Innovation is the process of creation and development of value by generating new concepts that allow more effectively to meet the needs of consumers and to stablish competitive differentiation to attain the business objectives of the company.
This process allows us to pursue new opportunities, creating value in reference to improve the profitability of the business, to differentiate ourselves from the competition and to generate new products from new technologies, all to satisfy a better demand.
The union and connection of ideas to create new concepts has been the engine of human progress throughout history. The premise is that it is not individual intelligence but what really matters is how smart is the brain group. You must understand how new ideas are born through existing ones.
So what is the role of strategic innovation? Today an innovative strategy have to generate competitive advantage as well as being market-oriented and to create value for itself, also have to take notice and guidance to the competition in terms of technology.
Thus, in a process of innovation, marketing perspective must take into account the development of strategic products and markets, managing a proper segmentation and positioning strategy; it is also important to develop marketing mix strategies.
To develop the process of strategic innovation and innovation in marketing, we should know the business and the new competitors and find needs that are not being met are as important as developing a plan that suits you best.
Two parties are involved in the innovation process: the creativity: dedicated to finding and idea generation and the implementation: that transforms the idea into products that meet the needs and expectations of customers. Marketing not only helps identify those requirements, but provides the design, merchandising and introduction of these innovations.
Therefore when developing a business plan or generating an idea, innovation and marketing, are concepts that must be linked as they are key to generate sustainable competitive window and to defend against competitors.