Innovation Management and Marketing in Global Enterprises by Ersun and Karabulut (2013) is an article that presents varying positions of several writers on the importance of establishing innovative strategies in developing and managing new product and markets in the global business communities. The concept of innovation in this article is defined in terms of products, processes, marketing and management practices. The product of innovative strategies as outlined in the article is understood to impact the product’s value to the end-user in the form of increased customer appeal and utility, and to the business entity in the form of increased revenue. Extending and sustaining the market base is the desired end result of the innovative process. The topic is of great interest to the writer as there has been a noticeable increase in competition in the market place in the global business community. According to the writings cited in the article, their research indicates that an enterprises ability to succeed and thrive over a significant period of time seems to point to the implementation of sound innovative strategies.
Ersun and Karabulut (2013) are very concerned about the implications of marketing and management innovations in the global market as there is evidence of its’ utility as a tool to achieving great success. Unfortunately, according to them, not much work has been done in developing an “Integrated Model for Innovation Management and Marketing.” Additionally, not much literature is available on the topic that allows enterprises to achieve a broad enough perspective in innovative strategies to assist them in moving forward under the guidance of an established system. Thus the author felt compelled to perform a brief r...
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...echnological and non-technological elements which include strategy, culture, organization and marketing. All members of the management team must be involved in the innovation management practices process in order to achieve success.
The author concludes that, again, there is very little literature that provides a model for the implementation of a sound and proven innovative management and marketing system on the global stage. However, the literature that is available and the current empiricial research being conducted provides a starting point for a future system that will give direction to companies desiring to have a chance of successfully participating in the market place.
Works Cited
A. Nur Ersun, and A Tugba Karabulut (2013). Innovation Management and Marketing in Global Enterprises. International Journal of Business and Management; Vol. 8, No. 20; 2013
Innovation has rapidly assumed a position of prominence in world competition on a global scale. To compete in this environment, organizations need a level of innovation. As competition becomes more global and time-based, organizations must develop and deliver new and superior products or services in less time. The challenge for modern organizations is to revitalize them so they can successfully and continuously develop newer products and enhance business development.
Sood, Ashish and Gerard J. Tellis. "Technological Evolution and Radical." Journal of Marketing 69 (2005): 152-168. Online Archive. 11 May 2014. .
A marketer doesn’t just have a plan. Marketers now open up to a wider strategic plan and it’s based on steps that balance out what the market is offering consumers. These marketers must analyze their production with these steps, then make a portfolio of the growth and even their down falls therefore this keeps these marketers to continuously innovate and create even a greater amount of value for their customers. Marketing management functions are discussed along with the marketing mix and strategy.
...d i.e. to use a mix of both the strategies. Some academic experts also presented the same arguments which stated that the company should use standardized tactics and adapting others to difference market is necessary. Such authors believes that both the standardization and adaptation are nothing but a matter of degree to use in international marketing strategy. Also McDonald strategy is the best example of such arguments where the company has globalized it brand but localized its marketing strategies. Considering the success of McDonald I would strongly recommend that a right balance of standardization and adaptation is need to ensure good growth and success in international marketing. Hence it can be concluded that if a company wants to be successful at global level, then it should include elements of both standardized and adaptation approach in its marketing mix.
Linden, G., Kraemer, K. L., & Dedrick, J. (2007). Who captures value in a global innovation
The book gives a detailed outline of how companies should engage each other in the market wars while maintaining and bringing on board new customers. They successfully do so by presenting tools for the implementation of a successful marketing strategy, and the determination of blue oceans (Kim & Mauborgne 2005). They also review a pool of strategies used while analyzing their strengths and weaknesses. These moves create what scholars refer to as, value innovation. Under a strategy that makes competitors almost inactive, by a process of creating new demand.
Global marketing strategies aim to maximize standardization, homogenization and integration of marketing activities across markets throughout the world. (Kotler, 2009)
Along with increasingly liberalised trade policies, economic integration, higher stability of monetary transaction and development in transportation as well as communication, international business has experienced a dramatic rise (Czinkota and Ronkainen, 2001). This rise is also accompanied with enormous challenges that generate from differences between multinational companies’ home countries and foreign markets. Therefore, international marketing strategy that aims to achieve business success in competitive overseas markets has become a focus of studies especially in terms of standardization and adaptation. Years of fierce debates generate three basic perspectives. From a standardization perspective, reasons for standardizing strategy can be growing market similarity, economies of scale, homogenized customers, technological advance and consistent corporate brand (Levitt, 1983; Theodosiou and Leonidou, 2003). By
The book has used peer-reviewed resources to enhance the use of professional approaches to innovation and management strategies by the readers who uses the book. The authors have given different management strategies and their practical application in business fields. As the title states, a strategy in business require innovative strategies for efficient development of the firm. More importantly, the book offers modern innovative ideas that need to be integrated with management strategies to develop modern businesses. The innovative approach provides a practical guide to the management strategies easing the execution of the strategies in the respectful environment. The book has given the strong relationships between innovation and strategies. These relationships are known to increase profitability in business organizations that use them efficiently. It offers how business managers can create successful value through innovation. Value creation in companies is done through examining untapped markets, clients ' needs and investing in new businesses. Therefore, this remarkable book helps readers in innovating and managing business
Marketing is the principle which connected to people’s daily life. In the past, marketers defined marketing as the concept of selling by telling benefits of products (Kotler & Armstrong , 2004). In the recent years, there has been a particular alteration on this principle. Kotler (2005) claims that “Marketing is the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit”. Marketers focused mostly on added value to product that could meet’s customer expectation in domestic market (Kotler & Armstrong , 2004). Then, as the world is associated from country to country by technology, marketers see the world as a single market. (Heerden & Barter, 2008). It could be good opportunity for international companies to expand their product across countries to achieve financial goal and gain acceptability of branding (Heerden & Barter, 2008).Therefore, international marketing is a crucial role that apply to foreign market to understand the
The main aim of this discussion is to discuss the main aspects that are very important in planning and implementing the activities of marketing in the global context. Once all the issues have been addressed, the organisation then needs to plan out the global marketing strategy. Marketing research is the core area of marketing, as the entire marketing strategies depends on how well the organization has conducted the research of the market. Mar...
Kelley,T. (2005, Oct.). The 10 faces of innovation. Fast Company, 74-77. Retrieved 6th March’ 2014 from http://web.ebscohost.com/ehost/detail?vid=9&sid=1d6a17b7-c5f7-4f00-bea4 db1d84cbef55%40sessionmgr10&hid=28&bdata=JnNpdGU9ZWhvc3QtbGl2ZSZzY29wZT1zaXRl#db=bth&AN=18386009
The main objective of writing this paper is in practice, the management of innovative process takes into account the most important criteria that reflect the substance of innovation and arising directly from the definition of "disruptive innovation". Such criteria include the degree of novelty and substantive content.
1).Innovation Management:Innovation Management is the form of looking into future, of being creative, imaginative .It is used in the growth of product and also organizational innovation. It also includes tools which allows higher management & engineers to communicate with basic understanding of goals and its processes .Its main focus is to allow the organization to react quickly occurring within an organization, using its efforts to implement new ideas or its products. It also involves persons in contributing to the development of the companies manufacturing and also its marketing. Through development also innovation process can be done. There are two types of process involved in innovation management one is pulled and the other is pushed. Pushed process is the one in which the organization uses its technology to discover profitable applications. Pulled process is the one in which the focus is mainly in developing the efforts to find the solutions. There are two phases in innovation management .First phase includes design of the innovation and second phase includes the implementation. Internal bench marking can be established to measure the innovation. Managers should focus on ones attention on innovation cause to be necessary to infer something from information received on the complexity.
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