In every industry, it is innovation and creativity that is the key to productivity, revenue generation and institutional longevity. Nobody is aware that Vick’s Vap-O-Rub was created during the Flu Pandemic of 1918 and was supposed to be a cure for the Flu and we all know that the Flu is viral and to date there is still no cure for viruses and yet Vick’s Vap-O-Rub is still on sale worldwide. There are various ways of creating innovation, the following are the 3 main types:
Product – iPod, iPhone and the iPad revolutionized the mobile phone and gadget industry
Process – Online retail and wholsale
Marketing Mix – The iPhone and iPod and IPad had iTunes and other services
As for the Marketing Mix here are some examples:
A) Project Pie – A mix between marketing and product by making your own pizza.
B) Price innovation – Recession Coffee in Eastwood allow buyers to pay what they want for different types of coffee.
C) The use of Social Media in brand or product awareness.
D) Service Innovation – Hooters. Enough said
E) Physical Environment – One of the oldest in the country. Barrio Fiesta wherein the mood inside and the ambience is akin to a never ending town fiesta.
Sourced and derived from readings in http://josiahgo.com/marketing-innovation-by-josiah-go/
(Attend Josiah Go’s Marketing Innovation executive workout on April 14-15, 2016. Email info@mansmith.net for details)
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