SIGNIFICANCE OF INNOVATIONS IN MARKETING FOR THE SUCCESS OF A COMPANY
ABSTRACT 

SIGNIFICANCE OF INNOVATIONS IN MARKETING FOR THE SUCCESS OF A COMPANY

Innovation is the leading force which directs all the businesses, companies to achieve success and growth. Innovation is not a short term process. It takes years to innovate. It adds value to the product, service, technology, market, price and application of the company. In the competitive scenario, the companies have options either innovate or die. The innovative companies are few, especially in India, in comparison to the global prospective. Innovation has different interpretations. For intelligent innovations, the companies should identify disruption, develop new products, markets and business models but for imaginative innovations, the companies must focus on creativity, application and market models .Innovation is about the commercial implementation of the best ideas, be they new products, services or new ways of thinking and doing things. Innovation should not be confused with invention. Invention is the first idea clicked in mind; innovation helps it to carry it out into practice. It refers to the radical changes in thinking, in processes or in services. Some might see it as a creative opening up of bright thoughts, others as a business strategy. Innovation is an opening up and closing down the process. Indian firms are facing both a domestic and a global competitive environment. To remain competitive in the world, every firm must focus on innovations and make it a part of their strategy and planning. The present paper focuses on how companies innovate? Why it is important? What is the state of innovation in Indian Companies? How it can be made possible in maximum companies?