Marketing and Innovation

This is a course from IILM Institute for Higher Education, delivered by Prof.Smitha Girija andis developed under the guidance of Prof. Jagdish Sheth, Charles H. Kellstadt Professor of Marketing, Goizueta Business School, Emory University, Atlanta GA

This course will make participants leverage marketing concepts to influence the outcomes of new products and innovations and will help students understand the basics of innovation, types of innovation, diffusion of innovation and barriers to Innovation. They will also learn about how to evaluate market attractiveness, think about the design and management of distribution channels and understand pricing architectures to market innovation and innovative products. This strategic approach is applied to real world examples to help technical executives learn to identify the right product for the right market opportunity.


Learning Objectives

• Develop a strategic framework for assessing market opportunities
• Anticipate and take advantage of the customer decision process with consumer insight
• Leverage innovation and design thinking to capture value for customers
• Choose marketing channels best suited for their product and market
• Communicate more effectively with the marketing team
• Link between Innovation, marketing and meaning of customer value

COURSE LAYOUT

Week 1: Innovation as key source of Business

• Why is it hard to innovate?
• What Makes Innovators Different?
• Types of Innovation
• Innovator’s Dilemma – the essence of marketing to resolve the dilemma
• The link between innovative ideas, innovation and Marketing

Week 2: How to Succeed in Marketing

• Marketing Remix- Introducing 4A’s
• Think like a customer
• Managing Acceptability
• Managing Affordability
• Managing Accessibility
• Managing Awareness
• Applying 4 A Analysis

Week 3: Understanding ConsumerBehavior

• Do Consumer really have a Hierarchy of Motivations?
• Why we buy, what we buy?
• Consumer Decisions and Relationships
• Climate Consumption and Culture
• Online Consumer Behavior

Week 4: Setting New Product Development Goals

• Introduction to New Product Development
• A framework for successful New Product Development
• The factors of success for new product development
• Product Development Methodologies and Organization
• Opportunity Identification and Selection

Week 5: Design Thinking Process for Product development

• Building Capabilities for Execution
• Applying design thinking to drive innovation
• Improving product development and innovation strategy
• Examining the best practices in prototyping and experimentation

Week 6: Managing Innovation

• Why do most innovations fail?
• How to Develop Affordable innovations?
• Disruptive Innovation Model

Week 7: New Product Adoption

• Diffusion of Innovation Theory
• Assessing the drivers of new product adoption
• Consumer Adoption Patterns
• Determining promotional strategy
• Considering overall product positioning
• Factors of the success of Product innovation

Week 8 - Topic: Linking Innovation strategy to Product Launch

• Bringing Innovations to Market
• The Innovators License
• Network Externalities or Effects
• The trajectory of buzz
• Go-to Market Campaign
• Targeting revenue leaders instead of Influencers