Building Capacity for Marketing Innovation Essay

Building Capacity for Marketing Innovation - Essay Example It is an established phenomenon that marketers should only concentrate on what is expressively demanded by consumers so as to enhance the firm's profitability. However, the marketing concept does not only require the marketers to evaluate and satisfy the expressed demands of individuals but also dig into the needs that are rarely expressed. The capability for marketing innovation depends upon several internal and external attributes of an organisation. In Chinese society, the willingness and capability of firms to innovate in more difficult because of the differences in external economic and social environment as compared to those of market economies. This paper provides an insight into the notion of innovation in the context of marketing concept. It presents a study into the capability building for marketing innovation in the companies. The paper also sheds light on the concept of capability building for marketing innovation in the context of Chinese market. Innovation is a concept highly misconceived in the context of marketing. Innovation is said to be the most crucial responsibility of companies operating in the competitive environment of 21st century. The concept of innovation encompasses the notion of doing something for the first time or introducing a product into the market that is outright new to the firm as well as the consumers. In the context of marketing, it refers to the marketers' ability to envision new ideas, give it a form of strategy, introduce it to the market and make consumers love it. Innovation is strictly important in the age of global competition where firms are continuously striving to gain a sustainable competitive advantage. A firm does not necessarily have to bring about a drastic change in the organization in order to be 'innovative.' According to Weerawardena, "innovativeness refers to a corporate environment that promotes and supports novel ideas, experimentation and creative processes that may lead to ne w products, techniques or technologies." (2003, p. 18) It all lies in the culture of an organization to encourage people to bring new ideas and promote the willingness for innovation. Innovation is something evidently related with the internal and external environment of any firm. A firm in order to be successful and be able to compete in the market needs to adapt with the environment and any changes taking place in the market. Carrying out new ideas successfully in the business either of manufacturing or services concern shows the innovation. One must know about the trends and changes that have come into the market during the period to innovate accordingly as they both go parallel to each other. (Calantone, Cavusgil and. Zhao, 2002). Innovation is about encouraging new ideas that are to be implemented to the business to compete in the market i.e. innovation of product, business structure, services etc. In the context of marketing concept, innovation primarily lies in coming up with offerings that have never been introduced before to consumer markers. It is about an offering which bears the capacity to stimulate the unexpressed demands of consumers. The core concept of marketing is highly misunderstood to be against the notion of innovation. Marketing does not create barriers in the way of innovation;