Market Innovation

Market innovation refers to introducing new ideas or improvements that change how products or services are offered to customers. This can include new marketing strategies, unique pricing models, or innovative distribution methods that enhance customer experiences or tap into unserved markets. Unlike traditional innovations focused solely on product development, market innovation seeks to create value by transforming the way businesses interact with their customers and compete in the marketplace. It aims to drive growth, increase competitiveness, and respond effectively to changing consumer needs and preferences.