Disruptive Innovation and Diffusion and Adoption in Relation to Marketing

INNOVATION AND ITS DIFFUSION IN RELATION TO MARKETING
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The Date Table of Contents 1.0.     Innovation and its Diffusion in Relation to Marketing. 3 2.0.     Disruptive Innovation. 3 3.0.     Diffusion and Adoption. 5 4.0.     Evolution of Marketing. 5 5.0.     Role of Marketing in Diffusion of Innovation. 7 6.0.     Marketing Today and in the Future. 8 7.0.     Value of Disruptive Innovation and on Marketing Professional Development 9 8.0.     Conclusion. 9 9.0.     References. 11   1.0.Innovation and its Diffusion in Relation to Marketing Since the first Industrial Revolution, the business has evolved significantly through different phases of evolution as advances in all areas of life changed the way people worked and lived. Throughout this evolution, the marketing function of business has also evolved in what theorists have termed stages (Kotler & Keller, 2016). The two core forces that have underpinned the marketing function include changes in consumer needs (Felix, 2015) and innovation (Purchase & Volery, 2020). Today, the latter is just as relevant as it was during the first industrial revolution: it shaped marketing strategies, produced new tools and approaches to marketing, and transformed the creation and dissemination of marketing messages. More importantly, marketing shaped how innovation diffused while at the same time, innovation shaped how marketing delivered targeted information to a particular group of consumers. The two core concepts that I have learned in the current course are disruptive innovation and diffusion and adoption. This essay will discuss how these two concepts are interrelated and their value to my marketing professional development. Thus, I will demonstrate how they borrow and feed into each other, and in doing so, I will show how they have worked together to transform marketing and how the future of marketing looks from these lenses. 2.0.Disruptive Innovation Innovation refers to implementing ideas into new goods, services, or processes or improvements in delivering goods and services and business models (Pacione, 2015). The innovation aims to improve or disrupt existing applications and beliefs by creating newer and noble solutions to inherent problems organizations or individuals face (Tohidi & Jabbari, 2012). It is based on the purpose that innovation is classified into four types. These are incremental, architectural, radical, and disruptive innovations. Incremental innovation is slow and progressive. It relies on existing markets and technologies through improving them by adding new features or changes to designs (Li & Huang, 2019). For instance, in the smartphone market, innovation mainly revolves around updating software & hardware, adding new features, and tweaking the designs. On the other hand, architectural innovation relies on existing technologies, expertise, and skills in creating new markets. For instance, when giant tech or...