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Marketing: Innovation Project
Pages 3 (753 words)
Customer inserts His/her Name Customer inserts Name of Tutor Customer inserts Grade /Course (Date) Innovation in business In the present world, where competition in business has become one of the greatest concerns, where resources continue to diminish in the face of new markets and new realities, the imperatives of innovation in business cannot be overemphasized…
Well, innovation is all about the betterment of the existing state of affairs with a view of simplicity and efficiency. It is necessitated by the pursuit for excellence and survival, failure to which a business cannot find room to exist in this generation. Each and every business will generally require a very efficient strategy on innovation so as to generate new and great ideas that can enhance progress. Sadly, this is what lacks in most organizations. It is known that product development is one thing and maintaining the product in the market becomes one of the greatest challenges producers face. It then begs the producer to always better the product through innovation so as to win the trust of the consumers. It must be remembered that innovation is never a one time affair. It is meant to be a continual process that gradually improves the quality and efficiency of a product in the market so as to ward off competition. Innovation is fundamentally a function of ideas. These very ideas will normally emanate from the employees within an organization. It then creates the need for a diverse workforce that will effectively avail a rich ground for idea generation and product development. ...
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