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"INNOVATION IS THE ONLY SOURCE OF COMPETITIVE ADVANTAGE"
INNOVATION IS THE ONLY SOURCE OF COMPETITIVE ADVANTAGE
Author:
Helene Hannah
Innovation is the Only Sustainable Source of Competitive Advantage


"An innovative business is one which lives and breathes 'outside the box'. It is a combination of good ideas, motivated staff, and an instinctive understanding of what your customer wants." (Branson, R., 1998)


Every business must grow in order to survive. Innovation involves using ideas and knowledge to create products and services, which create consumer demand in the marketplace. "The innovation process is a cycle in which ideas, talent, design skills, money and management expertise come together to create commercially viable products and services" (London Development Agency, 2003, http://www.london-innovation.org.uk/innov_drivers.htm). Therefore, innovation is the fuel for the engine of growth within an organisation (Innovation In Action, 2003, http//: www.jeffmaynard.com/innovate.htm). Businesses must invest in developing new products, exploiting the potential of new partnerships and seeking out new markets if survival and growth are their aim in today's hyper-competitive marketplace, ie. they must innovate.

Innovation is then basically, "finding new ways to better perform" (McPhearson, M., 2001, pg. 3). It can be customer-driven, take for example BMW's NPD System. To maintain market leadership and the prominence of their brand BMW have developed a very deliberate innovation strategy. They have divided the innovative process into 3 steps; innovation research, innovation management, and, innovation transfer, incorporating a "systematic, but flexible approach" (Seidel et al, 2003, pg.2) to the generation of new products and ideas, and ensuring their continued success and dominance in the motor-vehicle industry. (Seidel et al, 2003). Innovation can also spring from a spontaneous event or a flash of genius, which can be turned into a marketable and saleable product or service. Take for example 'Lonely Planet'. This company which is now the market-leader in the worldwide travel information industry developed from a small idea by Tony and Maureen Wheeler to write a book about their travels...

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essay on INNOVATION IS THE ONLY SOURCE OF COMPETITIVE ADVANTAGE
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Added:
02/07/2012
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