In today’s competitive market it is important to do more than simply keep up with others. In today’s market true success comes most easily to those that are creative and innovative. Innovation is the key ingredient to thriving and to reaching the highest levels of success possible. With that, certain trends are changing the face of business administration. While the primary concern is innovation, there should be five major areas of focus:
1. Becoming innovative
2. Creating a culture of innovation
3. Assessing and defining problem areas
4. Customer-inspired innovations
5. Modern marketing
Accessing information on John Ferraro Ernst and Young is an excellent way to learn how to compete in today’s market. Modern business administration strategies not only will help set a company apart from competitors, it will also help ensure growth opportunities and optimal success.
Some people seem to be born with an abundance of creativity. These are the individuals that instinctively and intuitively try new things. Even if these traits are not something that seems to ‘come naturally’, the secrets to innovation can be learned.
The first step in the process is learning to make connections and associations. In some cases two seemingly unrelated situations or experiences may in fact have some similarities. It is often possible to adapt existing solutions to solve ‘new’ problems. In addition to learning to make associations it is important to learn to question why a solution does or does not work, or even why there is a problem at all.
This questioning process can lead to new insights, which brings about experimentation. This, in effect, can result in innovative solutions and products.
Creating a Culture of Innovation
No matter the size of a company, value should be placed on innovative ideas offered by all employees. Taking that concept a step further will help instill a culture of innovation. This can be accomplished by supporting, rewarding, and encouraging new ideas.
Assessing and Defining Problem Areas
In order to come up with innovative ideas and solutions you must first define the problem. This begins with observation. Taking the time to brainstorm in order to gather solution ideas will help fuel creativity.
One of the best ways to ‘develop’ innovative ideas is through customer feedback. This feedback may come from noted product returns, complaints, loss of sales, or simple straight-forward suggestions. Using this information to improve on products and services is fundamental to innovations.
Coming up with innovative ideas is only part of the success equation. Marketing must also be handled in an innovative way. Modern-day consumers are savvy. They expect products to be easy to use while providing the services or benefits desired. When marketing in today’s world it is important to address this.
Successful marketing will describe product advantages which will at the very least ‘justify’ product cost. Although today’s market is extremely competitive, when all of these ideas are used and the components are perfectly aligned, any business can succeed.
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