Academic journal article Business: Theory and Practice

Use of Innovation in Marketing Management of Slovak Business Enterprises

Academic journal article Business: Theory and Practice

Use of Innovation in Marketing Management of Slovak Business Enterprises

Article excerpt


Marketing managers today have a difficult challenge--how to improve their products to market characterized by hyper competition and ever more detailed segmentation. Today customers are becoming immune to all the tools of sales promotion and perceive homogenous products. In this competitive environment, business enterprise should to combine several concepts of products into one offer, which is wanted and desired market. This can be achieved by applying innovations in marketing, allowing to the Business be succeed in a competitive competition with other business enterprises.

An important prerequisite for successful innovation is to establish a suitable environment. Marketing managers must properly understand the need to innovate and get it into a successful marketing management. Important role in this process is management. Innovation plays an important role, especially in today's period marked by the action of the global economic crisis. Just those business enterprises that invest in the innovation will be best prepared when crisis period finish. Also they will receive favourable starting position in the struggle for redistribution of markets (Lendel 2010).

1. Objective and methodology

The main aim of the paper is to acquire new knowledge in the field of innovation management focusing on the area of marketing and highlight the possibility of creating a model of the key elements affecting the use of innovation in marketing management. Proposal of the key elements of the use of innovation in marketing management can significantly help to identify weaknesses of a business in this area and identify space for further improvement. The paper contains recommendations for the successful exploitation of innovation in marketing management as well as the proposed system. These recommendations should serve mainly to marketing managers like a valuable tool in the use of innovation in marketing management. The paper also identified areas of potential problems to those the managers have to focus on achieving a seamless work with innovations and knowledge of the business enterprise. Solution of the examined issues in the paper requires the use of several methods depending on the character of each part of the solution.

For the acquisition and collection of information were used method of analysis of documents (when analyzing current and historical data relevant to the issue), questionnaire method and the method of semi-structured interviews (data collection in empirical research), method of observation (visiting businesses).

For the information processing was used mainly method of quantitative assessment (formation of statistical averages, percentages, application of statistical tests and other statistical methods) and the comparative method (when comparing data obtained from the relevant empirical research and the collation of data from the analysis of secondary sources).

For solve of the problem were used methods of induction, deduction, synthesis (in developing of model of the key elements affecting the use of innovation in marketing management and formulation of key elements), abstraction and modelling.

2. The current state of dealing with the issue

The word innovation comes from Latin and means "renewal". Despite the fact that content is constantly updated and reviewed, terminological and methodological apparatus is developed, in understanding the nature of the term "innovation" in academic and professional circles is a consensus. The base of innovation in most scientific disciplines it means planned and controlled change of a new, better condition (Ondakova 2010).

At present, in domestic and foreign literature may be encountered with the use of multiple definitions of innovation, which dominated the following characteristics: application of new ideas, new idea, a change for the better and invention (Koval'ova 2009: 183). From the wide spectrum of opinion marketing theorists and practitioners can be chosen the most accurate definition of innovation. …

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