1. Why is innovation important and how is it changing?
The book states that “competition is becoming brutal” and “the internet has changed the rules of business”. I agree with these statements because if you lack the ability to see into the future then your business will perish. Technology is constantly evolving and being adapted into different businesses making the means of adhering to a customers need much more convenient. Take Netflix for example, they were able to incorporate the convenience of the internet with DVD rentals making it so the customer wouldn’t have to worry about making multiple trips to the DVD store just to rent a movie. They were innovative and responded to customer needs.
9. Why do you think Dell was successful when other companies trying the same model failed?
Dell succeeded where everyone else failed because it was the “way” these products were sold and manufactured that set them apart from the competition. Dell used a Made-to-Order approach meaning that they specifically built the computer to the customers demands. It was ideally made by the customer, for the customer.
I think you well picked the statements from the textbook to explain the importance of innovation. But I don’t quite understand why you say ” I agree with these statements because if you lack the ability to see into the future then your business will perish”. Do you think the foresight is necessary for business to success or for innovation?
@kning I do believe foresight is necessary for the growth of the business because if you are unable to see into the future and move along with technology and modern trends then you will be left behind in the competition. You will be stuck using the same old methods of doing things while everyone else is evolving and looking for better ways to improve their business.
I really like your reply to the Dell question. It was concise and on point!