Strategic Innovation Essay Example | Topics and Well Written Essays - 1000 words

Strategic Innovation - Essay Example Pull marketing has some similarities with push marketing, but the major difference is that marketing is directed at decision makers or influencers who in turn would pull potential customers. Pull marketing consists of many strategies that aim at creating an interest and an awareness of the innovation as well as create a need for it. It involves thorough research of people’s interests and creating a relation with the innovation (Kelley, 2012). According to Kelley (2012), companies should invest in both push and pull innovation if they want to establish balanced and consistent profitability. However, most companies invest more in push innovation since it is easier and offers immediate effects. Companies should know that pull innovation helps grow the potential customer range expand in the long-run and, therefore, should seek to establish a balance in both methods. For instance, as stated by Kelley (2012), states that push marketing Innovation is ideal when there is a ready market for the product and the company just needs to highlight the benefits of the innovation. Push marketing occurs when an innovation is just an improvement of past innovations and there is already an awareness of the product. Also, push marketing is ideal when a company seeks to solidify the customer loyalty. Pull innovation is ideal when the innovator seeks to attract customers who are unaware or simply disinterested in the product. Also, pull innovation used to expand customer bases in the long run. Pull marketing of innovation is best when an innovation is most disruptive of the normal trends and solutions offered to problems. When an innovation is completely new in the market, the solution it offers is not obvious; therefore, awareness is needed first before introducing push innovation (Blan, 2009). Business innovation arises from many sources such as employees, business competitors, and reaction to an arising need, customers and even