MARK344 Lecture Notes - Lecture 11: Functional Skills Qualification, Disruptive Innovation
Document Summary
One of the most critical issues facing executives is the need for radical innovation in the value they provide to their customers, real innovation means more than producing new products which are marginally different to their predecessors. It is about the quest for delivering superior value to customers. Innovation predicting industry change: understanding innovation patterns and emergent events is key to predicting the direction and extent of change in an industry. In several important ways, the most appropriate words to describe modern markets are revolution, reinvention and renewal. In using the structure in figure 12. 2 to analyse a company situation, we accept that the changes in the market amount to a revolution. It is inevitable that radical market and customer change provides disruptive pressures for the established players in the market. The challenge for them is to understand the specific changes unfolding and where they are going, and to respond with coping and adaptation mechanisms renewal.
