- 18 Mar, 2021
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- 1 Min Read
Innovation
Innovation
Technological advances create both new marketing opportunities and challenges. For
example in the energy market the Boston Consulting Group (2010a) has forecasted
that alternative energy innovations are closer than many think. They point to advanced
biofuels, solar power, solar voltaic and electric as starting to look more attractive as
the technological barriers are being reduced or removed. For example,
nanotechnology advances are pushing the performance of solar energy systems to
another level as they raise the level of energy collected for little extra cost. This will
make the solar energy option more cost-competitive and affordable.
Global communications accelerate the spread of news around innovation and are also
an example of technology forces combining and integrating. While the new sources of
technological invention and innovation are company led the success of bringing
products and services to market are to be found in the customer environment where
specific needs have emerged. The innovative company will normally respond at a
quicker pace than the competition, so achieving a competitive edge. For those who
respond slowly to increased levels of threats from the competition and who miss out
on the opportunity of being first to market, it can be a serious blow to their profitability:
“many players have had to resort to competitive alliances to protect the business”
(Schwartz & Markoff 2004). For example, Dell and Hewlett Packard have formed
alliances with smaller players who are facing financial