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Entrepreneur and Innovations

China always comes in the market with latest product equipped with many features and less cost. Customers in local market enjoy this product and feel happy to pay for. But if we look deep into it like who invented this products, then will come to know that its copy of some western product which is very costly, less featured and not easily accessible to people. US take years to bring something new to the market which never exists. e.g., apples brought iPod and iPad in market which took lots of innovation and time.

Countries like US have a slow and steady growth in their GDP. US spend lot of time, money and resources in new inventions. New innovations are encouraged and backed up with educational institutions and firms. Products are launched in longer period and are very costly. On other hand China has a rapid increase in its GDP because of regular increase in the numbers of manufacturing firms. These manufacturing firms do not spend much fund on R&D or quality control or customer support. Since the product will be the modified version of the costlier product recently launched by US new features added to make it more attractive. This methodology helped China to establish good market locally as well as on other developing countries like India, Pakistan, Nepal and made huge profit. Overall Chinese economy was boosted up and now they are capable of launching their own products in developed countries also.

Technical outcome

In US, nearly one lakh engineering student complete their studies where as in China nearly ten lakhs engineering student comes in market .Having large number of resource helps in speed deliveries of products.

Innovation to differentiate

To compete in high and low speed worlds, companies need to have plans to bring innovations in such a way that product contains new features with lesser cost targeting the common man needs.

New product should come in market with basic features and low cost to fit every man's pocket. Then modify and add features in the product so that it becomes fully loaded. Example, Nokia in mobile sector. Firstly, it opened its manufacturing units in all developing countries and launched handsets to local market with minimum features and was cost effective.

Marketing innovation to work at two speeding world

Presence of companies like Nokia in developing countries helped in fetching local talents. Products designed by them were according to their own innovations. All the strategies starting from designing of the product to sales were made locally. Even product support was decided by them. Net result was Nokia captured huge market in China, India and many of the developing countries. Nokia had different standards of products for local market for developing country and developed countries to penetrate the market. Efficiently made use of local entrepreneurs and innovations to become a successful player and was backed up by marketing dept. to reach customers along with that support dept. to solve customer's problem.

Conclusion

Generally companies following these three methods are growing efficiently and leading the market.

  • Initiative - new applications for the existing product - short term.

  • Inventive - Effort that features inventive new use for existing technology - medium term.

  • Inventing new product which was never before or does not exist - long term.

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