INNOVATIONS IN MARKETING

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MARKETING MANAGEMENT - INNOVATIONS IN MARKETING

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INNOVATIONS IN MARKETING

  1. 1. PRINCIPLES OF MARKETING 1 AIMIT
  2. 2. CREATING AN INNOVATIVE CULTURE  ORGANISATIONAL STRUCTURE FOR INNOVATIVE MANAGEMENT ROLE OF MARKETERS MANAGING THE INNOVATION 2 AIMIT
  3. 3. WHAT IS THE GREATEST INNOVATION OF ALL TIMES? 3 AIMIT
  4. 4. INNOVATION OF ALL TIMES? 4 AIMIT HUMBLE WHEEL
  5. 5. FURTHER INNOVATIONS DEFINING OUR LIFESTYLE TODAY AUTOMOBILES ELEVATORS MACHINES TURBINES 5 AIMIT The list is endless…..
  6. 6. WHAT IS INNOVATION? 6 Innovation is the specific instrument of entrepreneurship (or business)... the act that endows resources with a new capacity to create AIMIT
  7. 7. In Simple •Innovation may be defined as exploiting new ideas leading to the creation of a new product, process or service. •It is not just the invention of a new idea that is important, but it is actually “bringing it to market”, putting into practice and exploiting it in a manner that leads to new products, services or systems that add value or improve quality. •It possibly involves technological transformation and management restructuring. •Innovation also means exploiting new technology and employing out-of-the-box thinking to generate new value and to bring about significant changes AIMIT 7 in society.
  8. 8. Need for Innovation “If an established organization, which in this age necessitating innovation, is not able to innovate, it faces decline and extinction” Peter Drucker 8 AIMIT
  9. 9. Drivers for innovation Growth sustainability • Wealth creation • Responsibility to the society • Financial pressure to reduce cost & increase efficiency • Increased Competiion • Shorter Product Life Cycles • Stricter Regulation • Demographic, social & market changes • Rising customer expectations regarding service & quality • Greater availability of potentially useful AIMIT 9 technologies coupled with a need to exceed the •
  10. 10. innovation PRODUCT 10 AIMIT PROCE SS SUPPL Y CHAIN MARKETIN G Service
  11. 11. Innovation Is one which results in the evolution of new methods of marketing with enhancements in product design or packaging, its promotion or pricing, among others. 11 AIMIT
  12. 12. Innovation PRODUCT DESIGN INNOVATION 12 AIMIT
  13. 13. Innovation INNOVATION IN PACKAGING 13 AIMIT
  14. 14. Innovation INNOVATION IN LABELLING 14 AIMIT
  15. 15. Innovation INNOVATION IN BRANDING 15 AIMIT
  16. 16. Innovation INNOVATION IN ADVERTISING 16 AIMIT
  17. 17. Inception of Innovative Culture – At an Individual Level •PASSION •ATTITUDE •KNOWLEDGE •ROLE MODEL 17 AIMIT
  18. 18. Innovative Readiness Frame Work 18 AIMIT
  19. 19. Company’s Role – Creating an innovative culture The internal potential of an organization measures how much of employees' creativity is exploited. The ideas generated by talented individuals and groups need a receptive environment in which to flourish and become real innovations. The system openness measures how far ahead an organization can see and whether it is capable of scanning the “business periphery,” exploiting relevant but weak signals in the environment. The overall capacity for innovation is a function of both system openness and internal potential. Internal potential with poor system openness leads to a paradoxical case of “missing the train” or being closed into the “follower's corner” even if the human resources and the work environment support innovation. 19 AIMIT
  20. 20. Creating an innovative culture Envisioning Communicating 20 AIMIT Sponsoring
  21. 21. 5 Best practices that create innovative culture •Select the most promising innovators, but encourage unexpected surprises •Create “buffer zones” for the most innovative people •Give innovators room to “play:” •Resist the temptation to look for immediate results •Commit to driving the best ideas through to implementation: Innovators are seldom the best salespeople for their ideas. The business leader who want to encourage innovation must act as the first-line filter to test the best ideas and solutions, choosing which ones are the right ones to see through to fruition. •Leaders who want to encourage business creativity must be sure also to build talent driven, positive cultures that place a value on learning. AIMIT 21
  22. 22. Organisational Structure for Innovative Managment Can the organizational structure of a company contribute to the acceleration of the innovation management? 22 AIMIT
  23. 23. Organisational Structure for Innovative Managment •In addition to an effective and efficient innovation process, companies have started adopting an organizational structure of innovation that enables them to launch innovations faster. •In the context of innovation management the innovation process and its optimization received maximum attention, above all also in relation to the question how innovations can be launched into the market-place more rapidly in the spirit of Fast Innovation. •The innovation machine Toyota as well as Procter & Gamble , GE, 3M, IBM, Google, Microsoft, Sony, Hewlett-Packard, DuPont, Honeywell and Whirlpool have adopted an oranizational structure of innovation that significantly facilitates Fast Innovation thus answering the question in affirmative. 23 AIMIT
  24. 24. management and organisation for Fast Innovation – Those following by major companies which are considered Innovative Champions 1. Delegation of Decisions to Innovation Teams 2. Integration of R&D in the business unit (product innovation) 3. Co-location of Teams and Departments 4. Central Innovation Teams (product innovation) 5. Central Innovation Funds (product innovation) 6. External Interface for Open innovation 7. M & A Dept (product innovation) 24 AIMIT
  25. 25. MARKETERS "Innovation (product or otherwise) … is directly proportional to the attitude of the marketer” “Innovations and inefficiencies are persistent anomalies in organizations." "… The real question revolves not around whether the marketers have the vision, but do they have the courage and fortitude to stand before the board and defend the opportunity to explore and fail?" 25 AIMIT
  26. 26. ROLE OF MARKETERS •CUSTOMER FOCUSED •WATCH COMPETITION •BE CREATIVE BUT COPY & MODIFY IF NECESSARY – (SUSTAIN GROWTH) •TAKE INITIATIVE •CHANGE BEFORE YOU ARE FORCED TO •ALWAYS EXPLORE NEW OPPORTUNITIES •SHOULD BE A RISK TAKER 26 AIMIT
  27. 27. ROLE OF MARKETERS SMART PHONES, RETAILERS ETC ETC 27 AIMIT
  28. 28. MANAGING THE INNOVATION PROCESS 28 AIMIT
  29. 29. INNOVATION PROCESS COLLABERATE 29 AIMIT STRATEGIS E EVALUATE SELECT
  30. 30. MANAGING THE INNOVATION PROCESS – ANOTHER FACET 30 A MARKETER CANNOT REST AFTER AN INNOVATIVE IDEA IS EXECUTED. HE SHOULD PREPARE HIMSELF FOR…. AIMIT
  31. 31. MANAGING THE INNOVATION PROCESS – ANOTHER FACET 31 AIMIT 1. MAKING THE PRODUCT AVAILABLE TO THE CUSTOMER AT THE RIGHT PLACE AT THE RIGHT TIME. E.G:MOVIE
  32. 32. MANAGING THE INNOVATION PROCESS – ANOTHER FACET 2. COLLECT FEEDBACK 3. LOOK FOR DEFICIENCY AND 32 AIMIT
  33. 33. PROCESS A PRACTICLE APPROACH …Praveen 33 AIMIT
  34. 34. MANAGING THE INNOVATION PROCESS – A PRACTICLE APPROACH •INNOVATE •QUANTIFY •ORCHESTRATE/IMPLEMEN T •DOCUMENT 34 AIMIT
  35. 35. OPEN INNOVATION The idea of bringing customers into the process of defining the products and service of your organization is one that is gaining a lot of steam. In this scenario, companies engage their social customers for feedback and marketing purposes 35 AIMIT
  36. 36. OPEN INNOVATION •Open innovation is about integrating external partners in the entire innovation process. •This should happen not just in the idea or technologydevelopment phase but also in all other phases toward market acceptance. •User-driven innovation is great because it directs your innovation efforts toward market needs. Open innovation takes you to the next step by providing more opportunities through external partners as you address those market needs. 36 AIMIT
  37. 37. OPEN INNOVATION •Procter & Gamble illustrates the benefit. •In 2000, P&G CEO A.G Lafley set a goal of having 50% of the company’s products derived from external sources. •To accomplish this, the company consciously engaged external parties through its Connect + Develop initiative. •Through Connect + Develop, P&G conducted a two-way exchange of ideas and feedback with industry, leveraging a dedicated staff of over 50 AIMIT 37 people.
  38. 38. QUESTIONS & FEEDBACK 38 AIMIT
  39. 39. THANK YOU 39 AIMIT

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