Marketing Innovation Framework
Marketing innovation
Marketing innovation can increase demand and enhance product differentiation, leading to increased mobility barriers and competitive advantage.
- Marketing innovation can provide a competitive advantage
- Marketing innovation can enhance product differentiation
- Continual innovation is necessary to maintain a competitive advantage
- Identify Opportunities for Marketing InnovationIdentify opportunities for marketing innovation and developmentPro tipConsider the complexity of the technology and the availability of skilled personnelWarningUnderestimating marketing innovation can lead to loss of competitive advantage
- Develop Marketing Innovation StrategyDevelop a strategy to innovate and develop new marketing approachesPro tipInvest in research and developmentWarningFailure to innovate can lead to loss of competitive advantage
- Monitor Industry TrendsMonitor industry trends and adjust strategy accordinglyPro tipConsider the impact of marketing innovation on competitive advantageWarningFailure to monitor industry trends can lead to loss of competitive advantage
Movie Advertising Example
The movie industry experienced changes in industry structure due to marketing innovation
OutcomeCompanies that innovated and developed new marketing approaches maintained their competitive advantage
Underestimating Marketing Innovation
Failing to consider marketing innovation can lead to loss of competitive advantage
Failing to Innovate
Failure to continually innovate can lead to loss of competitive advantage
The framework is based on the idea that marketing innovation can provide a competitive advantage.
Source · BOOK
Competitive Strategy