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Innovation and Marketing: the strategic role, components and characteristics of innovations

Innovation decisions are complex and risky, but of vital importance for the survival and development of the company . That’s why Innovation and Marketing go well together. Obviously, the value of innovations is higher for high-tech sectors and tends to increase over time. Just think of the clash between smartphones we see every day! SEE SAMSUNG

An innovation can be composed of three elements

A need to be satisfied or a function to be performed; the concept of object or entity that. Satisfies the need; the set of inputs that include existing knowledge, materials and technologies available. Which enable the project to Canada Mobile Database become operational. To better understand, let’s take an example, the ski lift: the need is to avoid the long and tiring ascent of slopes. The concept is represented by the traction through a cable with a seat, the technology is the mechanics.

The degree of risk associated with an innovation therefore depends on two factors. In other words, On the one hand, the degree of originality and complexity of the concept, which determines the receptivity of the market and . The transfer Cryp Email List costs borne by the user (market risk ) , on the other, the degree of technological innovation linked to the new concept. Which will determine the technical feasibility of the innovation ( technological risk ). Added to these risk factors is the company’s degree of familiarity with the market and the technology in question ( strategic risk ).

So to give a global definition of the concept of innovation,

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it is represented by a product or service that provides a new solution. To consumer problems, either by improving existing solutions proposed by competitors or by adding a new or different function . One of the most successful examples of innovation is represented by the iPod which has supplanted other technologies in listening to music, introducing other functions such as having games and photos within the same device.

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