Innovation in the Field of Marketing

In the present scenario innovation plays a vital role in the industry to sustain in the market. If the companies fail to adopt the new concepts may be they will loss the customers or market share. To survive in the market they have to focus on what is desirable to the users, what is viable in the market place and what is possible with technology. Organizational generally follow external and internal impetus as a sources of innovation. Management guru Peter Drucker 1909 has identified four internal and three external impetuses for innovation. Internal prompts include unexpected occurrences, incongruities, process needs, and industry or market changes. Marketing innovations strategy play a very important role in launching a new product in the market competition of the competitors, various channels of distribution, customer segment in the market, network strategy of the distribution of the product etc. all these dimensions are required because it can affect to the purchase level of the customer and product share volume in the market.