The Importance of Innovation in Modern Business

The internet has changed the world as we knew it. The world no longer communicates, does business, or perches commodities in the same a traditional way. E-mail, instant massager and chat rooms were the first innovations to be used by the public. As time went on more and more people depended on the internet to communicate with each other. It did not take long for the U.S. Postal service to see the decline in mailed letters. With the internet being so easy to access and email being so easy to use it quickly became the preferred way to communicate with family and friends over long distances. Companies soon followed suit to better serve their clients.

As technology has advanced and provided better and easier ways for us to communicate through using the internet and social media sites, it has also provided income potential for businesses. Companies spend money on

The use of social media has now gone far beyond the sole use of entertainment purposes. When the social media craze first started, most people used it for quick communication and entertainment. It was sites like MySpace and AIM that are held responsible to get the social media ball rolling in the early 2000’s. The early 2000’s were part of a new age when technology reigned king. Technology was quickly spreading and people were starting to realize what the full scope of possibilities that were to be done with it. With all these new possibilities, people decided to start their own online businesses. All these new businesses that were appearing quickly spread and some turned into internationally renowned businesses. Two of the most popular

Social media is a great asset for businesses to use to help grow the American economy. Everyone's lives run much more effectively and smoothly when the economy is thriving, and the economy can no thrive without businesses booming. A great way for the business word to stay in the up and up is by using the media. Businesses can reach out to there clienttell to advertise a product with these sites (social media in business). Staying in touch with the people is the only way to hear their thoughts and concerns The business can grow when they are able to reach out to either existing clients, or catch the attention of a new base of clientele. With an ever changing economy it is crucial that businesses stay on top of what is trending in the markets.

We cannot deny how big of an impact social media has on our lives now, not only on people but businesses too. It has opened a whole new door to the business world and given them a big opportunity to interact and attract a larger amount of customers. It’s given us a new and faster way of communication by exchanging pictures, stories, news, blogs, online discussions, etc. In exchange businesses have benefited by a long shot just by the click of a button. With the help of the Internet a company no longer is dependent on a particular customer base to survive because now it can reach out to a worldwide audience within seconds. It’s imaginable the countless business attributes of all social media to this day and still is growing. Social media

The internet was created in 1983, but it wasn’t until 1991 that the World Wide Web was created. Over the next few decades, the internet, as well as social media, continued to develop in ways once unimaginable. The term “social media” describes two concepts

Social Media is a forum that is heavily influenced by consumers and has become a very poplar way of doing business and expanding it and making people aware of your business. According to Oxford Dictionary social media is “Websites and applications that enable users to create and share content or to participate in social networking.” (Oxford Dictionary, 2015)

Without the significant amount of technological advancements, it is quite difficult for the market players to sustain their market presence and profitability in the today’s competitive environment. Sears Holdings pioneers social networking platforms with mysears.com and mykmart.com. New intelligent group sites

This expansion of the internet has allowed people to share information and communicate on a level that was not imaginable just twenty years ago. This growth has become a tool for people to participate in social media as well as an economic and strategic tool for business today. As more people gain access to the web, new markets open for companies to conduct business globally. Small and large companies can make joint ventures or buy and sell goods around the world with a few clicks of a mouse and entering a method of payment. However these benefits do come with a

As head of global training for my former employer, ECCO Footwear, I was always faced with the challenge of designing innovative methods to develop employees and facilitate sales results. This problem presented itself wholehearted when our owner and CEO became concerned with the sales performance of our three owned and operated stores in the greater Copenhagen area. Despite robust inventories and prime real estate, KPIs were trending down, and there was little confidence on the shop floor towards the business as a whole.

deed, during the dot.com boom and bust of 1998-2001, many new companies with zero or negative

It is perhaps easier to count the amount of persons who do not have an account on a social media platform. The dawn of social media has carved out a way in which all generations can keep in touch with the world. According to Facebook’s newsroom, Facebook has over 1 billion daily active users. On Instagram, an average of 80 million photos are uploaded daily and approximately 3.5 billion likes. No wonder social media and its networks have opened up numerous avenues for young budding entrepreneurs to get the “word out” and generate business. From Facebook to YouTube, and all in between, entrepreneurs have utilized these platforms to share, like, upload, tweet, re-post numerous activities all in the name of business. Whether it is to create their own page or use their personal profile to sell their business, they have made use of social media and its ability to reach the masses.

If we think about the Nineties, business enterprises used newspaper, television and radio as mediums for publicizing. We have come a long way since then; now companies can ask their consumers to ‘Like’ their pages and ask them to ‘Share’ the page among their friends and relatives. Today social media is the highlight of everyone's lives and we can all thank Mark Zuckerberg for setting up a network of 1.2 billion of prospective friends, Facebook.

Computers and the internet are embedded in the contemporary business models. Depending on where you stand in the economic equation, the Internet allows a worker and a company to be more efficient with resources. People can communicate in a time sensitive manner. For example, instead of making a phone call, interrupting someone while they work, an email can be sent. The culture of business has set up this expectation that emails are checked at least once a day, so if a response is not needed immediately, an email can be sent when the person thinks about the issue and the response can be sent when the recipient opens her email on her schedule. Meetings are scheduled over the Internet or at a minimum over a LAN network. Businesses, organizations, institutions, and individuals are using social media like Facebook

With the globalization of the world, business have become more competitive. There are many challenges on the way to success for business in the business environment. Company need to respond quickly to the changing business environment to remain competitive and some measures such as innovation is much more important as compared to decades past. Joe and John stated (2013.p7) Company would be in danger if they do not invest in innovation. Also, the business would not prosper without investment in innovation, it could not compete with other companies.