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Summary Overview Product innovation in marketing 2023/2024

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Course
Product innovation in marketing (2118TEWMKT)

Institution
Universiteit Antwerpen (UA)

This document contains all questions and answers for the exam in June 2024 for Product innovation in marketing (by Prof. dr. Annouck Lievens). It is structured by chapter (from 1 to 7) and ends with the answers to the guest speakers. You may DM me for a lower price as well, I respond fast.

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Uploaded on June 17, 2024
Number of pages 77
Written in 2023/2024
Type Summary

marketing
product innovation
services
innovation

Institution
Universiteit Antwerpen (UA)
Education
Toegepaste Economische Wetenschappen: Bedrijfskunde
Course
Product innovation in marketing (2118TEWMKT)

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Overview Product Innovation in Marketing 2024
Prof. dr. Annouck Lievens – Universiteit Antwerpen

Table of contents

Chapter 1: Introducing Product Innovation for Marketing ................................................................ 4
Question 1 ...................................................................................................................................... 4
Question 2 ...................................................................................................................................... 5
Question 3 ...................................................................................................................................... 6

Question 4 ...................................................................................................................................... 7

Question 5 ...................................................................................................................................... 8
Question 6 .....................................................................................................................................10

Question 7 .....................................................................................................................................11

Chapter 2: Understanding Innovation Solutions ............................................................................ 13

Question 8 .....................................................................................................................................13
Question 9 .....................................................................................................................................15

Question 10 ...................................................................................................................................16

Chapter 3: Creating new products and services ............................................................................ 17
Question 11 ...................................................................................................................................17

Question 12 ...................................................................................................................................19

Question 13 ...................................................................................................................................21
Question 14 ...................................................................................................................................22

Question 15 ...................................................................................................................................24
Question 16 ...................................................................................................................................27

Question 17 ...................................................................................................................................29
Question 18 ...................................................................................................................................30
Question 19 ...................................................................................................................................31

Question 20 ...................................................................................................................................33
Question 21 ...................................................................................................................................34
Question 22 ...................................................................................................................................35
Question 23 ...................................................................................................................................36
Question 24 ...................................................................................................................................37
Question 25 ...................................................................................................................................39

Question 26 ...................................................................................................................................40

Written by Rani Boons pag. 1

, Question 27 ...................................................................................................................................41
Question 28 ...................................................................................................................................43

Question 29 ...................................................................................................................................44

Question 30 ...................................................................................................................................45
Question 31 ...................................................................................................................................46

Question 32 ...................................................................................................................................47
Question 33 ...................................................................................................................................48

Chapter 4: Capturing the Beneﬁts of Innovation ............................................................................ 49
Question 34 ...................................................................................................................................49
Question 35 ...................................................................................................................................52

Question 36 ...................................................................................................................................53

Question 37 ...................................................................................................................................54
Question 38 ...................................................................................................................................55

Chapter 5: Learning from Innovation ............................................................................................. 58

Question 39 ...................................................................................................................................58
Question 40 ...................................................................................................................................59
Question 41 ...................................................................................................................................60

Question 42 ...................................................................................................................................61

Question 43 ...................................................................................................................................62
Question 44 ...................................................................................................................................63

Question 45 ...................................................................................................................................64

Chapter 6: Open Innovation and Collaboration.............................................................................. 65
Question 46 ...................................................................................................................................65
Question 47 ...................................................................................................................................66

Question 48 ...................................................................................................................................67
Question 49 ...................................................................................................................................68
Question 50 ...................................................................................................................................69

Question 51 ...................................................................................................................................70

Chapter 7: Customer Acceptance of Innovation ............................................................................ 71
Question 52 ...................................................................................................................................71

Question 53 ...................................................................................................................................72
Question 54 ...................................................................................................................................73
Question 55 ...................................................................................................................................74

Written by Rani Boons pag. 2

,Guest speaker questions: Francqui and Henkel ............................................................................ 75
Question 56 ...................................................................................................................................75

Question 57 ...................................................................................................................................76

Question 58 ...................................................................................................................................77

Written by Rani Boons pag. 3

, Chapter 1: Introducing Product Innovation for Marketing
Question 1
Explain how innovation theory forms a new approach for marketing on the one hand
and elaborate on how marketing theory can fuel innovation success.
Innovation theory as a new approach for marketing: traditionally… employed by businesses/
scholars to describe and understand the extent to which innovations can be successfully
managed and engaged within an organization facing environmental changes.

Includes:

ð Innovation classiﬁcations (radical vs incremental)
ð DiAusion of innovations
ð Life cycle & adoption of innovations

Marketing theory fuels innovation success: Businesses need marketing insights to manage
emerging technologies (like social media, AR, AI, mobile apps…) that can address consumers’
desire to enjoy more engaging experiences in omnichannel environments (shopping,
product/brand & service).

Challenges:

ð Select innovative eAicient solutions/stimuli that ﬁt consumers’ expectations and
organizational purposes.
ð Designing new, more cost-eAective, customized and superior customer experiences,
handling multiple channels.
ð Willingness to accept as a marketing focus should be extended to an innovation
process perspective.
ð …

Examples:

• Well-known uses of AI: Siri, Tesla (self-driving), Netﬂix, Google Nest (uses generative AI
& improves itself continuously), Alexa…
• Biofeedback technologies: Those technologies that are able to automatically recognize
psychophysical, physiological and direct brain activity, such as electrodermal activity,
pupil size, brainwaves, etc.
• Neuromarketing: The intersection of marketing, economics, psychology and
neuroscience through the development of more scientiﬁc measurements to be used by
marketers to take uncertain strategic decisions.

Written by Rani Boons pag. 4

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