Question

Compare and contrast continuous innovation, radical innovation, and the blue ocean strategy of product innovation.

Answer 1

Continuous innovation- It is defined as the ongoing upgrades of the present technology or innovation of the new products. This kind of innovations will be carried out at the incremental levels. By this kind of continuous innovation organizations will get more profits without any loss because people show more interest on the upgraded technology. Many of the customers cannot recognize the upgraded product because it looks like the past product but changes will be inside the product. For example mobile industry had experienced the continuous innovation like changes in the plans for calling.

Radical Innovation- It is defined as the innovation which totally collapse or replace the present technology. Radical innovation always results in the great rewards and the same time risk will also be observed. This kind of innovation will totally collapse present model which was adopted in the market. Not only the model but changes can be observed in the components which were used for the model preparation. Customers can clearly observe the changes in the model. For example Amazon launched the dash buttons which will be connected to the Wi-Fi which will helps to order the essentials for the household purpose.

Blue ocean strategy of product innovation- It is defined as the innovation of new products which are unfamiliar. This kind of innovation strategy has no competition because products will be new to the market and any competitor doesn’t know about the product. This is an opposite innovation strategy to the red ocean strategy. This strategy will be suitable to the companies who want to expand without any kind of competition. Customers will not be familiar with the products but they can try the new product in the market which will give more benefits with less investment. For example Apple started the ITunes which was very easy to download the songs for ios users with reasonable price. By this innovation apple won the millions of the music listeners.