Analysis of Innovators and Early Adopters

This assignment requires an in-depth analysis of innovators and early adopters in the context of market-oriented behavior, product innovation, and firm performance. It involves reviewing literature on leadership styles, diffusion of innovations, and user innovators to understand their impact on business success. The assignment aims to provide a comprehensive overview of how innovators and early adopters drive growth through innovation.

Mid Market Innovators

Table of Contents
EXECUTIVE SUMMARY.............................................................................................................1
INTRODUCTION...........................................................................................................................2
Literature Review.............................................................................................................................2
Analysis............................................................................................................................................3
Mid market innovators and overall strategies, pricing approaches used to develop business....3
Challenges faced by incumbent businesses.................................................................................4
Summary of findings........................................................................................................................5
RECOMMENDATIONS.................................................................................................................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

EXECUTIVE SUMMARY
Innovation is a term used for introduction of a new range of products, processes, services
or activities in marketplace or addition of value to existing commodities. This is done so as to
meet the needs, requirements and demands of consumers in modern world. Mid market
innovation is a new concept that has been emerging within Australia. This largely reflects that
medium term enterprises within the country are focussing upon the aspect of innovation to gain a
strategic edge in market. Mid market innovators are bringing improvised goods for customers so
as to enhance their sustainability as well increase their current profitability across global market
scenario. This improvisation is based upon enhancement of existing user friendliness, systems,
potential, components and capabilities. Mid market companies are continuously driving the focus
of their workforce towards innovation to gain recognition in market and increase their stake. This
becomes essential as every medium term enterprise intends to gain a larger share in market to
enhance their status to large organisation. It has been analysed that in middle market especially,
organisations that consider themselves to be bringing rapid innovations are more likely than less
innovation driven enterprises to experience a growth in revenue of approximately 10% or even
more every upcoming year. It has been recommended that economic pricing strategy is adopted
by mid market innovators to easily facilitate the introduction of innovation within the
marketplace.
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INTRODUCTION
Mid market innovators are medium scale enterprises that are involved in bringing about
rapid innovations within market. Such organisations are adept at innovations and use it as a
driving force to gain sustainability in marketplace. This concept has gained recognition in
Australia. Such companies are striving to become successful by way of effective implementation
of more than half of the innovation projects within the organisational premises (Agarwal and
Shah, 2014). In modern world, Australian mid market firms are using this as a tool to gain an
edge over rivals and enhance their existing growth and profitability rate. This essay is based
upon mid market innovators becoming popular in Australia. It comprises of overall strategies and
pricing approaches used by these innovators to develop their business. Also, the reasons behind
mid market innovators becoming successful are explored. Besides this, challenges faced by
incumbent companies in relation to innovation have been discussed.
Literature Review
Based on different findings, which was done by various authors and scholars on mid
market innovators, it can be said that Mid-market organisations that has kept its focus on
improving their own profit margins are often subject to stricter regulations rather than any other
small business firm (Seuntjens and et. al., 2015). After looking at different perspectives, it is
being summarised that both marketing along with the organisational innovations are some of the
things that actually plays an important role in middle markets of Australia, but many appear to
prioritise innovations related to their primary focus (service innovation (17%) or product
innovation (17%)) and mostlly firms have kept their focus on process innovations (53%)
(Aitken-Palmer, 2015). According to the book “Ten Types of Innovation” which was given by
Larry Keeley, which stated that middle market of a country if carry a huge number of innovation,
firm’s will automatically start gaining heavy advantages. This is being mentioned by because this
makes it difficult for rivals to basically copy their business practices, and this leads to secure an
effective and unviable position at marketplace. Reassuringly, mid-market firms appear to be
implementing multiple types of innovation (Sheaff and et. al., 2016).
On the other hand, there are a range of business firms (in middle market) was basically
interviewed and this carried a range of antithetic backgrounds. Here, information which was
carried out in terms of size, a few business firms were definitely was worth considering $50
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million as over annual turnover (1st bracket), and apart from this, many middle organisations
were having $20-50 million annual turnover (2nd bracket), and along with this, there were many
business firms that are having around $10-20 million annual turnover (3rd bracket) and this came
in front when the innovation has been kept as their first priority (Baussola and Bartoloni, 2015).
Henceforth, it is recommended that in order to become a successful business organisation
in middle market, it is required for companies to bring innovative approaches as much as they
can so that no other company could copy the strategies which is being adopted by the company.
It is necessary for a mid market innovator to focus on doing proper analysis of market and of
strategies which has been followed by rivals and then take decisions if it is right for them to
bring innovation among their company or not (Vuong, 2014). Because, failure into this may lead
an organisation to deal with a range of losses which might they would not become able to cover
up because of heavy investment done on the innovation (Pacelle, 2016).
Analysis
Mid market innovators and overall strategies, pricing approaches used to develop business
Mid market innovators are being considered as medium sized business organisations that
basically keep focus on bringing innovation in products, service, process, marketing and
organisational in order to gain competitive edge. In terms of Australia, mid market innovator's
revenue basically stays in between AUD$10 million to $250 million, Apart from this, mid
market business organisations have carried a market contribution of $435 billion annually on
Australian economy. As given in a report of GE Capital Mid-Market which was formed in 2014,
there were around 27,500 mid market firms were doing operations at marketplace (Belka, 2015).
Apart from this, mid market innovators basically uses different innovative strategies in
order to gain competitive edge. This could be understood with an example of where a company
basically made the decision to collaborate with external firms to boost themselves up and do not
uses internal resources like hiring new employees and so on. With the help of this, organisation
basically gain expertise and can easily face challenges. Other than this, a few companies try to
enhance their brand image with the help of different ideas and considering them as their
strategies like “Innovation Olympics”. Under this, employees of the company compete with each
other to brought up the best ideas (Wellner, 2015). Through this, best idea could be easily
discussed and implemented as well for the betterment of the company. This basically help
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companies in improving their business within the Australian Market (Boutellier and Heinzen,
2014).
Along with this, mid – market innovators uses a range of pricing approaches in order to
improve their profit margins or to sustain at marketplace like penetration pricing. price skimming
and so on because they carries a thinking that innovation which has been brought by them is not
being provided by any in the same market. A good example here, can be taken is of Bench which
was found in the year of 2011 which was basically coming under mid market innovation segment
in 2015. It is one of the leading integrated performance marketing platform that is now used at
global level by top brands and agencies. The company is still following the penetration pricing
approach in order to improve its consumer base. Since, the company is leading, it is may be
possible that in near future, Bench may change its pricing strategy from penetration to skimming
pricing strategy.
Challenges faced by incumbent businesses
Mid market innovators are largely driven by a willingness to encourage diversification
and expansion in terms of use of digital technology and innovation. This facilitates companies
within the mid-market of Australian businesses to bring continuous and rapid innovations. But
while bringing innovation to shape the experience of customers in a unique and creative way,
there are certain challenges that are faced by incumbent business organisations (Chatterjee,
2014).
The introduction of the concept of mid-market innovation within Australia is a key
disruptive force. Such business enterprises are increasingly bringing innovations in terms of new
products, services, methods or procedures. Innovation is at times, also in terms of value addition
to existing goods and amenities. Incumbent mid market business organisations within Australia
are transforming the dynamics of many business sectors within the country like agriculture,
healthcare, construction, education, insurance and transportation (Ortt and et. al., 2017).
However, rivals organisations are still not aware of their existence within marketplace. Although,
mid-market innovators are a key step for Australia in bringing transformational change so as to
become a global economic superpower. These entities have largely been posing threat to already
established manufacturers across the global market. The extent of this is so much that they can
even lead to wiping out of incumbent businesses within Australia (Grose, 2014). The possibility
of this taking place within the country is huge and it is essential that a controlling check is done
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to decrease its widespread impact on incumbent business organisations. Incumbents that are a
large part of capital and scale intensive B2B industries have become vulnerable owing to the fact
that customer branding does not hold much significance there. Yet another challenge faced by
incumbent businesses are changes in operational systems that need to be done so as to bring
innovation within marketplace. An effective operational system that is aligned with newly
brought innovation serves as a driving factor that assists in making the company increase its
stake in market. Automating the processes within business organisation can bring ease in relation
to capacity constraints and also increase the deliver ability of enterprise (Dedehayir and et. al.,
2017).
Summary of findings
With the help of above findings, it can easily be summarised that mid market innovators
plays a crucial role for Australian market and carries a heavy impact upon overall economy as
well. Apart from this, operational challenge are being considered as one of a major challenge
which could basically lead a business company to face number of issues like loosing the
competitive edge and so on. Away with this, it has also been summarised that, companies that
are coming under this sub sector are needed to use different pricing strategies rather than staying
on just one just after making modifications as well (Jones-Schenk, 2014).
RECOMMENDATIONS
From the above discussion, it has been recommended that companies in mid market
should realise that introduction of innovation in terms of products, services and processes is a
key driver for ensuring the growth of businesses. Also, it is suggested that mid market firms
make use of effective strategies to facilitate innovation within organisational premises. Such
companies should become effective and frequent innovators who encourage generation and
implementation of new ideas. This tends to enhance the current growth and profitability rate of
entities operating within global business. Also, by putting a key focus upon bringing innovation
within marketplace, mid market innovators can strive to get more return on investment.
Away with this, it is also recommended for mid market innovators to basically analyse
the market first and then adopt a specific and unique pricing strategy. This could help the
organisation in expanding their business at international level and may also offer them an
opportunity of gaining competitive advantages. Along with this, it has also been recommended to
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the business organisations to collaborate with companies that are already having good image at
Australian market. This will directly lead them to gain expertise and would lead them to hit their
targets in specific time frame. Conducting activities related to corporate social responsibility
every month will basically lead organisation to improve its image at both domestic and at
international market as well.
CONCLUSION
From the above discussion, it has been concluded that innovation is one of the driving
factors that shape the organisation's existing condition towards success. Also, it has been
analysed that the concept of mid market innovator has been widely becoming successful. Such
companies are largely bringing transformations in marketplace largely to ease the experience of
customers. Besides this, it has been analysed that medium term enterprises across the globe can
make use of innovation to gain recognition and turn into large scale enterprises in due course of
time. In addition to this, it has been assessed that mid market innovators make use of effective
strategies like 'Innovation Olympics' and pricing approaches to ensure their sustainability within
specified industry.
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REFERENCES
Books and Journals
Agarwal, R. and Shah, S. K., 2014. Knowledge sources of entrepreneurship: Firm formation by
academic, user and employee innovators. Research Policy. 43(7). pp.1109-1133.
Aitken-Palmer, W., 2015. A market-based approach to 3d printing for economic development in
Ghana.
Baussola, M. L. and Bartoloni, E., 2015. Persistent Product Innovation and Market-Oriented
Behavior: The Impact on Firms' Performance.
Belka, M., 2015. 3. Mid-term growth perspectives for CESEE. The Challenge of Economic
Rebalancing in Europe: Perspectives for CESEE Countries. p.21.
Boutellier, R. and Heinzen, M., 2014. Pirates, Pioneers, Innovators and Imitators. In Growth
Through Innovation. (pp. 85-96). Springer, Cham.
Chatterjee, D., 2014. Leadership in innovators and defenders: The role of cognitive personality
styles. Industry and innovation. 21(5). pp.430-453.
Dedehayir, O., and et.al., 2017. Innovators and early adopters in the diffusion of innovations: A
literature review. International Journal of Innovation Management. 21(08). p.1740010.
Grose, T. K., 2014. To market, to market. ASEE Prism. 24(4). p.22.
Jones-Schenk, J., 2014. Mind the Gap or Miss the Bar: Pushing Through to 80 by 20. Nurse
Leader, 12(3), pp.43-46.
Kannisto, P., 2016. “I'm not a target market”: power asymmetries in market
segmentation. Tourism Management Perspectives. 20. pp.174-180.
Jones-Schenk, J., 2014. Why implementing corporate innovation is so difficult. Business
Horizons. 57(5). pp.647-655.
Ortt, R., Dedehayir, O., Miralles, F. and Riverola, C., 2017, June. Innovators and early adopters
in the diffusion of innovations: A literature review. In ISPIM Innovation Symposium (p.
1). The International Society for Professional Innovation Management (ISPIM).
Pacelle, W., 2016. The humane economy: How innovators and enlightened consumers are
transforming the lives of animals. New York: William Morrow.
Seuntjens, J. and et. al., 2015. MO‐DE‐BRA‐04: The CREATE Medical Physics Research
Training Network: Training of New Generation Innovators. Medical
physics. 42(6Part28). pp.3557-3558.
Sheaff, R. and et. al., 2016. A qualitative study of diverse providers' behaviour in response to
commissioners, patients and innovators in England: research protocol. BMJ open. 6(5).
p.e010680.
Vuong, Q. H., 2014. The harsh reality of pursuing innovations: Emerging market perspectives.
Wellner, K., 2015. User innovators in the silver market: An empirical study among camping
tourists. Springer.
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