Types of Innovations Driving Global Growth Strategies (Essay Sample)

Types of Innovations Driving Global Growth Strategies Student’s Name Institutional Affiliation Course Professor’s Name Due Date Types of Innovations Driving Global Growth Strategies Innovations help companies make their mark and continue developing in an ever-evolving world. Innovations look at areas that still outline specific gaps and seek to close them or respond to them. Some of the major innovations driving global growth strategies look at the need to improve existing products and their quality, offer better and cheaper services, or improve the efficiency of a product to better meet the customers’ needs. The different types of innovation that instigate global growth strategies entail performance-improving innovations, efficiency-enhancing innovations, and market-creating innovations. Performance-improving innovations seek to replace old or existing products with upgraded models. These innovations analyze or assess existing products and look for ways to make them better and more effective. Performance-improving innovations ensure that products are better than they previously were (Morris & Oldroyd, 2020). For instance, automobile companies or phone companies continuously seek to offer better models of their products. For instance, iPhone phones continue improving their products, performance, and quality to assure clients that they offer better products and services every time they come up with new models. Performance-improving innovations aim to improve the performance and quality of products. Customers appreciate updated products and services because they understand the different aspects of the products and services that are improved. These replacements may limit the sale and purchase of old models. Still, they help companies maintain a competitive edge because they will continually acquire new customers or retain the old ones. In addition, efficiency-enhancing innovations help companies produce and sell existing products at lower costs, thereby attracting new customers. Efficiency-enhancing innovations improve process and efficiency for workers (Morris & Oldroyd, 2020). The primary role of this innovation is to improve efficiency in the production process while cutting down on cost. The effort seeks to help produce quality products while customers pay less for these products. The outlined process achieves its purpose effectively by making products cheaper. The employees will work better, while customers will receive high-quality products at a lower price than they initially did. Market-creating innovations are essential innovations that offer something different than what the market initially had. These innovations seek to revolutionize the market by noticing what might not be available in the market and working towards offering different but effective products. Market-creating innovations create a new type of consumer or new market. Market-creating innovations keep up with technological advancements and seek to revolutionize the world by offering something new or something different (Morris & Oldroyd, 2020). For instance, people quickly shifted to smartphones upon their invention because they offered better services and influenced better results. The invention of smartphones allowed people to utilize the different services and resources that computers offered. People could communicate through mail and different platforms on their phones rather than using their computers. Importantly, smartphones are portable, thereby making it easy for individuals to access different features to impr...