In recent times, the businesses have become highly competitive. Hence, they take every possible step to outperform than their competitors and remain ahead in race. One of the methods adopted by businesses is to generate new ideas which are critical for the success of a business. Experts in the industry state that although every organisation has different priorities and objectives but the businesses that fail to innovate run the risk of losing their success (Frankelius, 2009). Innovation and technological changes are key factors that differentiate between market leaders and their competitors.
Research objectives are integral of a study and provide direction to the dissertation. The research objectives of this study are as follows:
- To evaluate the importance of innovation and technological changes in businesses
- To examine the impact of innovation and technological change
- To analyse the impact of innovation and technological changes on consumers
H0: Innovation and technological changes are highly crucial for an organisation.
H1: Innovation is a critical component of marketing strategy of an organisation.
In organisations, innovation is one of the key tools to stay competitive. Innovation plays a vital role in modern organisations. For this, all organisations across globe are adopting innovation as an important strategy. By definition, innovation refers to the development and creation of new products for old and new customers. As per (Buxton, 2005), the innovation and creativity level in a company can be improved by appropriate management. Innovation is not instilled in employees by birth rather it is an outcome of exhaustive work experience and talent. Almost every organisation is operating in economic crisis so the marketing strategies are required to be highly influential. The key aim of every organisation is to delight consumers and provide them exclusive products and services so that they don’t look for substitutes. Considering the intense competition and rising need to attract customers, companies are adopting ‘innovation’ as an efficient marketing strategy. As per (James, 2006), organisations across globe are practising innovation as a strategy to achieve success hugely. Investing in innovation is one of the best methods to reduce the risk of downfall of a company.
Moreover, consumers are highly aware these days due to evolution of technology.
Research methodology or research methods are defined as the methods adopted by the researcher to gather information. The research methodology to be adopted for a study can either be qualitative or quantitative. This study has adopted a qualitative approach and tends to refer the case studies of organisations using innovation as an important business strategy. Also, the researcher will be conducting the surveys among consumers to determine the impact of innovation on their buying decisions. This will be followed by interviewing the marketing heads of two organisations that use innovation as a critical strategy to get growth. This research is inductive i.e. the objectives of the study have been narrowed down. The research questions for this study are:
- What is the importance of innovation and technological changes in businesses?
- What is the impact of innovation and technological change?
- What is the impact of innovation and technological changes on consumers?
The sample size of the consumers to be surveyed has been kept small due to resource constraints.
It can be rightly said that innovation is an important business strategy. In order to attract consumers and not let them go to the rivals, businesses create new ideas and products. Also, the consumer preferences keep changing over time due to which implementing innovation as a business strategy becomes even more crucial. Innovation can be practiced by organisation regardless of their size, shape and culture.
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