Innovation Quotes: Learning from the Market

Marketing focuses on the needs of the customer, and therefore should begin with an analysis of customer requirements, and attempt to create value by providing products and services that satisfy those requirements.

The marketing mix is the set of variables that are to a large extent controllable by the company, normally referred to as the ‘four Ps’: product, price, place and promotion. All four factors allow some scope for innovation: production innovation results in new or improved products and services, and may change the basis of competition; production innovation allows some scope for premium pricing, and process innovation may result in price leadership; innovations in logistics may affect how a product or service is made available to customers, including distribution channels and nature of sales points; innovation in media provide new opportunities for innovation.

(Joe Tidd and John Bessant, Managing Innovation)

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