Marketing in the Boardroom by Ruth Saunders

Author:Ruth Saunders
Language: eng
Format: epub
Publisher: Routledge

Let’s look at each of these in turn.

1. Defining the company’s innovation objectives

To develop breakthrough ideas, companies should start by clearly defining their strategic objectives – namely, what they want their company to achieve over the next five to ten years, which markets they wish to play in to achieve their goals, and where they are willing to invest for success. This helps to ensure that any innovation-focused work fits with the company’s mid- to long-term vision.

Once these are in place, marketers should work with the innovation and finance teams to define the company’s innovation objectives, for instance:

What their innovation goals are over the next one-, three-, five- and ten-year periods.

How this needs to be delivered over the ten-year period to achieve the desired company returns. For example, does the growth need to be front-weighted to the early years? Or can it be balanced across the whole period? Or can it be back-weighted to later years to enable more breakthrough innovations to be developed?

How much risk they’re willing to bear to achieve a higher size of prize taking into account the other company projects that are being undertaken.

Which categories and brands they wish to focus their innovation resources on.

Which purchase drivers they want to be superior in, to better meet customers’ needs.

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