Innovation is a crucial component to help firms to achieve their common goal: to maximise profit. Innovation acts a key differentiator between market leaders and their rivals. I have come across an article which states that firms should have innovations that match with their brands. If a brand fails to have innovations that fit the brand, the firm will face high costs and failure to expand and grow.

I agree with the article where it mentions that trustworthy brands play a significant role in innovation, as it reduces consumers’ risks in trying new products, positions the innovation, and provides credibility. If a brand is unreliable with its current products, new ideas and products will be meaningless as the consumers won’t buy it.

Therefore, there is a clear link between marketing and innovation, which is not about R&D only, firms should focus on building up brand reputation or use other strong branded streams (e.g. media sources such as the New York Times) in order to get high attention from consumers and other stakeholders. This significantly helps the firms to become more competitive and hence increase sales on their innovated ideas or products.

Work Cited:

http://blogs.hbr.org/2013/11/make-sure-new-features-match-your-brand/