Marketing Innovation

Currently, the conquest of new markets based on novelty products, their adaptation to an ever more diverse and more personalized. Innovation is regarded as essential for the survival of businesses.

The company must be able to anticipate the needs of its customers connect its markets and its technology is the subject of marketing innovation.

Indeed, innovation can occur at all levels of the marketing mix (pricing, product distribution and communication). Moreover, marketing plays a role in the process of developing new products and services.

Indeed, consumer behavior is changing rapidly, and product life cycles are becoming increasingly short. Companies are forced to regularly renew their supply on the market.

In parallel, any innovation carries risk, many new products fail during take-off, or are abandoned before their commercialization. Several factors may explain the failure of new products: lack of market research beforehand, or they were held and were misinterpreted, poor design or product positioning, price not well studied, underestimated the cost of development or maybe the competition has reacted faster and stronger than expected.

If innovation projects produce added value for the company, they also have a cost: it must ensure the profitability and meet the needs of customers and users for which they were launched.

Innovation is an exploration uncertain and complex it is to organize and orchestrate the company permanently. In this context, it will identify areas and couples produced the most buoyant market, so the selection of projects to be developed would depend on the selection criteria, for example: the time for marketing the product, sales potential and profitability.
It should define the development budget of the new product, and finally choosing a suitable form of organization.

Also, do not innovate is a major risk for companies, since the one hand, the market can change quickly, it is necessary to be ready at the right time with the right product. On the other hand, the company is sentenced to up to the technological gap gradually limiting its market and its share of value added. And finally, there is no guarantee that the company's niche is not occupied by other producers, ready to imitate or copy its products.

Finally, any company should reconcile its interest in innovation with the importance it attaches to the competition.