With the remarkable increase in the world economy, businesses are facing the challenge of competition in all kind of industries. Innovation is one of the most important factors to business success. This essay will identify why innovation is the most significant characteristic in business success, which includes competition with innovation, customers as the core of innovation and system innovation.
Innovation is essential for competition between companies. Queensland Government (2015) argues that ‘ Innovation will help you stay ahead of your competition as markets, technologies or trends shift.’ If company is dying to remain a more competitive edge in the market, the first thing that should be done is technical innovation. Basically, technical …show more content…
Sridhar (2013) explains that Customers possess less patience because of high expectations. When customers are using the products, they are able to discover the strengths and weaknesses of the products.Therefore, customers will hope that they can find the creative ideas, no matter outlook and functions. Thus, for company, If they do not think the customers are the soul of innovation and strive to convey the good customer experience, the innovation is meaningless. Regarding the customers’ experience as a necessary factor for enterprises, they will not let any obstacles to stop their innovation. They will take the conception innovation and customers’ experience as the core value as a result of building customer loyalty. Queensland Government（2015）claims that ‘Consumers often see innovation as something that adds value to a company or to its products. ’ In fact, customers not only buy something that they actually want ,but also focus on innovative products what they interested in. For instance, the MacDonald will regularly create new products and make advertisements to attract customers through mass media like TV, newspapers and the Internet. The MacDonald has known that when the basic products are enough famous, new goods can catch more attention by customers, which is the really meaning of
Innovation is essential for competition between companies. Queensland Government (2015) argues that ‘ Innovation will help you stay ahead of your competition as markets, technologies or trends shift.’ If company is dying to remain a more competitive edge in the market, the first thing that should be done is technical innovation. Basically, technical …show more content…
Sridhar (2013) explains that Customers possess less patience because of high expectations. When customers are using the products, they are able to discover the strengths and weaknesses of the products.Therefore, customers will hope that they can find the creative ideas, no matter outlook and functions. Thus, for company, If they do not think the customers are the soul of innovation and strive to convey the good customer experience, the innovation is meaningless. Regarding the customers’ experience as a necessary factor for enterprises, they will not let any obstacles to stop their innovation. They will take the conception innovation and customers’ experience as the core value as a result of building customer loyalty. Queensland Government（2015）claims that ‘Consumers often see innovation as something that adds value to a company or to its products. ’ In fact, customers not only buy something that they actually want ,but also focus on innovative products what they interested in. For instance, the MacDonald will regularly create new products and make advertisements to attract customers through mass media like TV, newspapers and the Internet. The MacDonald has known that when the basic products are enough famous, new goods can catch more attention by customers, which is the really meaning of