Innovative Marketing in Low-Tech Micro Companies - Lessons Learned from Study Projects

Abstract

In current markets, there is a strong need for innovation (products, marketing, etc.) to set yourself apart from competitors. However, innovation is usually labour and capital intensive, and requires qualified employees with freedom for creative endeavours. Large or medium sized companies in most cases do have resources for that. High-tech micro companies (such as start-ups) appear in the market by creating innovation and therefore lack the pressure of existing companies. Low tech-micro companies on the other hand, work in established industries, have many competitors, and do not have time to do little else besides routine core activities of running their business. Therefore, these companies have a need for innovation but this need is practically impossible to fulfil, because of lack of capital, access to the required innovative technologies, the necessary experts (qualification) and general lack of time. The study project presented was aiming to develop virtual reality marketing game prototypes for low-tech micro companies. Participants of the project were marketing students from Lithuania, business administration students from Austria and computer science students from Germany. Oculus Rift game prototypes were successfully developed because of this project to two Lithuanian micro companies, one veterinarian practice and a tree nursery. Both micro companies now are having the opportunity to use these marketing innovations in cooperation with the universities. Project results were supported by feedback from the companies. Experts of the field as well as participating companies rated the transfer of innovation as good practice and a transferable model for innovation within low-tech micro companies.