Summary Overview Product innovation in marketing 2023/2024
Grado
Product innovation in marketing (2118TEWMKT)
Institución
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.
, 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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