Marketers in many industries know that innovation through new product development is vital to remain competitive. But product decisions are not the only marketing areas affected by new developments. As we’ve discussed throughout the Principles of Marketing Tutorials, innovation can affect almost all marketing elements. Below is a sampling of how innovation has affected different marketing areas:
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Many of the benefits shown in the table above are driven by the evolution of the internet and mobile devices. These technologies are transforming how all functional areas within an organization perform work. However, it can be argued that no functional area has been more affected than marketing. Over the next decade, it is expected that innovation in information technology will continue to impact marketing and marketers are well served to embrace it.