Every organization will have an overall business strategy. Innovation has become more apparent in modern organizations and thus if companies are looking to stay competitive in the future, companies find it necessary to introduce strategies with emphasis on innovation.
Below is a statement taken from ‘principalvoices.com’:
“It has traditionally been a key element of business practice, however, the capacity to innovate has never been at more of a premium then it is in today’s climate of economic globalisation and rapid technology change, where adaptability can make the difference between success and failure."
What the writer reinforces is the notion that companies have to raise levels of innovation in order to compete effectively, and that is more important today than it ever has been.
As I have mentioned before, phone companies, the gaming industries always have to turn out new technology in quick succession in order to compete in its sector. So it is right to say that in certain industries innovation can be more/less important.
Types of strategies (Russell, 1998, p, 1)
Product Evolution
Improvements in products, which can be in the form of:
- New technology
Example: New technology in electrical components allows for tools such as laptops and televisions to become smaller.
- New users (consumers)
Example: New users open up a whole different market, which could change the product to suit the new consumers.
- New use (for the product)
Example: Taking an old product and finding a new use for it.
- New materials
Example: New materials can create a new consumer demand. Cars didn’t start off so lightweight as time has progressed car manufacturers have incorporated lighter weight materials to make their cars faster.
- New trends
Example: Old products being brought back to life. Often seen in fashion, one of the latest being the return of ‘espadrilles’, firstly popular in the 80’s because they were cheap. Now they are seen as fashionable and come at a much higher price. (Anna, 2011)
Reference List
Merrick Russell. 1998. Nine Strategies for Innovation. [Online]
Available from: http://www.intad.asn.au/conference/Russell%202.pdf
Anna. 2011. Fashion News – A mile in our shoes: Espadrilles
http://fashionnews.zalando.co.uk/2011/05/23/a-mile-in-our-shoes-espandrilles/
Accessed on 19/12/2011
Image from:
http://adambarraletsbloodygoodthingstoknow.blogspot.com/2011/10/toms-shoes-buy-pair-and-they-donate.html
Accessed on 19/12/2011
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