The importance of marketing innovation in new economy

Abstract

Abstract:The new economy is greatly determined by the globalization process, radical and frequent changes, as well as the growing importance of knowledge application through the successful implementation of innovation. These determinants directly affect the fact that sustainable competitive advantage primarily reaches organizations that have developed the ability to improve the level of efficiency and effectiveness with the constant development of the total innovation performance. In the new economy, organizations that have the ability to develop and adopt the invention in a short period of time and profitably apply it in all areas of business reach competitive advantage over the competition in time. The growing importance of innovation in function of achieving a sustainable competitive advantage determined a brand new concept and innovation classification. Nowadays, the term innovation means not only a significant improvement in process and product technology, but it refers more to the innovation process in the field of human resources, especially in marketing management. For the above mentioned reasons, the paper pays special attention to the marketing innovation analysis and the increasingly significant impact it has on the process of achieving sustainable competitive advantage.

Marketing innovation and sustainable competitive advantage of manufacturing SMEs in Ghana

“…Generally, the concept of innovation is regarded as an essential ability of SMEs to compete domestically and also improve their performance (Ren et al, 2015). These basic strands of marketing innovation: new improved packages and designs, promotion strategies, pricing and distribution networks create competitive advantage (Chuwiruch et al, 2015) through product differentiation, visibility and easy identification (Ilić et al, 2014). In essence, all these strands of marketing innovations provide support for SMEs to overcome basic challenges, hence improve their advantage in the competitive market (Onwumere and Ozioma-Eleodinmuo, 2015).…”

“…The second strand of marketing innovation is pricing innovation. Wang (2015) and Ilić et al (2014) viewed SME pricing innovation as a process where a firm uses new and alternative methods to vary prices. Wang (2015) and Ilić et al (2014) noted that SME pricing is characterised by conditions such as demand fluctuations and an introduction of a new interactive online pricing system such as website and social network sites.…”

“…MD 2.2.3 Promotion innovation. Innovative promotion involves significant changes in media techniques and symbols that are different from what the firm has used or existed before (Ilić et al, 2014). Salehi (2012) established that SME managers have used the conventional marketing tools to be working well and attracted consumers to purchase firms' offerings.…”

The Study of Interrelation of Technological and Marketing Innovation Processes in Russia

“…О наличии комплементарности свидетельствует, например, работа [8], в которой проанализирована инновационная активность промышленных предприятий Польши в 2008-2010 годах, и, используя регрессионный анализ, получен вывод о том, что компании, которые были активны в продуктовых инновациях, более склонны к инновациям в сфере маркетинга. Так же на существование потенциала взаимодействия процессов указывают результаты работы [9]. В этой работе, основываясь на данных выборки из 310 предприятий Сербии, было показано, что 73% обследуемых предприятий применяли, по крайней мере, один вид нетехнологических инноваций, в то время как технологические инновации были внедрены в 61,5% рассмотренных предприятий.…”

Internet Marketing as a Business Necessity

“…Conducting marketing through social media networks "is not about you getting your story out; it's about your customers; it's about being more transparent, earning trust, and building credibility" [21; p.36]. Social networks provide great opportunity for reaching maximum results with minimum investment [22].…”