3.2 Determine how innovative approaches can lead to enhanced product/service development

3.2 Determine how innovative approaches can lead to enhanced product/service development

CIM Level 6 Award in Innovation in Marketing (VRQ)

Innovation in Marketing is a 17-credit mandatory module which sits within the suite of Level 6 modules.

Unit2: InnovativeMarketing

Learning Outcomes

The learner will:

Assessment Criteria

The learner can:

Indicative Content

3. Apply principles of innovation throughout the marketing function

3.1 Assess how the marketing function can develop innovative approaches to current market challenges

  • Cross-functional and self-managing teams
  • Learning, training and development
  • Information sharing
  • Support of innovative business models
  • Adaptive/flexible approaches
  • Use of appropriate market research techniques and sources of information
  • Use of innovation networks

 

3.2 Determine how innovative approaches can lead to enhanced product/service development

  • Generating ideas
  • Screening
  • Business analysis
  • Development of a small-scale trial (usually technology supported)
  • Testing techniques
  • Commercial launch
  • Effective exit routes for unsuccessful ventures

 

3.3 Determine how stakeholder relationships can be better leveraged through innovative approaches

  • Customer relationships – eg, conducting user trials, involving leading practitioners and other forms of co-creation
  • Engagement of suppliers and wider networks
    • Managing different types of innovation networks including ideagoras, crowdsourcing, online forums and other open platforms

Learning Outcomes

The learner will:

Assessment Criteria

The learner can:

Indicative Content

4. Develop a business case for a marketing related innovation

4.1 Evaluate the options for innovation

  • Product/service/process/programme
  • Business model
  • Out-sourced vs internally implemented
  • Adaptable/flexible/agile
  • Benchmarking
  • Collaborative/partnerships
  • Assessing acceptability, feasibility or suitability

 

4.2 Analyse the risks and benefits of an innovation proposal

  • Risks and benefits of the proposal
  • Strategic/operational/tactical
  • Financial
  • Reputational
  • Competition

 

4.3 Develop a business case for change

  • Factors driving change
  • Scope of change required
  • Recognition of need for change and commitment from stakeholder groups
  • Structure the business case
    • Project proposal
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