Mcdonald's Swot

Topics: Innovation, Entrepreneurship, Creativity Pages: 2 (567 words) Published: May 9, 2013
Innovation at the heart of business
INNOVATION needs to be at the heart of any business that wants to grow Innovation is Critical to Success
The promotion of innovation, in particular technological innovation, in developing countries is becoming a fashionable subject

Innvation is crutial :
In a Microeconomic view
In a Microeconomic view
In the past, many organisations have been able to survive even with very limited amounts of innovation. They focus on providing quality products and simply update them to a level that maintains their competitiveness in the market. This method still applies to some products with long lifecycles and few opportunities for innovation. Recently however, some trends have emerged that drive the innovation process. Due to factors such as globalisation and outsourcing, there is an increased push to improve efficiency and effectiveness of organisations. Organisations need more than good products to survive; they require innovative processes and management that can drive down costs and improve productivity.

Consumer expectations also drive the amount of innovation in the market. Customers are used to products that continually improve and make their life easier. Modern consumers are more informed and have more options in terms of what they buy and who they buy it from. Essentially, customers won't accept mediocrity because they know they can always go somewhere else. Innovation is important as it is one of the primary ways to differentiate your product from the competition. If you can't compete on price, you'll need innovative products and ideas to make your business stand out from the crowd. Innovation in your business can also be driven by the amount of innovation your competitors are doing. Being first to market with a new product can provide you with a significant advantage in terms of building a customer base. It is difficult to compete if your products are seen as obsolete or out of date. However, when investing in...
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