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date: 16 February 2019

Abstract and Keywords

This chapter examines how marketing influences innovation both as a location for as well as a source of innovation within firms. Regarding marketing as a location for innovation, this article examines how firms innovate in terms of: (a) who to market to, specifically, how firms identify new customer segments, choose new target segments, and identify new market spaces; (b) what to market to target consumers, i.e., create new value propositions and innovate around product, price, promotion, and distribution; and (c) how to market to target consumers, i.e., create new ways to deliver the value proposition by reducing fixed costs, achieving economies of scale and exploiting experience curve effects. Regarding marketing as a source of innovation, the chapter examines: (a) how a firm’s market orientation impacts how it innovates, and (b) how, through the inter-functional coordination needed to identify, develop, and deliver new offerings, marketing informs innovation in other parts of the firm such as R&D, HR, and finance.

Keywords: segmentation, targeting, positioning, marketing mix, product, price, promotion, distribution, market orientation

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