Introducing a new service or product which a customer is not familiar with, either by pioneering changing the quality or an existing product or pioneering a technology of novel, could ensure a business a share of the high market. The reason is that because it is considered early movers. Companies that employ this strategy are also able to charge the high prices from people in the very short term for their services and products as well. As they can recover their large investment before of entering a competitor in the market against them that gives a great benefit to them.
Improvement Of Internal Processes:
The organization restructuring also includes a great improvement in the internal processes. Changing the way in which the things are done in an organization, can bring about the dramatic reductions in price.
In this form, the new ideas can include the elimination of non-value adding activities and also improving their value. The same thing can also extend to services delivery, where the companies can improve their interaction with the customers and provide them satisfaction by the remodeling of channels by using which their product can reach the end user. Nowadays most of the organizations are interacting directly with the customers by using the application on smartphones and corporate websites to sell the services or products, gauge customer satisfaction and promote the new products.
Assumed The Customer Value:
The value of a customer is assumed to increase when a product or service does what it says it will at prices consumers perceive to be a bargain. The innovative business strategy concern itself producing the goods that meet the identified the needs of the customer at the estimated prices of the market.
The organizations that pay attention to the value of their customer will enjoy the loyalty of their customers who are satisfied with their services or product and making the repeat purchases. This also ensures the utilization of the higher productivity, capacity, profit maximization and the increased market share as well.
Replacing or improving the existing processes or the products can become a positive effect on the business innovation. It depends on the level of efficiency that an organization attained and the quality of their product or services. An efficient system of the production can imply that there is a great reduction in raw material and wastes used. It will increase the value of your organization services or products.