Contemporary Marketing Strategy: Innovation

1000075565015000160337579500left150001603375Contemporary Marketing StrategyInnovation890000Contemporary Marketing StrategyInnovation
Proposed Marketing mix:
Product
* The number of events per year needs to be increased, for example inviting more sports events like UK’s strongest man to be made in Coventry next year
* Introduce new visit Coventry gift shop and sell merchandise and gifts in Coventry city centre, and a pop up gift shop at the train station
012065Price
* For merchandise and gifts we will use cost-plus pricing method and earn only 10% profit, to sell at cheap prices and increase sales
* Destination Coventry membership will stay the same
* Submitting events on the website for free will stay the same
012065Promotion
* In social media the focus will be on Facebook and Instagram
* TikTok page will be made as it is easier to grow on TikTok than other platforms.
* Invite 2 influencers from the UK to Coventry and become ambassadors for visit Coventry brand
* Apply more offers to merchandise and events
* Use street adverts and billboards in nearby cities, with QR code that directs them to Visit Coventry website, so that they can now about Coventry and what it has to offer.
31755715Place
* Online
* Visitor information centres in Coventry
* Merchandise and gift shop in Coventry
0161787
People
* Visit Coventry oversight Board includes representatives from the Council, the private sector, the Business Improvement District, the Chamber, the City of Culture Trust and Visit England.
* Employ younger people in the marketing team, because they know about the latest trends and are up to date with new digital adverts methods
012700Process
* Offers and promotions are presented on the website and social media platforms
* Memberships are available on Destination Coventry website
* Events can be submitted through Visit Coventry website by businesses
0379841Will stay the same
Physical evidence
* Physical Visitor information centres
* Merchandise and gift shops
* 59635257231Street billboards
Introduction
This is a report about innovation marketing strategy, with a full literature review of the concepts and how it can be applied. Innovation marketing strategy is a plan used by a business that includes investing in advancement activities and innovative processes, aiming for communicating and marketing new products and services to a targeted group of consumers and identifying their needs. For more explanation, innovation in marketing is the action of coming up with new ideas to improve services and products, while marketing means communicating those products and services to the customers. The innovation strategy concept is used by companies to tackle the problem of competitive advantage, by increasing the value of current product and service, or coming up with new ideas. The Concept of innovative marketing includes an analysis of the consumer needs, trends and behaviours, the creation of prototypes and development of product design, the launch of the new products in new areas, Pricing and promoting the product.
Stages of Innovation
The innovation process can be divided into different stages, depending on the purpose of the inn...