The success of any business depends on whether it can stay relevant to its target market. This is only possible through constant innovation, repositioning, and improvement of its products and services. Companies thus innovate to differentiate their products from competition. Conversely, lack of innovation leads to loss of business, staff, and revenue. Moreover, companies innovate to keep up with consumer demands who are preferring better products day after day.
Therefore, innovation is the best way for companies to respond to competition and trends shifts. Innovation is also done as part of a company’s business plan by focusing on the existing business practices and process to attract new customers, improve efficiency as well as increase revenue and cut down on waste. Innovation, further, gives a company a unique selling point by adding value to existing products.
Examples of innovative products include the Google Glass and the iPhone 6. The iPhone is a product line extension of the iPhone product line produced by Apple, Inc. released to the market on September 19, 2014. The first generation of iPhones were released in 2007 and ever since the company has been releasing new versions each year. …show more content…
Moreover, the launch strategy used by Google backfired whereby they chose to roll out the product and have consumers test them then provide feedback. The product has been reviewed as the worst product of all time by tech reviewers, who cited its short battery life and bugs as the major problems. Moreover, consumers with disabilities noted that the product is difficult to use, especially for people with hearing problems. There have been concerns of privacy intrusion with most organizations forbidding their workers from wearing them to work. Further, casinos in Las Vegas have also prohibited customers from wearing them at the casino
Therefore, innovation is the best way for companies to respond to competition and trends shifts. Innovation is also done as part of a company’s business plan by focusing on the existing business practices and process to attract new customers, improve efficiency as well as increase revenue and cut down on waste. Innovation, further, gives a company a unique selling point by adding value to existing products.
Examples of innovative products include the Google Glass and the iPhone 6. The iPhone is a product line extension of the iPhone product line produced by Apple, Inc. released to the market on September 19, 2014. The first generation of iPhones were released in 2007 and ever since the company has been releasing new versions each year. …show more content…
Moreover, the launch strategy used by Google backfired whereby they chose to roll out the product and have consumers test them then provide feedback. The product has been reviewed as the worst product of all time by tech reviewers, who cited its short battery life and bugs as the major problems. Moreover, consumers with disabilities noted that the product is difficult to use, especially for people with hearing problems. There have been concerns of privacy intrusion with most organizations forbidding their workers from wearing them to work. Further, casinos in Las Vegas have also prohibited customers from wearing them at the casino