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Economy Change, Continuous Innovations in Companies

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In an economy of change, continuous innovation is necessary. Most companies rarely innovate, some innovate occasionally, and a few innovate continuously. Why should a company continuously develop new products?

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Solution Summary

The economy change and continuous innovations in companies are examined.

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Innovation

Globalization, cross border trade and trade liberalizations have changed the way of today's business environment. It has opened the doors of numerous opportunities such as market expansion, large customer base and market etc. for the organizations. However, it has raised few challenges too such as increased customer expectations, increased quality demand and increased competition etc. In order to meet these challenges and achieve competitive advantage in a rapidly ...

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