Ignous Material

Topics: Innovation, Harvard Business School, Marketing Pages: 4 (1311 words) Published: June 6, 2013

Innovate or Die

Abstract

Today, success has become an impermanent achievement which can be taken away by competitors any time. It has rather become a fundamental requisite for companies to continuously innovate and evolve according to the ever-changing moods of the customers for their survival and growth. If they fail, unfortunately, there will be no tomorrow for them.

Why Innovation?

Today, business is nothing less than war and victory is ephemeral. Sustaining a position in the consumers' mind is an on-going battle and victory can be snatched away with the blink of an eye. The continuous battle for the top spot has forced companies to constantly innovate. Very few companies are successful in sustaining their dominant position and those that are, continuously innovating. Innovation, for the new breed of companies, is all about changing the environment. It is about breaking the old rules and routinized work pattern and introducing new things with new standards. It means creating a sea change in the way a consumer performs his day-to-day activities. Most marketing experts agree that a company needs to continuously innovate and attack itself to be a consistent performer. According to Paul Greenberg (Greenberg), President of the 56 Group, LLC and the author of CRM at the Speed of Light: Essential Customer Strategies for the 21st Century, companies need a proactive (self-attack) effort to succeed in today's business world. Professor Theodore Lewitt of Harvard Business School in an article in the Harvard Business Review nearly fifty years ago, argued that, to survive, companies must constantly look for new ways to satisfy customers' needs Willem P Burgers (Burgers), Professor of strategy and Marketing, China Europe International Business School, (CEIBS) Sanghai, China, He says, "The pace of change has accelerated enormously. Thus the right approach is to attack and destroy yourself before somebody else does. Professor Burgers adds, "Self-attack means...
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