Sunday, May 27, 2018

Product and Marketing Innovation Work Together

Companies can often sell products based on how they look, feel, and appeal to customers. Research helps us understand the marketing and product innovation are intertwined and can impact each other, (Junge, Severgnini, & Sorensen, 2016). One can influence the other and this make sense to have creative people working on both.

Products have utility and appeal to customers. If marketing can find new ways of promoting a product and using that product in new ways it will inevitably have an impact on the course of product development.

As new uses are found through research and customer feedback it is possible to create a direction that allows for more development. This is one reasons why companies often borrow and copy from each other to maintain sales.

The same mindset comes together in product development and meeting market needs in new ways. Tying these processes together allows the market to take lead to maximize alignment and potential profits.

Junge, M. Severgnini, B. & Anders. S. (2016). Product‐Marketing Innovation, Skills, and Firm Productivity Growth.  Review of Income and Wealth, 62 (4).

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