Strategies for Successful Innovation

Abstract

In the present era of open market, customers get more options than ever before to choose from, making it difficult for a product to find buyer unless it has some unique attribute over others. This has increased the competitive pressure on the business. Thus to maintain product distinction companies are forced to innovate. While a need based innovation increases the perceived value of the product offerings making it more affordable, knowledge based innovation helps companies to create new market and opportunities. Though much desired, many firms fail to successfully innovate. This may be ascribed to many extrinsic and intrinsic reasons. A careful identification of these factors and taking corrective actions can help firms to churn out commercially viable innovative products.