MARKETING AND INNOVATION – A RELATIONSHIP APPROACH

Abstract

This paper deals with innovation from a relationship marketing perspective, the company's ability to maintain interactions with its stakeholders, to take advantage from the information achieved, and this way to create new products and generate loyalty through customer satisfaction. The analysis of innovation from a relationship establishment standpoint can only be viewed interdisciplinary at its core, with research and development, design, management, and marketing being symbiotically combined, with focus on stakeholders’ involvement. The paper reviwes the most significat literature in the area. There is a two-way connection between relationship marketing and innovation. On one hand, the newly launched product, conceived together with the stakeholders, is likely to generate satisfaction and, hence, customer loyalty and retention, with all known positive consequences. On the other hand, the repeated satisfaction felt by the stakeholder encourages him to expect even more from the innovative organization in what concerns the successfully launched new products. This way, the effective stakeholder involvement in the value creation process provides a strong basis for further innovation.