There is a general agreement among entrepreneurs, academics, business and support professionals that innovation is a key factor in business or market success.
The business “guru” Peter Drucker stated as long ago as 1957 that the two processes which, together, influence competitiveness are marketing and innovation.
Innovative companies prosper through generating distinctive knowledge about how to deliver value to customers whether it is through product or service innovation or through knowledge development to gain expertise in areas such as marketing. The two go hand-in-hand.
All companies and organisations need to be innovative if they are to continue to meet the demands of their customers and the changing marketplace. Innovative companies also have the ability to break into new markets and improve their profitability.
New products, new processes and new ways of working are the results of successful innovation. They require a steady flow of good ideas, knowledge and resources.
Strathclyde University has produced new research about the role of marketing in Scottish business, especially within the SME community.