Innovation Is Critical Indicator Of Business Success

1694 words - 7 pages

Topic ReviewThe ability to innovate is becoming a critical indicator of business success. Discuss in relation to two sectors.IntroductionWe are living in an era where our capability to compete in business is depending on our ability to innovate. As Crabbe states, even the Nomura Institute in Japan has suggested that the much celebrated Information Age is now over; we are now in the Creative Era, where speed of innovation is the only source of sustainable advantage. Thus, innovation has become a core driver of growth, performance, and valuation of a business (Crabbe, 2014).In generally innovation is something that can not be done from inside the jar. It must have prospective sense of outer world to understand consumer desirability. In order to successfully innovate, various businesses need to compose different types of strategies that best fit their own needs and goals.As there are many types of innovative strategies such as open, disruptive, reverse, incremental and breakthrough; following of this document will discuss the way those innovative strategies have involved and became critical indicator of business success in relation two different sectors.Innovation in different SectorsAs mentioned above in introduction section for businesses, innovation could mean planning new ideas, implementing them, creating dynamic product or service or improving existing business model which help to adapt and grow in the market place. McKinsey research reveals that "more than 70 percent of the senior executives in a survey they recently carried out say that innovation will be at least one of the top three drivers of growth for their companies in the next three to five years" (Barsh, Capozzi, Davidson, 2008). Other executives perceive that innovation as the most important way for companies to accelerate the pace of change in today's global business environment (McKinsey Quarterly servay, 2006). Most of leading strategic thinkers are enable to move beyond a focus on traditional product and service to establish innovations in business processes, distribution, value chains, business models, and even the functions of management (Barsh, Capozzi, Davidson, 2008). Hence, two different businesses which are Pampers and Dropbox were chosen in two different sectors to clarify the way innovation has impacted to bring those industries in success.Pampers (Baby Product)Pampers is a brand of baby product own by Procter and Gamble (P&G Co.). PG is an American multinational consumer goods company. It's some of main products are pet foods, cleaning agents, and personal care products. According to the Forbes research Pampers became the first P&G brand to generate $10 billion in annual revenue for the company in 2012. Its products are used by 25 million babies in 100 countries (Forbes, 2013) and according to P&G (2014), Pampers is the world's top-selling brand of baby diapers because Pampers was the first disposable nappy which revolutionised the baby market when Victor...

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