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Market-based Innovation for Sustainable Competitive Advantage

New technology and product-based innovation are an important catalyst for new markets. However, as nascent markets mature, imitation becomes rampant, products become more commoditized, and firms must shore-up their value proposition to avoid strictly cost-based (scorched earth) competition. The term used in Marketing to describe this is "differentiation". The essence of differentiation is turning the dials of the marketing mix (product, people, price, place, promotion) to create an offering that is the most attractive to current or potential customers. In order to differentiate, the mix must be "different" in a very good way - that means in a way that is both important and valuable. Creating this type of game-changing differentiation requires innovation - creating unique offerings with an unmatched and previously unseen value proposition. This process is called market-based innovation. When market-based innovation is based on the core competencies of an organization then it can also lead to sustainable competitive advantage. Of course, sustainable competitive advantage is the key to market domination over the long haul. In this paper we will discuss several examples of successful market-based innovations and explore techniques for putting these principle to work in any organization.