Question

Innovative Strategies

Innovation takes an idea and converts it into a real game-changer that could radically disrupt the current market space. How will companies take an idea and come up with a Radical Innovative Strategy to create and deliver a new product or service that crushes the competition? For this Discussion Thread, you are to describe an example of a product or service that a company put on the market that radically changed the landscape. The example may be Incremental or Radical Innovation.

Answer 1

With the advent of technological innovations and industrial development, the market has become populated with the several competitors and companies offering substitute products. Innovation Strategies is a method or a strategy in itself to earn a competitive edge. Companies are increasingly focusing on creating something new, some new idea or concept or product or service. Something so innovative that will change the way all perceive a particular product or firm. In order to come up with a radical innovative strategy, the organizations have to do extensive market research. Find out the wants and desires of customers - including the unsaid wants - the ones that the customers know they possess but cannot express. This requires the company to be closely in touch with the customers and other competitors - locally as well as globally.

Secondly, the company must be agile, i.e. flexible. It must be able to manage changes in demand and supply, requirements and market conditions very promptly. The role of the marketing team is key in this case. The marketing must use creative techniques to contact potential customers and use the communication as a medium to get their feedback.

A Radical innovative strategy is then planned and executed. It brings about a evolutionary change in the market. Through this, the companies can create innovative strategies to gain a competitive edge over it's rivals, boost it's reputation and sales. For this we can take an example of Android phones. This technology changed the entire concept of phone. It transitioned from being a mere long-distance communicating device to a palm-held computer. We can access internet and internet enabled apps. In fact, cellphones now have nearly replaced the need to possess a computer or a camera to click photographs. Thus, a radical innovative strategy is a complete game changer and brings about a revolutionary change in the industry,