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Why innovation is important in todays competitive business environment



Importance of Innovation 


Innovation is very important in today’s competitive business as its main sprout which makes the business grow in the market to a great height.
Innovation provides the development of customer value through solutions of needs in a unique way from the existing marketing needs
Innovation in business also refers to creative thinking which increases productivity, rise in the market standard. Being creative in business model one can easily beat the competition.
Brooks, September 2013 wrote the article ‘Why Innovation is important’
Fusion 92 President of Jacob Beckley said ‘It is the evolution of convenience, effectiveness, and efficiency (Beckley 2013)
(Kuratko & Goldsby in 2012 p.85 )Explain that Innovation is the driver that keeps the companies to move forward with new or improved product

Innovation plays a very indispensable role in the business model. An approach to produce the resource and energy to the company thus evolve the organization structure and encouragement for innovation.
The business environment could be innovative in competition based on a few important thoughts:
The organization should be stable in the monetary aspect. Promote teamwork at the same time as it evolves great power and recognizes with awards /reward for the best ideas.
The frequent mistake most business does not know the market trends and customer requirement. Also, it is very important to keep the deadline to go live in the market wherein in this competitive world people keep upgrade so it’s extremely important on the right track at the right time.
In business one need to keep unbolt mind and think out of the box concept as a fresh view which leads to success in business:

Samsung one of the world’s largest electronic producers have now but it was founded as grocery trading industry, Textile industry, chemical finally it landed to the digital industry in the year 1969 with its first product as Black and white television and expanded with many electronics products.

Innovation is very important in today’s competitive business because it identifies the consumer demands for the required product and thus helps to start up a new venture
Innovation business can be more valuable if business mold is more of client-centric. Provide the efficiency to leading to the idea that significant to general society.
V G Siddhartha was one of the Top entrepreneurs incorporated Café Coffee day Limited company in the year 1993 and established in the year 1996. His idea so unique this provided many people job both full time and part-time. The uniqueness of CCD café with browsing facility the area can be used timeless.

Within 5 years he stood competition with a top brand. As per the recent research CCD largest producer and exporter in Arabic and Asia exporting country which including the U.S.A, Japan, and Europe. They have more than core turnover and also equivalent competitor IT industry turnover in India. More than 500 employees are working.

Innovation in business is an important aspect of the organization to grow. To understand better let us consider the example of Nokia was the initial producing the wood pulp and logging When Russian market threat for cheaper import immensely thus there was a deep recession in 1960. Thus Nokia developed the effective communicative system was developed in year 1970s.

Think out of the box in Competition

Let’s consider an example of grocery to stand out in the competition one should think innovative way so that consumer want is an increase
Right innovative will allow you to think out of the box if you managed a creative way.
As the consumer needs to keep fluctuating so one has to keep updating the consumer approach differently.

Thomas More and Robert Folger (Pg 104-108) attempting to illustrate the risk-taking us
the profit/activity seeking activity of the business

There are basic area has typical very much risks
Financial Risk
Some time due to company obligations pledges more than his or her net worth. This may unwilling to take up the risk
Stress
This depends on expectation and personal demands. Some of the common ones include independence, wealth and work satisfaction

Conclusion

To summarize we can tell there is risk involved in business begun or bought. Primary is one should recognize the pitfall of the business. Secondly, they should not pay attention to cash flow. Prevention measure should be taken for the sick of organization and many effective methods should be implemented.  One the other hand there is a lot of exploring as the government is bringing the new agreement for trading goods and services. Being very much innovative and thinking out of the box based on the customer requirement will make the business more productive and has a greater impact. As now people are encouraged for internet-based service to make the business to be on the other hand increases the competition.
To be successful innovator increasing the competition and providing the environment to the employees so that they will work for the organization growth. Basic awareness about the teamwork should be given to the employee so in turn, this will provide the effective outcome of the best innovative idea. Recognizing employee with a reward this encourage more people to work for effectiveness. One must also be on familiar terms with the mistake or drawback of the idea which lead to successful innovation

Reference List
1.      Brooks, September 2013 wrote the article  
(Kuratko & Goldsby in 2012 p.85) Why Innovation is important’ (Beckley 2013)
2.      Thomas More and Robert Folger (Pg 104-108) https://slideplayer.com/slide/13254826/
3.      Peter Bondaarenko  September 2015  and Changed "large domestic conglomerates" to "large domestic conglomerates (chaebol)." Added material about Samsung becoming the top global television manufacturer and its introduction of tablet computers in October 2018 https://www.britannica.com/topic/Samsung-Electronics
4.      Harish Thyagarajan (9Oct2017) Important of Innovation is critical business Today https://hashedin.com/blog/8-reasons-why-innovation-is-critical-to-businesses-today/

5.      Café Coffee Day , Café coffee day history 17 August 2019 https://en.wikipedia.org/wiki/Caf%C3%A9_Coffee_Day
7.      By Chad Brook ,Business New daily in Spetember 2013 Entrepruer answer the Question : Why is is Innovation Important’



















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