Critical Reflective Essay Through The Module
The main aim for any business is doing innovation in its products; the innovation could be done for new or existing products. Through innovation customers could be loyal, and will never shift to another brand as they the company they trusted in, are taking growth initiatives for them, the innovation could be helpful for the technological and commercial perspectives. The strategies used for the excellence and awareness of the innovation, can benefits the economy, companies need to invest for the purpose of innovation, and should be collaborative for the sustainable development. Innovation could be helpful in gaining the competitive advantages, the productivity and efficiency could be increased, and however, company feels responsibility, and makes strategies, for the employee motivation and satisfaction.
For the innovation, the companies need to make the environment significant for the employees, there is need of global collaboration, research is important for the innovation development, first there is need to understand the right value proposition, for the right customers, it is important to focus on the customers’ needs. For the innovation of the product, the company must have the knowledge about its competitors, information about the technology, significant research and development is required, need to encourage resource persons to share the ideas.
Brand building is the process of building the or creating the value of brand in consumers mind, innovation can help the organization towards the brand building, as there will be recognition of brand in the market, example good will of the company will take place. Customers will enjoy the new products, and will be satisfied, thus, trust of the consumer will be increase and profitability will be increases. Through the marketing and good services, regarding innovation will help the brand to grow and brand will be exposed, through the commitment of organization, the expectations of consumers will grow up, and development will take place. Innovation is best strategy to make your customers loyal, the true vision and brand strategy of the company will be helpful in brand building. The innovations will help to define your brand, and give clearer brand strategies, for the improvements, through evaluation, company can focus on consumer value and right impression could be created in the market. Social media could be useful in promoting the innovation; the customers will take interest, and will be interested in buying the product, if the innovation is really appreciable, then word-of-mouth will also play important effect on the consumers mind.
The marketing strategies are beneficial, if a company wants to stay strong in the market, it is need to access the right target market, and there is need to establish the consistent relationships from the customers. For the competitive advantage the company needs to increase the visibility, to increase the revenue, customer experience need to be improved, through marketing innovations, the opportunities could be increased. The brand building can give tremendous of the benefits to the company; the game could change through innovations. Innovation can help in the making the new clients, client of competitors could also be captured, if the consumers know that a company us focused on new technology and innovation, the clients will grasp, and start trusting the company. Through the innovation the competition among competitors could also be increased, in today’s business environment, the continuous change is compulsory, because there are important concepts about competitive advantage.
In the management process, managing the innovation, considered effective, it is the means of promoting and facilitating the innovative culture, there should be focus to examine or identify the values and behaviors of the organizational culture, that the culture involve the innovation or not. In the big firms, management has to play an important role, in monitoring the function, or steps towards innovation. Decision-making is very important in maintaining a corporate structure. Innovation should be revised, as a management discipline; the strong culture will support the foundation for the innovation, to empower the employees, organization should be responsible, flexible and able to take risks. In big companies, innovation can serve as the valuable source of the competitive advantage. Every person or employee within the organization should be encouraged to share the ideas, so the new ideas could be generated, ideas may be helpful to support the innovation. There should be greater emphasis on the employee creativity, and freedom should be given through this, job functions could be improved. For the successful approaches of the innovations, the desired outcome could be achieved from the generating innovation. There is need to survey the creation and database.
There could be risks in the innovation process; risks could take place, due to behavior of the leader, if employees are not motivated to work, there could be a problem. The problems could be faced if the employees are facility any kind of inequality within the organization, and if they are not encouraged or given importance. The problems could be of various types, if the employees, are not train carefully then there are chances of failure. If the company or employees do not know how to use technology, and are inefficient in working or not properly evaluate, the company can face troubles. The company could suffer due to the changing in the policies, if the environment is not favorable to the companies, or they have not following the rules regulations of government or market, then people may not trust the brand. For the efficiency, the company needs to focus on the innovation regarding the technology, and laws, technology is something, which can make any company successful in the modern world, people, or customers will also support the favorable creativity or innovation. Innovation can support and give competitive advantage to thee any company in the market.