Multilingual MarketingCatherine Gason Consultant & Virtual Assistant Marketing for Innovation MARKETING Part 3 of 3
MARKETING AND INNOVATION“There is only one valid definition of business: to create a customer… Because it is its purpose to create a customer, any business enterprise has two – and only these two – basic functions: marketing and innovation” Druker P.F., The Practice of Management, 1954
INNOVATION AND MARKETING INNOVATION MARKETINGNew product, new Create value for process or major the innovation technological Increase the value modification to Communicate the products and value processes
3 MAIN MARKETING APPROACHES Production oriented approach - dominant from the beginning of the industrial revolution to the 1930s Sales oriented approach - dominant from the beginning of the 1930s to the period following the World War II Marketing oriented approach - dominant from the 1960s onwards (although the sales and production approaches still exist today)
THE MARKETING CONCEPT• It starts from the market• It focuses on the customers’ needs and wants• It implements a coordinated program to respond to these needs• It realizes its gain from the customers’ satisfaction
SCIENCE PUSH VS. DEMAND PULL Science Push (50s and 60s) approach suggests that innovation proceeds linearly scientific discovery invention manufacturing marketing discoveries in basic science were the primary source of innovation, which were then translated into commercial applications
SCIENCE PUSH VS. DEMAND PULL Demand Pull (mid 60s) approach argues that innovation originates with unmet customer needs: customer suggestions invention manufacturing research staff would develop new products in efforts to respond to customer problems or suggestions
THE CHAIN-LINKED INNOVATION MODEL Source: “An Overview of Innovation”, Stephen J. Kline and Nathan Rosenberg, 1986
THE AMA’S MARKETING DEFINITION“Marketing is the activity and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.” American Marketing Association (2008)
THE INNOVATION VALUESThe value offered by an innovation is the result of many elements and is strongly influenced by both:• Innovation’s Standalone Value• Network Externality Value• Ease of use, etc.
THE INNOVATION VALUESThe Innovation’s Standalone Value includes such factors as:• Functions the technology enables to perform• Aesthetic qualities• Ease of use, etc.
THE NETWORK EXTERNALITY VALUEThe Network Externality is the value of the innovation created by:• The size of the technology’s installed base• The availability of complementary goods
Multilingual MarketingCatherine Gason Consultant & Virtual Assistant For more information, visit my new website www.catherinegason.com Catherine Gason Multilingual Marketing Consultant & Virtual Assistant English Français Italiano e-mail: email@example.com www.catherinegason.com