Innovation Driving Service Excellence

Service innovation. Customers are open to increasingly outsourcing supply chain and logistics activities to third parties. Flexible and innovative solutions are highly important to gain and retain profitable market share.

Describe how the changes you have observed in the marketplace might lead to the need for new services.

The purpose of this paper is to show how to evaluate the impact on innovation through strategies, processes, products and services through three different organizations. The organizations evaluated are Wal-Mart, Barnes & Noble’s and the University of Phoenix. As a manager of the in original and companies, it is important that several companies find a system to pursue accordingly and maintain the focus on remaining competitive. Consumers of all three businesses will profit from innovated options such as keeping the cost of products and services at a lower cost and by offering better options for a price which will enhance savings.

This century has been full of innovation. New technologies, new products, new services, whole new industries have emerged. Yet the call for innovation in business has never been more intense. Why? Here is my list of the top ten reasons for why we need innovation. 10. For economic growth This is the most often cited reason for needing innovation. Innovation is the route to economic growth. Industries are maturing. Products are maturing. Innovation is the creation and transformation of new knowledge into new products, processes, or services that meet market needs. As such, innovation creates new businesses and is the fundamental source of growth in business and industry. 9. For

Innovation is also crucial, because it enables the company to differentiate products from competitors. The felt need will still drive the product. This starts with segmenting customers, since satisfying the needs of the mass market will no longer be that effective, unless perhaps for commodity products (Morton 2008). Market segmentation also allows businesses to determine psychographic and other behavioral characteristics (Morton 2008). This will help make a customer profile, which innovation will also respond to.

The entrance of a new competitor into a market can cause a business to change its marketing strategy. For example, a small electronics store that was the only game in town might have to change its image in the marketplace when a large chain store opens nearby. While the smaller store might not be able to compete in price, it can use advertising to position itself as the friendly, service-oriented local alternative.

Tidd et al (2000) states, “the innovation is a business process of revolving opportunity into new ideas and of putting these into widely used practice. In term of the nature, there are five major types of innovations: novelty, competence shifting, complexity, robust design and continuous improvement. While in term of the extent of change, innovations can be divided into incremental, radical and

Innovation is something that should be adopted by all companies. Business should be able to innovate constantly and bring changes to its new products or create new products to keep the interest of the customers, or else the customers will be attracted by other company’s products (Fleisher & Bensoussan, 2014, pp. 20). In order the business to innovate or bring new changes to the existing business, it is important for the businessmen to understand the essentials of innovation. This will help in innovating and staying ahead and different from rest of the companies in the business.

After analyzing the entire case, it has also been assessed that the innovation is the key factor that leads a company to the success with respect to the customer attraction. The marketing leaders of the company use to put utmost efforts to create innovation in their services in order to attract the potential customers towards the company. Few innovative services are; Facilpay, SELLSecure, Mobile Payment, Electronic in-store contract signature and a text message application.

Innovation refers to finding new ways to improve the existing products, services, processes, technologies, and employee performance in an organizational setup. In today's competitive business environment, organizations have to focus on bringing innovation in each and every aspect of their business operations; like products or service offerings, enterprise resource planning systems, marketing and promotional efforts, and organizational structure. The market challenges and competitive pressures also force organizations to use a blend of all these innovation processes in their business activities. Therefore, it is vital to give an equal focus on product innovation, process innovation, marketing innovation, and organizational innovation within the limited organizational resources and capabilities.

Different organization looks at the level of technology that competitors used in production of their services. Another crucial thing is the evaluation of what the competitor’s customer are complaining about and takes it as an advantage of attract customers to the organization (Matthew, 2010).

Being faced with a new competitor is providing free opportunity to assess the business and could even benefit from this unexpected challenge. So by treating this competition positively, first try to understand the scheme behind the entire product or service offered by the competitor, like

Competitors have to be ahead of each other in terms of having a much more advanced product that can perform what the customers need. As an example, phones are no longer just used for communications. Nowadays, its' camera and music playing functions plays a part in making the consumers interested in getting their products. Other than that, consumers are continuously looking for a better phone to perform more functions like surfing the net, emails checking and video

Victorino et al. (2005) consider service innovation as an essential element in the marketing concept because it creates an opportunity for the firm to stay

This concept explains how it is important to improve products and services continuously in order to meet the requirements of the customer and their growing needs (see Appendix for more information on the Deming’s 14 points). To become a leading pioneer in business, it requires continuous innovation and a competitive spirit. The continuous and creative innovation is acquired by providing