The document discusses innovation in marketing. It defines marketing, innovation, and marketing innovation. Marketing innovation involves significant changes to product design, packaging, placement, promotion, or pricing. The document then discusses why marketing innovation is needed and provides examples of innovation in marketing channels, pricing, promotion, and products. It emphasizes that innovation enhances value by improving quality, features, reliability, and lowering price.

1. INNOVATION IN MARKETING
By: Janisha Gandhi

2. AGENDA
 WHAT IS MARKETING ?
 WHAT IS INNOVATION ?
 WHAT IS MARKETING INNOVATION ?
 WHY DO WE NEED MARKETING INNOVATION ?
 INNOVATION CHANNEL
 INNOVATION PRICING
 INNOVATION PRODUCT
 INNOVATION PROMOTION

3. MARKETING
 Marketing is the process of communicating the
value of a product or service to customers. It
includes the coordination of four elements called
the 4 P's of marketing :
 Product
 Promotion
 Price
 Place (Distribution)

4. INNOVATION
 The term innovation refers to a new way of doing
something.
 An innovation is viewed as anything new that
solves needs by offering a significant advantage
(e.g., more features, more convenient, easier to
use, lower cost, etc.)
 In order to generate more profits and revenue,
firms offers its customers new products or services
or finds new users for older products and services.

5. MARKETING INNOVATION
• ‘A new marketing method involving significant
changes in product design or packaging, product
placement, product promotion or pricing.
 For example, Amazon was the first established
online bookseller. Shortly thereafter, companies
like Barnes and Noble started selling books online
as well.

6. WHY DO WE NEED MARKETING
INNOVATION
 Steady decline in sales volume and/or revenue.
 Steady decline in profitability and return on
investment.
 Steady increase in customer complaints.
 Products and/or services offered are essentially
commodities with very little differentiation.
 Price competition dominates sales activity.
 No new or improved products or services are under
development.

7. INNOVATION CHANNEL
 Creates new channels for distribution and transaction (e.g.,
electronic commerce) that include making it easier for
buyers to place orders.
 Marketing-to-person is replacing mass marketing. For
customer service, technology makes it easier to manage
relationships and allows for rapid response to customer’s
needs.
 Implementation of a new concept for product presentation
such as sales rooms for furniture that are designed
according to themes, allowing customers to view products
in fully decorated rooms

9. INNOVATION PRICING
 Enables the use of dynamic pricing methods.
 Introduction of a new method that allows customers
to choose desired product specifications on the firm’s
Web site and then see the price for the specified
product.
 First-time use of in-store special offers that are only
accessible to holders of the store’s credit card or
reward card.

11. INNOVATION PROMOTION
 New techniques allow better matching of promotion
to customer activity and individualized promotion.
Makes it easier for sellers to offer product suggestions
and promotional tie-ins.
 Marketing promotion is divided into two parts.
 Above the line promotions primarily include mass
media advertising; in mediums such as TV, radio,
press, online.
 Below the line promotion uses more niche focused
mediums; such as email, community marketing, SMS
campaigns, personal sales.

14. INNOVATION PRODUCT
 Creates new products/services. Incorporating
innovation into existing product/service enhances
value by offering improved quality, features &
reliability at a lower price.
 Implementation of a significant change in the
design of a product to give it a new look and widen
its appeal,
 Implementation of a fundamentally new design
intended to give the product a distinctively
exclusive look.

16. INNOVATION IN
MARKETING