Innovation and Marketing Management Analysis

Introduction

Innovation is the procedure for generating and executing a unique idea. It entails the process of taking utile notions and changing them into beneficial merchandises; which is a requirement for innovation (Lee, Wang & Chang 2011). Creativity is the power to unite notions in a new method or make beneficial links amid ideas. Creativity provides fresh thoughts for quality enhancement in businesses as innovation combines different notions to ensure effectiveness.

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The fresh idea could be the formation of unique merchandise and processing it, or a notion regarding how to convert entirely the way business is carried out (Srinivasan et al. 2009). Successful businesses in China comprehend that both innovation and transformation are essential to fulfilling the demands of their most significant investors. In Chinese both new and existing businesses, creativity and innovation become essential in the dynamic and transforming environment. When a business neglects to innovate and transform as required, its clients, workforce, and the community at large could suffer. The ability to maintain innovation and creativity is a substantial part of the business directors.

The creation of a novel idea is difficult. It is difficult to come up with an essential idea especially at this time when technology has advanced tremendously (Lee, Wang & Chang 2011). Creativity and innovation are worth for businesses to come up with competitive products and services. With the current competitive environment, creativity and innovation are essential. Creativity goes together with innovation for enhanced success.

A business cannot succeed without creativity and innovation. Whereas creativity is the ability to generate fresh and unique notions, innovation involves the execution of what is generated. In a business environment, creativity is the driving force behind innovation and the practice of looking at things from a diverse viewpoint and freedom of limitations by rules and formal or informal norms (Tellis, Prabhu & Chandy 2009). Inspiring creativity and discovering entirely fresh and original ideas causes an increase in the productivity of the business.

Stirring the workforce to think broadly and extensively and giving them ample time and resources to discover new areas for innovative concepts is significant to the cost-effective business results (Lee, Wang & Chang 2011). Creativity enhances the procedure for solving difficulties. Creative difficulty solving approaches offer a competitive edge for any business that is determined to succeed. It is significant for innovative and creative notions to be reinforced and inspired by businesses to allow the stakeholders to bring out fresh viewpoints and ideas (Naidoo 2010).

Techniques Employed

The brainstorming technique was employed as it assisted in bringing a large number of solutions for a particular challenge. Mind mapping technique was used to imagine connections amid numerous pieces of notions (Kozinets, Hemetsberger & Schau 2008). Synectics method was employed as it highly aided in generating the ideas, and assisted in solving dissimilar challenges. Forced relationships technique helped to link diverse notions to come up with a unique concept. The reverse technique was used to overturn ideas and think critically to ensure that the notions created had no negative impacts.

Ideas Generated

By using the forced relationship technique, I thought of how new establishments in China might develop enhanced systems of storing information. By employing lateral thinking technique, I came up with an idea of how new companies in China could employ a unique software for storing their data. I created software that could store information for fresh establishments and other companies. I presented this innovation in various exhibitions, and renowned people recommended the software to be introduced to new corporations.

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The innovation is currently awaiting the approval of several national organizations for application in new companies in China. This will prevent the loss of data and uphold the maintenance of the information stored. Furthermore, by employing the Synectics technique, I was able to come up with an idea on how firms in China could use the software to transfer information with ease and accuracy. Blockchain technology could assist firms to transfer assets, money, contracts, and property.

I have presented this idea to diverse audiences, but it has been difficult to raise funds to finance the completion of software development. The creation of this technology needs up to 200,000 dollars, which I am soliciting from family members, friends, and other donors. Once the funds have been raised, I will complete the refinement and popularization of the technology.

Challenges Involved and Reflection

A lot of time was taken to realize the success of the ideas. The generated ideas had to meet the requirements of the users; failure to that, any notion cannot succeed. Therefore, critical thinking and reasoning were required to come up with the concept. With improved technology, one must do a lot of research to find an opportunity gap. Some of the research materials employed could not give present opportunity gaps, and this posed a great challenge in the generation of the idea (Srinivasan et al. 2009).

When preparing to create an idea, it is always essential to hold interviews with diverse people; this assists in ensuring that the idea produced suits dissimilar people’s desires and needs. Some of the interviews held did not give enough information while others gave out-dated ideas.

Conclusion

Engagement of diverse techniques in generating a business idea is significant for innovators. It helps them to come up with a super idea that fits the needs of the people in the present competitive economy. Innovators must ensure that the notion given is suitable for the current economy at the time when it is created. A well-generated idea may be successful for the current and future generations. For instance, all the ideas generated are beneficial for present and future companies. In this regard, innovators should ensure that they tackle the challenges involved accordingly.

Reference List

Kozinets, R, Hemetsberger, A & Schau, H 2008, ‘The wisdom of consumer crowds collective innovation in the age of networked marketing’, Journal of Macromarketing, vol. 28, no. 4, pp. 339-354.

Lee, Y, Wang, G & Chang, L 2011, ‘The influence of intellectual capital and marketing innovation strategies upon marketing performance: Taking Taiwan-listed life insurance firms as an example’, African Journal of Business Management, vol. 5, no. 22, p. 9240.

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Naidoo, V 2010, ‘Firm survival through a crisis: The influence of market orientation, marketing innovation and business strategy’, Industrial Marketing Management, vol. 39, no. 8, pp. 1311-1320.

Srinivasan, S, Pauwels, K, Silva-Risso, J & Hanssens, D 2009, ‘Product innovations, advertising, and stock returns’, Journal of Marketing, vol. 73, no. 1, pp. 24-43.

Tellis, G, Prabhu, J & and Chandy, R 2009, ‘Radical innovation across nations: The preeminence of corporate culture’, Journal of Marketing, vol. 72, no. 2, pp. 3-23.

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StudyCorgi. (2021, January 29). Innovation and Marketing Management Analysis. Retrieved from https://studycorgi.com/innovation-and-marketing-management-analysis/

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