The role of marketing in business performance

Abstract

In an ever-changing economic environment, companies face unprecedented challenges in maintaining their competitiveness and ensuring their growth. Two key elements can play a decisive role in their success: marketing and innovation, two crucial variables that determine the sustainability, success, development, and growth of a company. Marketing plays an important role in understanding consumer needs and responding to their expectations and desires, as well as communicating effectively (Kotler & Keller, 2016). Innovation promotes value creation by introducing new ideas for differentiated products, processes, or services (Schumpeter, 1942; OECD, 2005). This article is in line with studies reviewing theoretical work on innovation and marketing and their impact on business performance. It is based on a literature review of several articles published between 1942 and 2020 in leading international journals in economics and management. The literature review made it possible to define innovation and marketing, classify their types, list their measurement indicators, identify the internal factors that stimulate them, and determine their impact on business performance (March, 1991; Gupta et al., 2006). In this paper, we explore the importance of these two aspects and how they can influence overall performance by highlighting their synergistic role in business success. Our objective here is to contribute to this paper. As we have not conducted a survey, our discussion will be purely theoretical.