torstai 20. huhtikuuta 2017

Innovation Marketing - IWBAS

We visited a lecture of innovation marketing on Wednesday March 29. The lecturer Ms. Rima Belghali was from University Hassiba Ben Bouali, Algeria. 

Innovation and creation

Innovation equals creation + application. Ms. Belghali pointed out that innovation is the outcome of both creation and application. Creation is merely an idea and only becomes innovation when it is put to work and applicated into something substantial. 

Types of innovation 

There are two types of innovation: Innovation radical, which means that reaching competitive advantage from competitors is achieved by new innovative products and production methods. There are high risks and costs at innovation radical. Innovation incremental leans on efforts of work and development of existing products. 

Innovation value 

Differences between blue ocean and red ocean strategy: In red ocean strategy, the focus is on current customers and competing in existing markets. In blue ocean strategy, the focus is to create new markets and make the competition non-existing. 

Marketing innovation

a. Marketing innovation means that traditional marketing methods are combined with innovative methods. For example, the 4Ps modified into more innovative way. 

The conclusion is that the role of marketing innovation is in realizing the objectives of the company. 

It was very interesting to hear about marketing from a different point of view. The lecturer was highly intelligent and educated on the matter of business studies. 

After the lecture we asked a few questions about Algeria, and learned that students there do get small allowance. Transportation and some apartments are free for students. Easiest way to get a job is with relations, same goes for Finland and Algeria. Also business relations between Finland and Algeria are working quite fine for Finland is exporting goods to Algeria for nearly 150 million euros per year.

Written by: DUCTA