Marketing Innovativeness in Asia

Marketing Innovativeness in Asia

Introduction:

 To remain in the market product innovation is necessary to compete and survive. Therefore, Innovation can be defined as the process through which new products, services and ideas are developed and brought to market with the objective of enhancing and strengthening profitability, innovative products helps in satisfying consumers more efficiently and better than other competing firms. Gaining knowledge and understanding consumers and competition has always been the main core of marketing, and hence marketing helps in identifying and communicating innovative products to customers.

marketing innovativeness is the focal point and plays a vital role in a firm’s successful performance and as a way of achieving competitive advantage in foreign markets. Marketing innovativeness consists of various types of activities, the first being product innovativeness.

This journal concentrates on three basic key characteristics of marketing innovativeness that helps in understanding and gaining knowledge in, the current challenges and opportunities that pertains in Asia: product and brand innovativeness, customer responsiveness to innovation, and firm and market innovativeness.

Review of literature:

• Product/Brand innovativeness:

Innovation in product can be described as process through which a new product delivers meaningful benefits to its customers. Innovative products help to differentiate one from its competitors. Brand innovativeness can be defined as the perceived newness and novelty that strengthen and increase brand loyalty and brand commitment. Brand's innovativeness affects firm performance metrics such as consumer brand loyalty.

Brand innovation is Asia is mainly characterised by two major Issues. First though many studies were conducted on branding in Asia, little is known about innovation of brand in Asia.

Recent studies helped bring insight into Asia’s brand innovation. Second, the major issue with recent study is that it was conducted on only three major Asian countries South Korea, Japan and China.

• Customer innovativeness:

Customer responsiveness to innovation helps to understand the customer’s tendency towards risk taking and trying innovative products. Customer innovativeness can segregate customers into innovators and non-innovators.

Previous studies helped find out that highly innovative consumer have a higher tendency to accept new products and take on more risks than other consumers. But recent evidences prove that this varies significantly dude to cultural and value differences.

• Firm and market innovativeness:

The major objective of innovative marketing is to try to occupy a comfortable position in the market place by trying to create value products to satisfy customer needs and demands. Innovation is a consistent key to success and survival in the market. Very little literature is available or is fragmented on Asian market innovativeness.

As more Asian firms are entering foreign markets, it is important to understand how certain Asian cultural contexts affects innovativeness in a firm. Investigative studies on companies like Alibaba, Mahindra were conducted find correlation between the firm’s performance with its innovations.

Methodology:

There journal takes merit in taking an existing established theory and testing to a new context, there is also more scope for further testing this theory. however, with theories largely based on Western studies and communicated via Western journals, when the point of the research is to explore their applicability in the context of Asian nations.

Pluralism can be applied at three levels:

• Theoretical
• methodological
•  methodical

Analysis:

The research gives some idea how Asian countries are innovative in the market. This is study is based on three key elements (I) product/brand innovativeness (ii) Customer innovativeness and (iii) Firm and market innovation.