Have better competitive advantage Target is one of the world famous discount retailer. Target is always come together with Walmart. Walmart is the biggest competitor of Target. Target had undergone a great innovation before. At first, product of Target is about style and fashion and therefore its products’ price are always higher. Walmart is all about low price. Thus, when there is inflation and global recession in the year of 2008, revenue of Target dropped. The customers are turning away to Walmart as they think that the fashioned and styled products means higher price.
Gregg Steinhafel, the CEO of Target implements a new strategy to the company. Target undergoes transformation. The types of product sell increased, included grocery products and meat products. The CEO implements ‘one stop shopping experience’ to customers. This provides a better competitive advantage to Target. As a result, the revenue and profit of Target rises and become one of the world famous retailers. Meet customer needs and wants Needs are never static, they change and develop over time. Thus, human needs and wants change with time too.
New trends in fashion, spending power, concerns for the environment and a lot more factors will influence consumer needs and tastes (Industry, 2013). For example, the high-tech electronic devices such as plasma personal notebooks and smart phones are the products of creativity and innovation. Nowadays, technology became more and more advance, people chasing for high-tech products and seeking for convenience to reduce the time taken when doing a task. Personal notebooks have more and more functions such as touch screen window and become smaller in size so that it is convenience to bring out.
Smart phones such as Samsung galaxy series and Apple iphones also become more advance, the camera pixel become higher and higher, the outlook of smart phones become more attractive and application to used become more useful to public. ? 2Discuss the two components of innovation and how to foster or cultivate both components in organizations. (Note: select your preferred organization and apply to your discussion. ) The two components of innovation are creativity and risk taking. This can be shown in an equation. innovation=creativity ? risk taking
As we know, restaurant is a place for us to dine in or to have a tea time with our friends and family. Although some gourmet restaurants have nice and warm atmosphere for dining, customers still would be more preferable on some special elements that can be added into the restaurants. Nowadays, there are a lot of themed restaurants such as maid cafes. The main group customer of the maid cafes is male otaku (fans manga, anime, comic book and video games. ). In the maid cafes, waitresses are wearing maid costumes. This idea is came from cosplay, a Japanese subculture.
Maid cafes is originated at the year of 1998. The first maid cafe is Cure. The reason that maid cafes will open is because of the idea that generated from Japanese otaku. The Japanese otaku who realized the appeal of arriving home to be greeted by a cute girl in a traditional French maid’s uniform, the cute girl would smile, welcome him with sweet words, and tend to him throughout the evening (kurokiirocafe, 2011). The maid cafes is taking risk because there is no any other themed-maid cafe before. They foresee the consumer will prefer specialize theme restaurants.
So, they implement their new creative idea, and taking risk to open it after discussing about the future path of the maid cafes. Now, the maid cafes is a great succeed. And more and more theme restaurants is opened such as Wooden Tornados. ? 3‘Necessity is the mother of invention. ’ Do you agree with this statement? Justify your answer with appropriate examples. First of all, what is invention and necessity? Invention is discovery and creation of new things or materials and processes from new ideas (What is an invention? , 2010).
Necessity is the elements and needs that people required to continue living. So, is necessity come first or invention come first? Invention and necessity are closely dependent on each other. They rely on each other, and cannot be separated. Somehow, they are two different things. But their relationship is unique. Necessity brings invention, but as time passed by, products that invented might become necessity to people. For example, the invention of light bulb by Thomas Edison. Before the invention of light bulb, people used candles at night to lighten their place.
Before the invention is succeed, the other scientist sneer at him that the experiment carry out for the invention of light bulb is a useless investigation. Somehow, after Thomas Edison successfully invented light bulb and after light bulb undergo a series of innovation and improvements, light bulb is now become essential and is a necessity to us. Besides, people need communication for sure. People contact each other and exchange information among each others. At the ancient time, people that live in different place keep in touch by using a pigeon to deliver their letters.
After that, in 19th century, the delivering of letter is done by a postman. Somehow deliver a letter from a country to another country or from a state to another state is very time consuming. Thus, people invented something new to replace the traditional communication method. People had invented telephones, mobile phones, computers and fax machine to help them to deliver their message is a faster and more convenience way. With the use of these advance technology products, messages and information can be delivered and transferred simpler, easier and faster in just a few minutes or even a few seconds.
As time passed, people become more and more rely on these products and nowadays, mobile phones and computers had become a important tools of communication. And for some people, mobile phone and computer are necessity. Furthermore, ancient people are living in the caves and on the trees. Somehow, nowadays, people living in shelter. People invented a permanent and protective shelter to stay. During ancient time, people that live in cave and live on tree are threatens by wild animals such as wolf, tiger and snakes.
As time goes on, people invented shelter like cabins and cottage. And now, shelter become necessity of human that provide them physical protection. In a conclusion, there is no denying that necessity is the mother of invention. The ideas of invention are inspired and came from human daily necessity. Somehow, these inventions might probably become human necessity one day in the future. ? 4 Pick a business in the community, and find a creative way to change either the product/service or the way it is delivered to customers.
Provide justification on how does your innovation add value to the business for a sustainable competitive advantage? Louis Vuitton (LV) is the world famous luxury brand. Its products are made of animal skin such as calf and crocodile. Its leathered products are high in quality and had long durability. Somehow nowadays, some animals are threatens by extinction. Besides, people nowadays are very concern about environment and health matters. So, LV can introduce a handbag which is made of cotton or eco-friendly materials such as hemp and organic cotton.
The bag that made of cotton is definitely more eco-friendly and environmental friendly. Moreover, cotton bag is easier to clean as compare with LV leather handbag. This brings a lot of convenience to its customers. The quality of the new product can be maintained by the expert craftsmen of LV. In a conclusion, there is no denying that cotton bag had add value to LV, which LV never introduce any cotton products and handbag that made by eco-friendly materials. With the introduction of new product, LV increases its product line, and can enter a new niche market that its competitors never enter.