Marketing: Innovation, Brand and integrated marketing communications.
(1) Innovation is the process of creating or improving products or services, or methods for accomplishing tasks in areas such as manufacturing and R&D. Innovation is the single most important activity for the long-term competitiveness of the firm. Companies attempt new discoveries in order to respond to new technologies, evolving buyer needs, changing input costs, and new government regulations.
(i) Are all innovations created equal? Does introducing radical innovations ensure a firmâ€™s success? Provide insight into what constitute a process for innovation that you believe will likely result in marketing success. Please use examples to illustrate.
(ii) One of the benefits of the brand relates to the ability of marketers to extend the brand to new products and services. What kinds of considerations must marketers make with respect to brand extensions? What type of brand extension is likely to product success? Use examples to illustrate.
(iii) Innovation can accomplish much for a marketer, for example, by creating a market presence in a desirable new market. Is innovation always the road to success? Are there instances where innovation canâ€™t assist a marketer to achieve their goals?