Gupta (2001) in their article "Strategic Innovation: A Conceptual Road Map. (Competitive advantage)". This strategy is the same for new comers like eBay or experienced firms like Ford Motor Company or General Electric. The details of the changes that need to be brought in would be discussed in detail as we move further.
When we look at ETC's progress there are a number of issues, which need to be resolved. When we bring in any kind of a change within the organization, each change would have its own good and bad attributes attached to it. We need to look at all the issues with great concern and plan out the solutions accordingly. Aysar Philip SussanandWilliam C. Johnson (2003) say in their article "Strategic capabilities of business process: looking for competitive advantage" that the organizations need to become fast, flexible, participative and focused on customers, competition, teams, time and process. Lets proceed with the issues that exist and solutions that are available.
There is currently a need of innovation within the company as the current sales have dropped and customers are looking for a fresher look within the product line. The Asian market has commended our product quality. Innovation as we know is a multi-faceted process that is going to incorporate creativity, invention and commercialization. Above all, innovation is a social process, where both individuals and systems are important dynamic elements. Hence we will have to think it seriously.
Looking from the perspective of our Australian market, Simon Lloyd in his article "A game for the brave" (June 2004) states that Australians love innovation and in 2004 Grey Advertising/Sweeney Research Eye on Australia study found that the most admired companies were those which went for innovation and tried innovative products and brands. Ninety-three per cent of those surveyed were happy to try new brands and 78% were willing to pay more for something that is innovative and original. ACNielsen on the other hand estimates that 70% of new products and brands do not last more than two years, so it is not surprising that Australian companies often seem reluctant to experiment with innovation. Launches of new products in recent years in Australia have been rare because companies consider the investment needed for genuinely innovative brands and products is far outweighed by the risks. Our product can succeed after innovation only if they appeal at various levels. Findings confirm that innovative Australian Small and Medium Enterprises display strategic human resource management related practices such as career development, ongoing learning and development and strategic rewards.
Sam Burd (2006) the President at Medical and Biotech Developments Inc. says that "the product redevelopment is the process of taking a critical look at a product that is not living up to its market potential and making the changes necessary to bring about success." When we talk of innovation we need to think of all the processes that would come under research and development and the capital that would be used to achieve all of it. But one should learn from the experience of others. P.M. Rao.(2005) states in his research named "Sustaining competitive advantage in a high-technology environment: a strategic marketing perspective" that how research and development plays role in companies, can be seen in the fortunes of U.S. companies and how