MKG + INV
One of the many themes Peter Drucker wrote about was the need for organizations to combine
both marketing and innovation in order to create value: "Because its purpose is to create a customer, the business
has two - and only two - functions: marketing and innovation. Marketing and innovation create value, all the rest are costs."
Why is it that both
marketing and innovation are required to create value? The reasons are simple. Not only should an organization be capable
of developing ground breaking innovations but those within an organization must also be adept at: (1) identifying market
opportunities; (2) successfully launching new products by demonstrating to consumers how new products meet unmet consumer
needs or better satisfy existing needs; (3) building consumer demand for the new products; and (4) developing and nurturing
brands once the new products are in the market.
