Amos U. Wilson, II, Belinda Cardenas, Laura Lopez, Russell Blankman
University of Phoenix
SRT/581—Strategic Planning and Implementation
Innovation Strategy Paper
Innovation strategies are critical to business success and longevity. They allow companies to remain competitive in current trends and set the pace for future trends. VIZIO is an organization that provides high definition entertainment options and unmatchable value through televisions and home theater systems. The idea that everyone deserves to own the latest technology is the foundation for their endeavors (About, 2011). This paper serves to describe and evaluate VIZIO’s innovation strategy. It will also provide information from Securities and Exchange Commission (SEC) filings and introduce new products or services from VIZIO.
Description of Innovation Strategy
Consumers are gravitating toward innovative technology and VIZIO is taking advantage of the opportunity to provide innovative products that exceed consumers' expectations. Because of the effective market research VIZIO has performed, the organization manages to deliver advanced HDTVs of the utmost quality featuring the most up-to-date technologies at reasonable prices. [pic]VIZIO[pic] embraces [pic]the[pic] innovation strategy it possesses, which is to provide consumers with higher performance products and be dedicated to providing consumers with exceptional value. The organization is receptive to consumer feedback, incorporating the wants of the consumers and managing to operate efficiently at the same time. Furthermore, VIZIO delivers products where vision meets value (VIZIO,[pic] August 10, 2010). Evaluation of Innovation Strategy
In 2010, VIZIO witnessed the success of its innovation strategy. "LED shipments increased over 176% over the first quarter in [pic]2010 and represented approximately 40% of VIZIO's product mix, making VIZIO one of the industry'[pic] s best...