Please enable JavaScript.
Coggle requires JavaScript to display documents.
Innovation - Marketing setting :explode: the scene - Coggle Diagram
Innovation - Marketing setting :explode: the scene
Source
Block 1 Session 4: Marketing – Setting the scene by Dr Fiona Harris - accessed 13.10.2022
https://learn2.open.ac.uk/mod/oucontent/view.php?id=1954751§ion=4
Description
Looking at the external markets and competition. Marketing can encourage and support innovative ideas. Using market research to understand external pressures.
Claims
Developing an idea/innovation will need market research
Great rewards for those that identify needs or services that have not been clearly identified by others taken from Joseph Wilson Xerox case study
Take into account all of the stakeholders. Internal 'micro' - external 'macro'
Five types of customers in microenvironment: consumer markets, business markets, reseller markets, government markets, international markets
Macro environments are. social, technological, economic, environmental, political, legal and ethical - STEEPLE
Cost leadership is difficult and hard to establish, whereas some form of differentiation of value other than price would-be the best strategy
Marke research is hugely important
Evidence for claims
Ansoff Groeth Matrix
Strengths
Innovation can be used at any process of marketing, such as a new process or approach
Cost leadership - through economies of scale
Differentiation - offering superior, or tech innovation
Focus - servicing a niche market
Awareness of the five forces can help an organisation understand its position better
Weaknesses
Must continually adapt to a changing environment
Resources need to be in place for the big idea
Mission and values are key to help guide staffs behaaviour, fullfil customer needs, encapsulate the organisations key skills, Show opportuntiy and threats, be achievable and be adaptable
Threats to competition - five forces threat model as per pg 25
Questions & queries
What is the brands/business purpose, mission, vision and values
How does vision and mission have a marketing role to play in big ideas..... to support organisational vlaues
Links to other topics