Innovation and its importance in the context of a company’s marketing strategy

University of Zilina, Faculty of Operation and Economics of Transport and Communications, Department of Economics, Zilina, Slovak Republic

^* Corresponding author: veronika.paurova@fpedas.uniza.sk

Abstract

The current business environment is characterized by high competition between companies as well as global challenges and growing technological progress. Businesses must constantly adapt to changes in the business environment, changes in the market environment and the constantly changing requirements of customers. There are currently several tools and ways to respond to these changes. One of the most important areas can be considered corporate strategy, because it determines the basic direction of the company. An important area is also marketing, which affects the overall business activity. Determining the right marketing strategy has an important impact on the overall direction of the company. Another important element of the current time in the field of business is innovation, which can be considered a basic prerequisite for the success of the company. The issue of innovation management is currently one of the basic conditions for maintaining a market position and maintaining competitiveness. The aim of the article is to point out the theoretical basis of the corporate strategy, marketing strategy and the importance of innovation in business. Subsequently, based on secondary findings, we analyze available selected data related to innovation in Slovakia.