The Ability to Devise Innovative Strategies (Essay Sample)

The Ability to Devise Innovative Strategies
The increasingly dynamic business environment, coupled with technological advancements, requires entrepreneurial organizations to embrace innovation as its key component. Innovation continues to be a significant concept in today's continuously changing business world, as it was yesterday. The success of any company aspiring to be successful relies on its ability to devise innovative strategies for them to retain and gain new markets. Therefore, an aspiring successful business enterprise should constantly strive to invent new ways of operations to enhance efficiency and cut its market segment. Innovation can help entrepreneurial organizations improve customer satisfaction, increase market share, adapt to the ever-changing workplace dynamics, and maximize globalization connectivity.
Improve Customer Satisfaction
The main aim of a business establishment is to improve customer satisfaction, and innovation has enhanced this possibility. Customers’ needs have continued to change due to empowerment by the wide range of choices available in the interconnected digital world. According to Lee and Yoo (2019), customers have more expectations and choices, and business organization should create and invent products and services that value and respects them. Innovation enables companies to learn and respond to the emerging needs of their clients. Consequently, a business's ability to be a ring leader in the market depends on the innovative methods it employs that allow it to be the first to develop products that meet customers' needs ahead of its competitors, who may not have employed the same strategy.
Innovation to Increase Market Share
Innovation is critical in helping companies devise methods of increasing the market share of their business. Organizations spend a lot of resources to sponsor the creation of ideas and develop innovative models for increasing their market niche. For instance, companies have invested in social media platforms that make it possible for small-scale enterprises to access previously inaccessible markets. Additionally, innovation in the internet has enabled companies to get immediate feedback on how to improve on the products and services they offer to their clients (Purcell, 2019). Consequently, innovation has been an effective strategy in expanding the business' reach, thereby increasing its market share.