Answered: Describe what is meant by “innovating…

Principles Of Marketing

17th Edition

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Kotler, Philip, Armstrong, Gary (gary M.)

Chapter1: Marketing: Creating Customer Value And Engagement

Section: Chapter Questions

Problem 1.1DQ

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Describe what is meant by “innovating by leveraging information”.

Expert Solution

Step 1: Describe background related to innovation

Innovation can be defined as bringing something which is new. This can be related to product, service or process. There are different kinds of innovation such as product, process, service, technological, business model and so on. Organizations function in an environment which is uncertain and new trends dominate the market. Organizations that do not innovate tend to become obsolete and lose their presence. In rapidly changing and competitive environment, it has become important for organizations to continuously monitor market trends and bring innovation as per the customer trends and demands. Innovation helps in survival as well as growth in the competitive environment.

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