INNOVATION IN THE FUNCTION OF BRAND STRENGTHENING

Abstract

In an ever-changing world, the importance of innovation and the imperative to improve innovation at all levels of the organization of the economy and society are becoming more and more evident every day. This is also the reason why innovation is increasingly being discussed as a way of adapting society and the economy to extremely rapid scientific, technological and industrial changes. Innovation involves the application of a new idea of how to advance some existing knowledge and how to place it on the market. Its content and understanding depends to a great extent on the context in which it is used. Economists are primarily interested in the contribution of innovation to improving the performance of businesses and countries. Researchers in other social sciences are generally interested in answering questions about how individuals decide whether or not to accept a particular innovation. Managers focus on the innovation potentials of organizations to commercialize knowledge into innovations that are important for the production and placement of products on the market, or the ability to accept and adapt innovations created elsewhere. Innovation is a process within an enterprise that contributes to the advancement of what it creates and offers to the market. It means that innovation is a generic activity on which the survival and growth of a business is based. By enhancing innovation, among other things, the company can empower the brand and improve product quality as key drivers of competitiveness in the knowledge economy.
Today, it is considered, more than ever, that understanding, needs and desires are the key to success, so the final choice of consumers about the purchase and the price that they are willing to pay will be largely influenced by the way a brand revives and establishes a deeper and more lasting connection with people. That is the essence of branding. The impact of brand on the success of the business is reflected in the achievement of long-term competitive advantage, as well as leadership in the market. The essence of product branding is directed towards specific and predefined activities. The innovation of modern companies is increasingly reflected in brand empowerment and branding activities. Innovation and brands are interdependent phenomena. This is confirmed by the fact that many companies that own the biggest brands are at the same time world leaders in innovation. The brand can be used as a basis for launching innovation, but conversely, innovation can be seen as an important means of strengthening the brand. Innovation managers must be focused on continuous brand empowerment