BUSINESS INNOVATION

Business Innovation Reflective Journal



Business Innovation Reflective Journal

Introduction

For the purpose of creating and understanding the changes and the challenges that rise with business innovation, not only does it make way for a better understanding and comprehension of how business excel, but how limiting to standardization can reduce one's ability and capacity to make way for future, forecasted progress and outcome.

What are main problems HomeStar has in innovation management?

Innovation implies making constant and continuous improvement, which not only maintains the image of the company, but also grabs the attention of both current and potential customers. With innovation strategies and tactics, if rightfully installed and implemented, not only does it make way for a better understanding and comprehension of how the market responds to any changes that are being made.

One major aspect of innovation to begin with is the kind of response that it would receive in the long-run. Here, the kind of customers and the targets that are being made not only change the course of development for the business. Depending upon the product quality and the value offering that is being intended to customers and consumers is of prime importance since their demands and their unique preferences play a pivotal role in deciding the company's proposition (Davila, Epstein and Shelton, 2006, p.7).

Considering the case of HomeStar, the core factor that have not been able to maintain their ground is that, somewhere in the midst of developing their strategy and the product development phase, they have not been able to inculcate the preferences, features, characteristics and choices that have been intended in the long-run which not only make way for progress and interpretation. It is because of the absence of customer demands and their requirements that the company is beginning to lose its ground altogether.

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