Marketing Innovation - MIT ID Innovation

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Marketing Innovation Innovate, Recreate and
Celebrate MITID Innovation
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Today, innovation is much more than just new
technologies, products, creations, or
methodologies. It is about the interconnection
between a product and a user, between a person
possessing the ability to create wonders with the
ecosystem.
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The two seemingly unrelated words, marketing
and innovation, have a significant connection
that is almost very disadvantageous to ignore.
They serve as collateral assets to each other an
innovation needs amazing marketing to succeed,
while marketing needs innovation for the success
of its products. Marketing Innovation, thus, is
the need of the hour to dive into the constantly
changing world with the progress each day that
does not see the sky as its limit.
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What Exactly is Meant By Marketing Innovation
The only constant thing in the world is change,
and marketing innovation is the best way of
implementing this into reality. With significant
changes in product design, management, packaging,
promotion, placement, and pricing, marketing
innovation marks the change in marketing
strategies
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that the enterprise previously used to create a
completely new and widespread consumer base in
the market. Routine changes in marketing methods
are not considered as a marketing innovation as
they do not involve a complete revolution in the
marketing methodologies.
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What is the Role of Innovation in Marketing
One buys what one sees, and that is exactly what
innovation does to marketing. Every single day is
a host of discoveries and inventions, with each
one giving a tough competition to the other.
Hence, one needs to know what appeals to their
target audience the most. Innovation can be seen
as rewarding exploitation of new ideas.
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To gain a competitive advantage in the global
marketplace, catalyzing innovative ideas that
enrich the very essence of an enterprise can
prove to be extremely profitable. Through the
right innovative intervention, one can anticipate
the emerging consumer trends way ahead of time
and lead their way in the current demand-supply
chain. The 2011 Global Innovation report found an
11 difference in the revenue in favor of the
more innovative organizations.
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What are Some Innovative Marketing Strategies
Is money everything when you want to expand your
enterprise? Not necessarily, because just crazy
creativity and out-of-the-box thinking can do
wonders! Use Referral Marketing This is a simple
yet effective marketing strategy. Here, you get
your buyers excited to share the news of your
startup and promote it extensively.
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This concept works exceptionally since 92 of
people have shown to trust personal
recommendations more than any other marketing
strategy. Discover your Target Audience To
establish a large consumer base, you need to have
an explicit idea of what your ideal consumer
looks like. Centralizing your target audience and
optimizing your products based on their needs and
desires is the ultimate way of attracting their
attention towards your enterprise.
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Incorporate Trends and Challenges Start a viral
marketing campaign and make your product the
center of attraction! All you need to do is find
the exact problem that your product can solve and
then turn it into a challenge for others to
tackle. You aim to make people realize that your
product is the perfect go-to to solve the
challenge.
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Conclusion
MIT ID Innovation Programme curates knowledge and
experiences that challenge the very paradigm of
evolution. And that's why we have set out to
define the future of industries, communities,
cities and ecosystems. MIT ID Innovation offers
the best Innovation Courses in Pune and Design
Thinking.
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Wed love to hear
from you.

• MIT INSTITUTE OF DESIGNRajbaug,, Loni-Kalbhor,
  Pune-412201

• 91-7038982225 / 91 9834092369

• innovation_at_mitid.edu.in