For this week’s assignment, you examine the role of innovation in developing a marketing strategy. You will write a 2- to 3-page paper analyzing a current problem that should be addressed to have a competitive marketing strategy. The problem you identify can be for a marketing strategy for a business or industry with a specific product or service. The product or service can be marketed B2B, directly to consumers, or both. You will conclude your paper by proposing innovations that can resolve or mitigate the problem with the marketing strategy you identified.
Research recent issues of reputable business publications and find an article about a marketing problem with a specific product or service. Make sure the problem is related to marketing strategy and not a product defect (i.e., if a product has defect that proves to be dangerous or harmful to customers, it is a product problem and not a marketing strategy problem). Suggested publications to research include Bloomberg Business Week, the Wall Street Journal, The Economist, or other reputable business publications. If you are not sure if a publication is a good source, please consult your Instructor.
Once you have identified a marketing strategy for this Application, consider the following:
- How would you describe the specific product or service (its history, how valuable the product or service is to the owner)?
- How would you describe the problem (why is it a problem, how long has it been going on, what are consequences if it is not resolved, which stakeholders are affected most by this problem, etc.)?
- What are the challenges that are preventing the problem from being resolved?
- Are there emerging trends that are exacerbating the problem? If so, how?
- Is the problem related to a failure to utilize an innovative strategy correctly? Or is it that a traditional marketing strategy has failed to innovate to survive in the current competitive environment?
- What examples of innovation from your research and experience would you recommend to make the marketing strategy more competitive?
2- to 3-page paperin APA format , using the questions above to inform your response. Your paper should thoroughly describe the problem with the marketing strategy you selected and the challenges involved in resolving the problem. Explain how the marketing strategy is being challenged by competition and why the innovation you propose can make the marketing strategy more competitive.