Essay on Innovation Planning and Design

1203 WordsJul 31, 20135 Pages
Innovation Planning and Design Paper MGT/411 Innovation Planning and Design The ever-changing marketplace in the business world imposes greatchallenges for the company to maintain stability, productivity andprofitability in the industry. In order to keep track on the competitiveenvironment, every company should develop innovation to acquirecompetitive advantage. However, acquiring just a competitive advantage willonly be for the meantime due to the fast development of technology, totalmodernization of the market and rapid changes of customer preferences.Innovators shall foresee these factors to combat with its competitors for it tobe successful, making innovation an essential factor for company growth.Innovations do vary in many…show more content…
It is of utmost importance to explore all possible options to acquire different inputs. This process will ensure the verification of certain conclusion to helpleadership identify the appropriate method to innovation (Almirall &Casadesus-Masanell, 2010). Innovation Systems Design Recent market concept on the business world has produced anuntamed environment. The company’s advantages do not last too long dueto tight competitions that never cease to advance and overcome the market.With these tight competitions, most businesses have created a sheer pricewar just to maintain and gain customers (Herrmann & Gunter, 2004). It is therefore vital in the process for the companies to be aware of theefficient methods to design and use innovative efforts considering thesecurrent market situations. Remember that each product you serve in themarket, it goes with it your name. How customers perceive the product orservices is significant. Most customers often choose the products or servicesthat are appealing to their eyes. It also includes factors like product package,how the product is designed, and even POS system design. What messagesor ideas the product conveys to the customers are also factors. Image of thebrand and market share are determined by these factors. Discerning yourinnovative
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