Different types of innovative business strategies

This is continuation to our earlier post on innovation. We will now discuss innovative business strategies, as they apply to different commercial applications.

formalizing Innovative Business Strategies

  • Marketing innovation

As the old saying still holds good, “Customer is the King”; often the market dictates the trends of the future technology as the advanced companies in any sector take the lead to go in for new technologies and originate innovation in their application, with a view to beat the market. The rapid globalization of the business and tough competition, worldwide has brought in innovation to the forefront, for meeting the global demands in an economic manner.

  • Innovation in creative industry

A creative industry is believed to be different from others as they depend on the imaginative skills of the workforce, with emphasize on the individual creativity to generate more employment and profits as well as business for the relevant sector or industry. Therefore, it needs unique innovative business strategies. As creative industry sectors range from art, fashion, advertisement, film, media, architecture, television, computer software and performing arts as well as designs and publishing, one common principal that can be found in all of them is the creativity and innovation. However, according to Caves, some of the common characteristics of creative industries include unpredictable demand for goods, different skill sets working together, economic satisfaction being rarely evident, coordination of diverse skill performance and outputs within limited time frame.

Discussing Innovative Business Strategies

While creativity is the driving force for all industries, the creative industry is seen being the one that has creativity as the central and main means of production. While the creativity can be defined as the creation of useful and new ideas that help the overall business of the industry, innovation makes the creative process result in the required format, using the knowledge and other resources available with the creative concepts. Therefore, creativity put together with the tools of innovation, brings the desired results in form of the new product lines, based on innovative business strategies, in any industry. However, this exercise is the essential part of creative industry, which makes it different from other industries.

As all of us can observe, during the current technological innovation, the main factor has been in the content, in any application, be it the computer software, the design of new products or the textual/graphical content development. While the innovation is taking place in every aspect of content, it can be seen in its development, delivery or the package. The examples of content innovation can be noticed in the sphere of movie or television film development, a new application of computer software, a new advertisement or media campaign.

While we ill continue to bring more info-tips on innovative business strategies, readers can go through other publications like “Hidden Innovation in the Creative Sectors” by Jason Rutter. The information about different subjects can also be found in other topics.

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