What is the term for the implementation of new marketing methods that include significant changes in product design and other aspects?

Marketing innovation refers to the process of introducing new marketing methods that entail significant changes in product design, promotion strategies, distribution, or pricing. This concept encompasses not just the creation of new products, but also improvements or modifications in existing products to better meet consumer needs and stand out in the market. By focusing on innovative approaches within marketing, organizations aim to enhance their value proposition, boost customer satisfaction, and ultimately increase their market share.

The other terms mentioned have distinct definitions and do not capture the essence of introducing new marketing methods with significant changes. Market segmentation is the process of dividing a broader market into smaller, more manageable segments based on shared characteristics. Competitive advantage refers to the unique attributes that allow a company to outperform its competitors but does not specifically involve the implementation of new marketing techniques. Consumer behavior studies how individuals make decisions to spend their available resources, which is not inherently about the implementation of marketing strategies or changes in product design. Thus, marketing innovation accurately describes the concept in question.