100%(8)8 out of 8 people found this document helpful
This preview shows page 3 - 5 out of 6 pages.
RUNNING HEAD: Planning Process for Innovation3Likelihood of Strong Competitive ResponseLikelihood that the Potential Competitive Advantage is SustainableAbility to Create StandardsCost Factors in CommercializationResources Available for CommercializationLevel of novelty of the innovationCost considerations in developmentOther opportunities that could be leveragedPotential area where damage might occurLet’s look at Nike, Inc. and apply six of those factors to evaluate their business and if they are technologically moving forward with innovation. Demand for product is the number one factor for a company since they want to ensure the products, they sell are the most advanced and up to date with technology. For example, they are releasing a new footwear innovation system in Summer 202 called Nike NEXT% line which is engineered footwear with measurable performance benefit. “NEXT% is all about creating more efficient intersections between the body and technology to enable athletes to shatter personal boundaries — and sometimes, as our athletes have shown, break records. It is the ultimate meeting of sports science and purposeful design” (Nike.com, n.d.). Nike products are in high demand all around the world so they must be innovative with new shoe designs that will take athletic wear to the next level and appeal to all types of athletes regardless of their fitness level.
RUNNING HEAD: Planning Process for Innovation4The next factor we should review is likelihood of strong competitive response since Nike,Inc. is the number one leader in sportswear and athletic apparel, they must stay on the competitive fore front. Nike is always looking for ways to outshine the competition with new trends and technologies that will keep them ahead of the others in the industry.