What are the Factors that Influence Business Innovation Strategy?

[Suba]

Business innovation strategy refers to finding ideas and developing new, more creative ways to increase product value and have a competitive advantage in the market. In the next stage, business innovation can also increase business profitability and sustainability.

Business innovation is not only carried out on products or services but also processes, business models, marketing strategies, etc. Large companies that have successfully implemented business innovation strategies are Amazon, Apple and Netflix.

Apple innovates products so that they are different from other products. Amazon applies innovation to business processes and services to customers that are very satisfying. While Netflix applies innovation to original content and video streaming services.

So in your opinion, what are the factors that can influence business innovation strategies?

 

[Min George]

One factor that affects business innovation strategy is the feedback the customers give about the current services of the business.

 

[Augusta]

Yes, business innovation can increase business profitability and sustainability. So it can be motivated by the business goals