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Unformatted text preview: Ashley Fitzpatrick, MKT 4337, MW 2:00 Class Innovation: The Key or Destruction? The article begins with the idea that only those who innovate become the leaders. Also noting that innovation involves high risk, and sometimes, for a certain few, a high reward. It is also stated that although innovators seem to hold the top position, competitors can and will imitate or improve the product. The dilemma with innovation is that nine of 10 products fail, and because of this figure, 10 billion dollars is lost annually. Product life cycles are shorter because competition is so fierce. Competitors will find a way to imitate your product or improve it, thus taking away some of your target market. Lastly, the consequence of brilliant innovation is “lavish” reward. Hodock brings up the example of nylon to prove the success of an innovative idea and its continuous revenue. Hodock explains that every product has a lifecycle. He states that improved or modified products are developed to keep the product in the maturity stage, rather than to hit the decline stage. Since sales growth slows in developed to keep the product in the maturity stage, rather than to hit the decline stage....
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- Spring '11
- Branding companies, Hodock