Companies can have problems with innovation when it comes to not wanting to change what they currently have and worrying they will make mistakes and fail. Failure is not a bad thing as long as you can learn from the mistake and move on in a positive direction and are able to cope with the failure.
“ Making mistakes can be the quickest way of learning” (Mckeown,2008)
Learning from these mistakes could then eventually help develop a product and the company having greater knowledge of what not to do wrong next time.
“ Making mistakes can be the quickest way of learning” (Mckeown,2008)
Learning from these mistakes could then eventually help develop a product and the company having greater knowledge of what not to do wrong next time.
http://www.valuebasedmanagement.net/methods_rogers_innovation_adoption_curve.html
Rodgers diffusion of innovation theory -
It is important that companies continue to try to change their products and meet any new customer needs. Any product will have a life cycle which means that after a while the sales of the product will start to fall as competitors bring new things to customers. If a company depends too much on a product that gets older and older and doesn't get a new product in early enough then the company will start to see sales drop.
Marks and Spencer are experiencing good business forture after they used
innovation to turn their business around.
According to a recent article in "This is Money" ".... a range of innovative
products were also driving sales, such as its Nearly Naked lingerie range,
which is designed to disappear under clothing, and its water-resistant
Stormwear suits." (This is money.co.uk, 2011)
Rodgers diffusion of innovation theory -
It is important that companies continue to try to change their products and meet any new customer needs. Any product will have a life cycle which means that after a while the sales of the product will start to fall as competitors bring new things to customers. If a company depends too much on a product that gets older and older and doesn't get a new product in early enough then the company will start to see sales drop.
Marks and Spencer are experiencing good business forture after they used
innovation to turn their business around.
According to a recent article in "This is Money" ".... a range of innovative
products were also driving sales, such as its Nearly Naked lingerie range,
which is designed to disappear under clothing, and its water-resistant
Stormwear suits." (This is money.co.uk, 2011)
In the 1990s it was a different story. Marks and Spencer didn't innovate,
they kept trading the same way as before. The product life cycle of a lot of
their products and services went into declide. Even as late as 2004, the BBC
were reporting that Marks and Spencer had got into trouble.
"Today, Marks & Spencer is often mentioned in the same breath as "dire",
"downturn" and "struggle". (Richardson, 2006)
they kept trading the same way as before. The product life cycle of a lot of
their products and services went into declide. Even as late as 2004, the BBC
were reporting that Marks and Spencer had got into trouble.
"Today, Marks & Spencer is often mentioned in the same breath as "dire",
"downturn" and "struggle". (Richardson, 2006)
References
Mckeown, M. (2008). The truth about innovation. Prentice Hall; 1 edition.
Richardson, B. (2006, April 14). Is Marks & Spencer's decline terminal? . Retrieved 1 19, 2012, from BBC NEWS: http://news.bbc.co.uk/1/hi/business/3624961.stm
M&S remains cautious despite trading success. (2011, May 24). Retrieved January 19, 2012, from thisismoney.co.uk: http://www.thisismoney.co.uk/money/markets/article-1724301/MS-remains-cautious-despite-trading-success.html#ixzz1jwTPlRBx
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