The consumer is ready to pick innovative products and services provided they satisfy the customer needs and fill the gaps. A company needs to understand the changing consumer attitudes and behavior and be clear on their target consumer and what appeals to them. They can then devise a product which fits the mindset of the target consumer.
Innovation is a constant process and it is not a new term it has existed since centuries where innovators have had the same passion. Innovation can come from anywhere or anyone inside or outside an organization. The main ingredients of successful innovation are a fresh perspective, a diverse source of ideas, and an open environment.
However, a policy of innovation will only be successful, if it is pursued systematically and upon a strategic basis.
What qualities are shared by Cadbury’s Schweppes, the European candy and beverage company; Tata Motors, the Indian auto maker, and Google, the superstar of Silicon Valley? What links Caterpillar, of earthmoving equipment fame, with Apple, the nimble conjurer of Ipod Nano, and Adidas, the german purveyor of sportswear? What does Toyota have in common wit Christian Dior?
All these companies spend less than their competitors on research and development, yet outpace their industries across a wide range of performance metrics. They are amongst the world’s high-leverage innovators.