The power of marketing

Innovation. Innovation is a trending concept that many businesses try to avail to give their firm a first mover advantage that potentially increases their profit margins. The Top 5 Innovative companies are Apple, Samsung, Google, Microsoft, and Toyota. 4 out of 5 are in the technology industry and I thought about how innovation and marketing go hand and hand. Apple has been a successful innovator, but the unique distinction of the “i” has successfully differentiated apple from its competitors. The marketing team cleverly consistently used “i” in their product’s name, for example, iPod, iPhone, and iPad. Thus, positioning the product effectively in the consumer’s mind. Similarly, Samsung transformed the phone industry with its numerous selections such as the Note and the Galaxy S series. However, the marketing team creatively presented the phone as customizable and a “Life Companion.” This illustrates that innovation cannot be capitalized effectively without a creative marketing team. A great example is Lenovo. Lenovo is known for manufacturing powerful laptops, but is only 22nd in the top 50 most innovative companies. As a consumer, I still would purchase a Mac over a Lenovo (I’m using a mac). Ultimately, marketing is a powerful tool that triggers innovation to be the difference between firms.

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