Innovative marketing as a concept

• By Jonathan Craig
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• April 30, 2020
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• MarketingManagement

Innovative marketing as a concept broader than innovation marketing, it includes the mission of the organization, philosophy of thinking, the field of scientific research, management style and behavior. It's organic, not imposed innovation, special type of relationship and total risk-taking. In innovative marketing, methods, approaches and style of effective the manuals change depending on the situation. At every stage life cycle of innovation requires different methods and approaches, different marketing strategy and tactics.

For example, in innovative marketing may, the following types of price strategies are applied:

• the “skimming” strategy used when introducing a new product to the market when prices are high enough for the product. This the method works in the absence of competitors from the company and the absence information about the product from consumers, as well as the need for quick making a profit.
• market penetration strategy, when for a new product relatively low prices are set - in the case of a large number of competitors.
• the prestigious pricing strategy used to introduce new goods in terms of quality and prestige, assuming that for consumers high price also means high quality products. This strategy is like as a rule, it is used by already well-known companies.
• a strategy based on the opinion of consumers, in which the price set at the level that the consumer is willing to pay for the product

Strategy and Tactics

The most important area of ​​marketing activities is strategy and tactics of innovation penetration into the market, including formation of a competitive innovation strategy based on formation of sales channels and positioning of a new product. It can be concluded that innovative marketing is the activities of the enterprise, which is aimed at improving production and influences on the market conditions of the enterprise. In this article the fact is indicated that at each stage of the innovation life cycle different methods and approaches are required, different strategies and tactics marketing. The system of innovative marketing activities is closely linked not only with production renewal systems, but also with the dynamics of accumulation and capital overflow.

Innovative marketing is essential for those businesses that want make a profit that is greater than competitors, since it forms the advantages of a competitive strategy based on innovation and innovations.

Strategy and Tactics