Innovations in Marketing

Today Innovation is one of the most important issues in businesses. This research paper is about implementation of new techniques and tools in marketing i.e.  marketing innovations. Marketing innovations mean to apply new marketing strategies and concepts that differ importantly from older ones. These strategies are not used before. It shows a significant change either in design, packaging, positioning, promotion and price of a product. The objective of this paper is to find out what are new changes in marketing and what are the benefits of these new techniques, concepts, methods and tools. In this paper secondary data that is conveniently available is used for research purpose. Hypothesis is assumed that changes in marketing strategies will definitely prove profitable for manufacturers, sellers and suppliers. This study aims to investigate the development of ‘marketing innovation’ defined as the implementation of new marketing practices involving significant changes in the design, distribution, promotion or pricing of a product or service. We conduct a systematic review to provide conceptual, methodological and thematic guidance for scholars interested in studying marketing innovation. Our findings suggest while marketing innovation is often merged with the dominant technological focus underpinning product or service innovation, there is a growing trend to consider the innovation potential offered by the development of new distribution channels, branding strategies, communication types or pricing mechanisms. Digitization, a key driver for marketing innovation, enables new communication methods, branding strategies, offering designs, and transaction settings. There is a growing trend to focus on cocreation, service-dominant logic and user community perspectives.