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Marketing Innovation in FMCG Industry

PRIMA: Practices and Research in Marketing

Volume 2 Issue 1

Published: 2011
Author(s) Name: Ankita Saxena
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Abstract

What do you understand when somebody mentions to you ? Marketing Innovation?. Sure, the term itself is heavy weight and can mean anything from a simple idea that clicks in the marketplace to a well thought out strategy from a team of intellectual people who spend millions in its formation and implementation. Marketing innovation is said to be the elaboration of a new concept or strategy of marketing, different from the existing marketing methods in the firm, therefore not having been used previously, contemplating alterations in design or in the packing of the product, in the distribution and promotion of products, in the price policy, which make it pos Little you may have realised but there exist certain models in the minds of the marketing gurus on how to go about bringing such an innovation to the fore. These mental models are tools to categorise an event, assess its consequences, and consider appropriate actions (including doing nothing), and to do so rapidly and efficiently. However, observe the pundits, these models may act as blinders for the organisation in the sense that they direct top managersā€˜ attention on certain knowledge, and on certain suggestions regarding how to increase the innovativeness of their company, among other things. In the marketing and strategy literature, this phenomenon and the mental model concept is noticed, but empirical analysis is lacking behind. Nevertheless, to ratify the situation companies from the pharmaceutical and the food & drink industry had been chosen for the research purpose. There is not an iota of doubt with respect to the fact that the two industries have different reasons and degrees of innovation requirements. Yet the models that have been enlisted form a broad framework for strategies for innovation be it in any industry.

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