Entrepreneurial Organizations and Innovation Opportunities (Essay Sample)

Entrepreneurial Organizations and Innovation Opportunities
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Entrepreneurial Organizations and Innovation Opportunities
Entrepreneurial organizations seek innovation opportunities to adapt to emerging economic trends, respond to competition, and meet current and potential market demands. Innovation is crucial to all business processes that help improve and introduce revolutionary products and services. Responding to the present and future consumer needs increases the survival status of the start-up firms in the market. Therefore, entrepreneurial organizations seek innovation opportunities to ensure customer satisfaction and retention, maintain and improve competitive advantage, increase market share and maintain sustainable long-term growth.
Consumer Satisfaction and Retention
Entrepreneurial organizations seek opportunities for innovation to develop strategies that ensure customer satisfaction and retention. Diaw and Asare (2018) noted that customer satisfaction represents the organization’s ability to meet consumers’ demands and preferences beyond their expectations. Maintaining consistent consumer satisfaction levels improves purchase intentions and customer loyalty, leading to better retention. Innovations in marketing, company procedures, and technological capabilities help improve consumer satisfaction by providing better products and services in the market (Diaw & Asare, 2018). Seeking innovation opportunities also helps identify existing market trends, predict potential changes and promptly provide innovative solutions to