Answer to Question #243794 in Management for Danny D

Question

Evaluate and explain the importance of innovation to the success of a business or business organization of your choice

Answer 1

In today's corporate atmosphere, modern organizations thrive and succeed for a variety of reasons. Some companies are renowned for their products, while others are known for their services, and yet others are known for less clearly defined characteristics like strong brand loyalty or captivating marketing campaigns. However, if you look at the firms that genuinely stand out today as obvious leaders in their industries, you'll see that they all have one thing in common: they all value innovation. These inventive CEOs include relatively young businesses like Apple, which disrupted the existing quo by changing processes at the core of their industry.

Regardless of industry or current position, a company cannot expect to sustain a competitive advantage if innovation is not part of its overall business strategy. As a concept, innovation refers to the process by which an individual or organization develops new products, processes, or ideas, or approaches current products, processes, and ideas in novel ways. Apple is a superb example of a company that has successfully embraced innovation at different stages during its history. In the 1990s, for example, the company was on the approach of bankruptcy but was able to avoid it by forming a partnership with Microsoft, which had previously been viewed as a competitor. This decision effectively molded Apple's entire corporate strategy and paved the way for the release of the iMac, which marked the company's overall turning point. Innovation has helped Apple to grow and keep the brand relevant, as well as differentiate themselves from competitors.