International Journal of Research and Development - A Management Review (IJRDMR)
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ISSN (Print): 2319–5479, Volume-5, Issue–3, 2016 61
Innovative Marketing
1B.Bobjee Prasanna, 2K.Niranjan
1Tirumala Engineering College, Bogaram(v) Keesara (M) R.R..(Dt.), 2MLRITM.
Abstract : It is a process where a product is marketed and communicated to the target group by the help of ideas and process which were not used earlier. It can be done through changes in the product design, launching the product in unique place, promoting through unconventional method, uniquely pricing the product etc.
A marketing innovation is the implementation of a new marketing method involving significant changes in product design or packaging, product placement, product promotion or pricing. The process of translating an idea or invention into a good or service that creates value or for which customers will pay.
Keywords—component, formatting, style, styling, insert.
I. INTRODUCTION
Marketing is the process used to determine what products or services may be of interest to customers, and the strategy to use in sales, communications and business development. Marketing deals with identifying and meeting human and social needs. One of the shortest definitions of marketing is “meeting needs profitably.”
Marketers are skilled in stimulating demand for their products. They may have to manage avoidance of a product, unawareness of product, declining demand.
Marketers use numerous tools to elicit the desired responses from their target markets. These tools constitute a marketing mix. Marketing mix is the set of marketing tools that the firm uses to pursue its marketing objectives in the target market.
INNOVATION: Turning an Idea into a Solution that adds Value to Customer`s Perspective.
Different companies adopt different methods to promote their products to reach end user. Mainly the concept is to increase their sales as well as market share and also to sustain in the competitive world. Innovative marketing strategy to encourage advancements in technology or services for business to increase profit and create new way to sustain or beat their rival competitors. Innovation strategy is a key factor in the success or many companies, specifically those industries dealing specifically in the fiercely competitive field of technology, FMCG, Automobiles services and other products in the market.
Innovation regarding brand value, product Promotion price and Place. Designing of new product, new ways promoting the product makes the final user to attract the
product and full fill needs. For eg. Promoting soap or shampoo talcum powder etc the old technique is advertise In any news paper before T.V. came into existence, but each and every product weather it is small or big the companies are promoting by using latest technologies.
Innovation is all about creating products and services that make your company more competitive in the marketplace. Those actions typically include generating ideas, creating prototypes, building the business case, and getting alignment to launch. Marketers must develop a strategy to know where to focus their resources. They must segment, target, and position the offering. Finally, they have to execute their plan by developing a coordinated set of marketing tactics including what products and services to offer, pricing, distribution approaches, and marketing communications of marketing tactics including what products and services to offer, pricing, distribution approaches, and marketing communications. One very important way to sharpen the focus of your marketing initiatives is to apply the principles and concepts of consumer behaviour – how people think, decide, and act when buying things. When you embrace consumer behaviour, you’re putting the customer at the centre of all your marketing activities.
Innovative Marketing of different products by different Companies, they concentrate on rural areas where people want to try new things in all aspects, they want to follow new trends due to change in their life styles and income .So basing on this companies also change their strategies in promoting their products in these areas.
After television came into existence advertising of products, through media and other sources made products reach the consumers.
Latest marketing in recent trends:
Digital Marketing:
Digital marketing is the promotion of products or brands via one or more forms of electronic media. Digital marketing differs from traditional marketing in that it involves the use of channels and methods that enable an organization to analyze marketing campaigns and understand what is working and what isn’t – typically in real time.
International Journal of Research and Development - A Management Review (IJRDMR)
_______________________________________________________________________________________________
________________________________________________________________________________________________
ISSN (Print): 2319–5479, Volume-5, Issue–3, 2016 62
Mobile Marketing:
Mobile marketing is marketing on or with a mobile device, such as a cell phone. Mobile marketing can also be defined as “The use of the mobile medium as a means of marketing communication”, the “Distribution of any kind of promotional or advertising messages to customer through wireless networks”.
Internet Marketing or on line marketing:
Online marketing refers to a set of powerful tools and methodologies used for promoting products and services through the Internet. Online marketing includes a wider range of marketing elements than traditional business marketing due to the extra channels and marketing mechanisms available on the Internet.
Online marketing is also known as Internet marketing, Web marketing, digital marketing and search engine marketing (SEM).
Online marketing can deliver benefits such as:
Growth in potential
Reduced expenses
Elegant communications
Better control
Improved customer service
Competitive advantage
Examples of on line marketing : Examples of online marketing:
Flipcart.com
Amazone.com
Olx.com
Quicker.com
Apps Marketing
e-bay
Easy movies
Movieticket.com
e-bus.com
redbus.com
yatraa.com
CONCLUSION
Traditional advertising is in crisis, because clients are increasingly inured to television commercials, direct mailings, etc. Promoting a company with social community is a great method to get the word out about why folks ought to do business with you. Also it would be fascinating to dig deeper into Social network marketing. There could be researches done to find out the impacts that Internet has had on marketing. How Internet has affected advertising generally with focus on social multilevel marketing. Researching wide range of businesses to get a wide view of how social network marketing is used in practice, how valuable it’s and why.
One fascinating area to research on could be social multilevel marketing in different industries and discovering out if you will find differences between the have an effect on of social network marketing in various industries. Does the affect of social network marketing depend on the products to be sold? Since technology is developing all the time, it would be interesting to follow up the development of advertising generally, it being affected by high technologies.
REFERENCES:
[1] www.mruni.eu [2] www.google.com [3] www.sas.com [4] www.Forbes.com
[5] Marketing Management by Philip Kotler
