Shift from Product Innovation Strategy to Marketing Innovation Strategy to Add Value to the Firm

This article explores the role of innovation strategies for enhancing the competitiveness of SMEs in global markets. Based on a literature review of innovation strategies, these strategies were separated into four groups: product innovation, process innovation, organizational innovation, and marketi...

Full description

Saved in:
Bibliographic Details
Published in:Management dynamics in the knowledge economy 2022-06, Vol.10 (2), p.167-178
Main Authors: BOUHELAL, Fatima, Adouka, Lakhadar
Format: Article
Language:English
Subjects:
adding value
Algerian SMEs
Business Economy / Management
Cost reduction
Economy
Financial Markets
Health and medicine and law
Innovations
Knowledge economy
Literature reviews
Marketing
marketing innovation strategy
National Economy
Product design
Product development
product innovation strategy
Product placement
Small & medium sized enterprises-SME
Small and medium sized companies
SPSS analysis
Strategic management
Technological change
Technology
Word of mouth advertising
Citations: Items that this one cites
Items that cite this one
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!
Description
Summary:This article explores the role of innovation strategies for enhancing the competitiveness of SMEs in global markets. Based on a literature review of innovation strategies, these strategies were separated into four groups: product innovation, process innovation, organizational innovation, and marketing innovation. The study focused only on the product innovation strategy and marketing innovation strategy. The empirical analysis found that Algerian enterprises adopt both a product innovation strategy and a marketing innovation strategy. There are differences regarding the relationship between the product innovation strategy and adding value to the firm compared to the relationship between the marketing innovation strategy and adding value to the firm in Algerian enterprises. Here, there are three positive relationships between product innovation strategy and adding value to the firm whereas in contrast, there are two positive relationships between marketing innovation strategy and adding value to the firm. Thus, the enterprises under study must shift from a product innovation strategy to a marketing innovation strategy, which means focusing their attention more on the latter to market their products more and faster, which allows them to add more value to the company.
ISSN:2392-8042
2286-2668
2392-8042
DOI:10.2478/mdke-2022-0012