In and increasing globalization. This in turn reflects market

In this highly
competitive and fast paced economy, businesses fight to be dominating world
markets. The business environment in today’s world is experiencing significant
changes such as increase in competition, advancement of technology and
increasing globalization. This in turn reflects market opportunities for
development to business firms. Market development refers to a type of business
strategy by which a business tries to expand to new groups of buyers for its
existing products, meaning to expand to untapped markets. Moreover, what can be
held from this is that in order to survive in this ever-changing economy, and essentially a key factor,
is the concept of innovation. The notion of innovation can be interpreted and
executed in many different ways. With the main four types of innovation being
incremental, disruptive, architectural and radical, firms can implement one of
these types as a business strategy in order to enhance their competitiveness in
the market. Taking Japan as a compatible example shows how innovation can
develop an economy into one that is now highly developed and market orientated,
accommodating some of the worlds leading industries such as motor vehicles and electronic
equipment to just name two. Japans economic outlook has been very interesting
and has experienced spectacular growth in three different periods, in
particular post the defeat of World War 2 in 1945 when the island nation rose
to become the one of the worlds largest economy. Currently Japan is amongst the
leading innovation countries, as well as being the world’s third largest
economies.

 

Innovation is a
key term, which is the basis of the point to be expanded in this essay, being
that of the use of innovation within Japanese firms.  With the concept of innovation already
highlighted the main type of innovation that will be focused is radical
innovation. Amongst the two opposing types of innovation namely radical and incremental
innovation, there is a crucial factor distinguishing them. To start with,
innovation involves introducing a new concept towards existing products or
services to make them better. Innovation is
“the process of translating an idea or invention into a good or service that
creates value or for which customers will pay (www.businessdictionary.com,
2014).” Creativity can overlap
with innovation where creativity is the idea, innovation is the process to
implement the idea into real product or service, both of which are import to
businesses.

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