Analysis Of Alexander Mann Solution's Innovative Strategy

The second objective is to find disruptive innovations that threaten the product roadmap and which, ideally, can be incorporated into corporate strategy to yield a competitive advantage [3].

Breakthrough innovation - is an "out-of-the-blue" solution that cannot be compared to any existing solutions:

Innovation is either a new idea a more effective device or a more efficinet process. Innovation is viewed as an application of better solutions that can meet new needs, requirement, or currently existing market needs. This can be accomplished through more streamlined procedures and processes.

Initiated in 1995 by Bower Christensen, The disruptive innovation was improved by Christensen in 1997 from his book “Innovators dilemma” wherein questioning why vast corporations follow innovation through conventional marketing by not focusing on the needs and wants of consumers but the want of the company to sell such specific goods in the market. (Corsi and Di Minin 2014)

Autonomous cars would be labeled as a disruptive innovation since its implementation could lead to a lower demand for normal cars. This never-before-seen technology may very well be the new hit thing thus also making it a radical innovation. A similar effect can be seen through the creation of smartphones.

Innovation is the practical application of cutting edge ideas and/or research to bring creativity in an organisation. Different people perceive innovation differently. Introduction of something ‘new’ in any domain such as business, science or society which is better than existing process or object. Innovation is used in various contexts and sometimes can be misleading. It is a highly unpredictable process and depends on internal as well as external focus (Hayashi, 2013).

Innovation is essential to firms if they want to maintain competitive advantage, fulfill customer 's needs, wants, and expectations and perform well in the market. It 's important for firms to know how to identify innovative opportunities such as developing a new product or transforming existing products into new product development. “Innovation is the multi-stage process whereby organizations transform ideas into new/improved products, services or processes, in order to advance, compete and differentiate themselves successfully in their marketplace” (Baregheh, Rowley, & Sambrook, 2009, p. 1334). In order for a firm to be successful in new product development they must take into account that this development is divided into five critical stages. The process begins with stage one idea

A disruptive innovation at the start offers a lower performance accordingly to what the market demands at a lower prices. Usually, the phenomenon of disruptive innovation is refer to the entrance of a new established firm that enters the market with a new product targeting non-consuming customers with a low quality product at a lower price. However, for established firm, disrupting the market can be challenging. In order to do that established firms need to relay on new emerging trends driven by the demand of the sector and incorporated new technologies to reinvent the way business is done in the industry.

The disruptive business models are those that surprisingly manage top to make new markets and disrupt the existing markets. To discover these innovations, it requires a level of innovativeness and open-mindedness that will enable one to create new influential innovations. The discovery of a business model innovation usually starts with customer value propositions and customer segment. The business model brings about logic and provides vital data that demonstrates how a company can formulate itself and provide valuable input to customers. Furthermore, it facilitates the setup of revenue allocation, the costs and the various profit margins that the business delivers (Colovic, 2012).Furthermore, these different issues are also interrelated and, therefore, offer a competitive advantage besides bringing in huge profit margins.

The process of translating an idea or invention into a good or service that creates value for which consumers will pay is called an innovation, an idea must be replicable at an economical cost and must satisfy a specific need. Innovation involves deliberal application of information, imagination and initiative in deriving different values from resources, and includes all processes by which new ideas are generated and converted into useful products. In a social context, innovation helps to create new methods for alliance creation, joint venturing, flexible work hours, and creation of buyers ' purchasing power.

This results in an introduction of a dominant design; the most popular choice amongst customers. If the dominant design becomes a success, it may create a technological lockout, where companies may find it extremely strenuous to sell their products, or it may result in incremental change. Incremental change consists of improving the dominant design, and when the organization forms new ideas (innovate) on how to better improve and manufacture the product.

In today’s competitive world, it is extremely pivotalpre for firms to adapt changes that help them attain competitive advantage and sustain growth. Therefore, Clayton Christensen introduced the concept of ‘Disruptive Innovation’ in 1995 that helped in attaining these radical changes. Disruptive innovation is a term used to describe the process where a product or service is initially set-up at the bottom of a market and persistently grows in the market, eventually taking over its adversaries.

A disruptive innovation happens in the same segment such that it throws the competition off balance and enters an untapped market.

The aim of this article is to increase insight of how a firm’s innovation strategy explore different innovations strategies In firms of

The agenda of almost every firm that has been established is to be at the top of the ladder. To attain that level they enter into the market with either an invention which facilitates in completing a certain task or an innovative outlook on an existing idea which makes it more attractive and useful to its consumers. Once the firm has entered into the market, they need to earn the confidence of its consumers. As soon as that is complete and they have a concrete position in the market, the next thing they target is to earn the competitive advantage in the market over its rivals. Although, the strategies adapted by them to be innovative and to stand out from the other may differ.