they didn’t bring innovations in their smart phones. As a result, they didn’t introduce even a single set that can be considered as their master piece (Ozkaya, et al 2015).

            It is important in this phase that companies have to look into the situation of competition for their survival. There are many companies who come into the business and they don’t survive as they just jump into the scene without knowing the environment of competition in current market.

                Innovations are not the name of more expenses. It is important to have the knowledge of current resources and then the companies should develop their innovation plans. One the plans are successful then other expenses can be made on promotional side (Martín and Castro,2015).

Conclusion of MARKETING DESIGN AND INNOVATION

                Innovations are important in business process as there are many companies in market who are doing their business and they are taking high ratio of profits on the basis of their innovations. They make changes with time to see the situation of the market as they want to be in the business on long term basis. Innovations have their own features as the companies should adopt innovative ideas for the products and marketing, the name and image of the company is most important element for them. Brand name is the basic thing and with name of the brand, the image of brand also comes with great responsibility. Innovated ideas must be implemented in a way that they will make the name and image of the brand brighter than before. The ideas should be checked properly before their implementations as the experiments can go wrong sometimes. The factor of risk is always there and the companies take risks but by keeping in understandable margin of risk management. Positivity can be managed in each step of innovations are the innovations are made to keep the image of the company better than the competitors. Winners of innovative market are the companies who take steps wisely with proper planning (Chahal and Bakshi,2015).

 Reference of MARKETING DESIGN AND INNOVATION

Anning-Dorson, T., Hinson, R.E. and Amidu, M., 2018. Managing market innovation for competitive advantage: how external dynamics hold sway for financial services. International Journal of Financial Services Management, 9(1), pp.70-87.

Chahal, H. and Bakshi, P., 2015. Examining intellectual capital and competitive advantage relationship: Role of innovation and organizational learning. International Journal of Bank Marketing, 33(3), pp.376-399.

Dereli, D.D., 2015. Innovation management in global competition and competitive advantage. Procedia-Social and behavioral sciences, 195, pp.1365-1370.

Martín-de Castro, G., 2015. Knowledge management and innovation in knowledge-based and high-tech industrial markets: The role of openness and absorptive capacity. Industrial Marketing Management, 47, pp.143-146.

Ozkaya, H.E., Droge, C., Hult, G.T.M., Calantone, R. and Ozkaya, E., 2015. Market orientation, knowledge competence, and innovation. International Journal of Research in Marketing, 32(3), pp.309-318.

Weerawardena, J. and Mavondo, F.T., 2011. Capabilities, innovation and competitive advantage. Industrial Marketing Management, 40(8), pp.1220-1223.

Weerawardena, J., 2003. The role of marketing capability in innovation-based competitive strategy. Journal of strategic marketing, 11(1), pp.15-35.

West, D.C., Ford, J. and Ibrahim, E., 2015. Strategic marketing: creating competitive advantage. Oxford University Press, USA.