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Importance of Innovation in the Emergence of New Ventures: A Case Study of Extendo Flights
Added on -2019-09-20
This paper discusses the importance of innovation in the emergence of new ventures, with a case study of Extendo Flights. It highlights the characteristics of innovation and the need for an innovative culture in organizations. The paper also provides recommendations for organizations to become more innovative.
| 9 pages
| 2001 words
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AbstractInnovation plays a critical role while launching of a new business or product. The once so reliable techniques and tools which were used for introduction of new enterprises do not work well owing to the emerging characteristics of the networks. Therefore, it is important for the innovators to rise above the efficacy of promotions, advertising, sales force etc. in order to become successful. Therefore, executives have to be innovative in order to bring innovations intothe marketplace. There is a need to understand social, commercial as well as physical networks so as to develop new innovation tactics.
Table of ContentsAbstract............................................................................................................................................1Introduction......................................................................................................................................3Discussion........................................................................................................................................3Literature Review........................................................................................................................3Critical Evaluation.......................................................................................................................6Conclusion.......................................................................................................................................7Recommendations............................................................................................................................7References........................................................................................................................................9
IntroductionThe innovation strategy can define the important role of innovation and a direction for execution of this innovation. The organizations need to interact with the customers to take an execution andpragmatic-oriented view. Further, a common understanding has to be developed for defining the purpose of the innovation strategy and the ways to commercialize the new ideas. The word innovative strategy must emphasize on the something that impacts the company potentially and does not merely include incremental product lines extensions. This paper focuses on emergence of the Extendo Flights. Extendo Flights is the new airline base set up in the North America, dealing primarily in the domestic base. The organization has to operate in a highly competitive industry. The flights have been started keeping in mind the new demands of the customers and scarcity of the good domestic flights. The executives of the flightswere seen to address the necessity of the efficient domestic flights and to reduce the problems encountered by the customers. The organization has understood the importance of innovation in the field so as to connect with the customers and resolve their issues. The organization aims to maintain strong brand loyalty and customer service, along with keeping innovation as an integralkey in its functioning. Along with coming up with the demands of customers like comparative low fare, high interaction with customers, fulfilling their needs etc. Discussion Literature Review21st century have been agreed upon as the era based on information, knowledge and innovative economy. The success of the organization is seen to be dependent on the experience, knowledge,
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