TOPIC 6:

PROMOTION AND MARKETING

OF INNOVATION
Innovation
• This is the process of coming up with
new ideas that will be able to bring
positive impact to the business such as
new products or services
Marketing
• In a nutshell, this is the process where
the producers communicate to the
consumers about their products and
services. Marketing is essential for
informing the customers and
prospective customers about the
product, its features and why they
should buy it
• A combination of both terms yields innovation marketing which
is simply the implementation of a new marketing method which
has not been used earlier and normally involves a big change
in the product design, pricing, promotion and even packaging.

• Other ways of innovation marketing may be such as launching

the product in unconventional places, pricing the product
uniquely or promoting the product in a unique way.
Why Innovation Marketing is used?

To open up new markets and ultimately lead to an increase in the

business’ sales. Innovation marketing also aims at newly positioning the
business’ products as well as addressing the customers’ needs. As the
dynamics of business keep changing on a daily basis, so are the
marketing strategies.

Aimed at better addressing customer needs, opening up new markets, or

newly positioning a firm’s product on the market, with the objective of
increasing the firm’s sales.
ENTREPRENEURSHIP IN INNOVATION
• The process of developing new business
ventures, or growing existing ones. Central to
this activity are entrepreneurs: innovative and
risk-taking individuals who seek to bring about
Entrepreneurship change and new opportunities, both for
themselves and for the business communities
in which they operate.
• Such persons play a vital important role in
commerce, trade, and economic growth in
many nations, through the practice of
innovation.
 EXHIBITION AND INNOVATION COLLOQIUM
The Colloquium on Innovation
Policy focuses each year on
different aspects of the law’s
role in promoting creativity,
invention, and new
technology.
Study alternative forms of
intellectual property,
including trade secret law,
the right of publicity, design
protection, data protection,
geographical indications,
protection of traditional
knowledge, and other
alternatives or supplements
to patent, copyright, and
trademark laws, such as
government grants
The Colloquium has two
components. In one, leading
thinkers are invited to
present recent work. In the
other, we read background
materials relevant to each
speaker's presentation. The
Colloquium also provides
each student with the
opportunity to write and
present an independent
research paper.