Innovation and Technological Change and How it Impacts Consumers
In recent years, competition in the market place has increased tremendously. To cope up with the changing aspects of market and remain ahead of their competitors, companies are adopting different methods and strategies. According to the outlook of Frankelius, 2009, though the companies possess different goals or objectives but those who fail to adapt and implement innovation and technology faces failure of success.Innovation and technology are the key factors that differentiate a company from its competitors and make the company to lead towards success.
Research Objectives/Aims
Research objectives give a direction to the research work for attaining a knowledgeable conclusion with satisfactory success in itself. The objectives of the research follow as:
- To study and understand the technological changes carried out or adopted by companies in order to face improvement in their performance and overall success.
- To scrutinize the effectiveness of such technological and innovative changes on the overall business.
- To study the effect of such changes on the customers.
Hypotheses
- It is highly important for an organization to follow innovation and technological changes.
- Innovation is an essential component of marketing strategies of an organization as it forms a base for marketing strategies.
Literature Review
Innovation is one of the primary tools for any organization to stay in competition within the industry. Innovation plays an important role for the success of business of any organization. That is why, all companies across the globe are adopting technological tools and are taking new innovative steps as a part of their strategies. So, one can define innovation as attaining creative changes for the manufacturing of products that can ultimately raise the number of consumers. According to Buxton, 2005, it need a support of management team to acquire such innovative & technological changes within the company. A management team helps to cross check all the useful changes that are helping company to increase its level within the industry. Furthermore, innovation can not be instilled just at one within the employees rather it is an outcome of hard work, talent and experience of the employees. Today, the primary aim of almost every company is to delight customers and to provide them best & qualitative products along with exclusive services. This makes consumers satisfied and the company at top position. Such exclusive and innovative services doesn’t make consumers to seek for substitutes. According to James, 2006, companies across the globe are practicing innovative and technological changes within their work so as to reach maximum customers while maintaining good relationship with their existing customers. To achieve all these changes, investment is one and only method that can help a company to protect itself from the risk of downfall. On the other hand, customers are also aware of such technological services within the market.
Research Methodology
Research methodology is adopted in order to collect information for the support of the research topic. There are two type of methods qualitative and quantitative out of which qualitative approach has been adopted for this dissertation. This approach helps to identify innovation as an essential strategy for companies to maintain their success. A survey has also been conducted by the researcher in order to observe the viewpoints of the customers seeking such innovative services. Apart from this, marketing heads of two organizations have also been interviewed. The questionnaire follow as:
- What useful impact has innovation and technology produced on the operations of companies?
- What innovative steps companies are taking to maintain their success level?
- How such innovative changes are effecting the customers?
The sample of the questionnaire or the research questions has been kept short due to lack of resources.
Conclusion
In this chapter, it has been highlighted the effect that innovation produces on the performance of a company. It can be said that innovation has now become an integral part of operations of a company without which success of a company is not possible. Moreover, it also act as a strategy as it allow companies to attract customers and prevent the customers to go to their rival companies. On the other hand, with the changes in the technological departments, customers are also aware of such services. Customers, now prefer to keep changing with the changes in technology that further plays important role for the businesses to secure their positions. This can also act as a limitation for a company if it fails to adapt such innovative changes. Innovation is something that can be adopted and managed by any size of company belonging from any area or culture, the matter is just to maintain or handle such changes.
References
Frankelius, P. (2009), Questioning two myths in innovation literature, Journal of High Technology Management Research, Vol. 20, No. 1, pp. 40–51.
Heyne, P. (2010). The Economic Way of Thinking. Prentice Hall, 12th ed. Pp. 163, 317–318.
Gromov, G. (2011). Silicon Valley History. https://www.netvalley.com/svhistory.html
Salge, T.O. & Vera, A. 2012, Benefiting from Public Sector Innovation: The Moderating Role of Customer and Learning Orientation, Public Administration Review, Vol. 72, Issue 4, pp. 550-560