Analysis Of Alexander Mann Solution's Innovative Strategy
1089 Words5 Pages
Innovation can be defined as the introduction of a new product, process or market by an organization. According to Pearce & Robinson (2011), organizations are innovative when they succeed in turning ideas into revenues. However, Petkovska (2015), states that it takes more than ideas to be innovative, firms have to invest in their time, resources as well as technology in order to bring the ideas into fruition. Firms must decide which type of innovation to focus on as there are several types. The chosen innovation will determine if the firm would like to breakthrough the market with a new product, service or redesign existing product or services. This paper is going to analyze Alexander Mann Solution’s innovative strategy in relation to the competition.
Types of innovation
Incremental and breakthrough innovation are two of the most commonly used innovation in the RPO industry. Incremental innovation makes changes to the firm’s already existing product or service; breakthrough or disruptive innovation often disrupts the existing market with a new product or service.
Breakthrough or disruptive innovation. According to Christensen, McDonald & Raynor (2015), a disruptive innovation enters and disrupts an industry or a market. The new product or service introduced is usually rejected by consumers, despite the low cost of the products or services. These products or services do not follow the mainstream, rather create ambiguity in the market. Below is a graph of a