How to bring innovation into a conservative market?
by Maritana Sedysheva
International Journal of Technology Marketing (IJTMKT), Vol. 11, No. 1, 2016

Abstract: The study examines a real case of an innovative product for the restaurant industry. The primary aim of this study was to investigate a conceptual framework for the challenge of 'leading through innovation' and to propose a new approach and determine an optimal strategy development process for the creating, designing, developing and introducing innovative products into a market. The author offers an 'innovation process scan' as one of the improvement tools for the system of creating new products, services and processes that are well matched to customers' needs and expectations. The results showed that the 'innovation process scan' application, using the new strategy, will allow the company to overcome important barriers to create and to identify the innovative products for the growth of future revenue and profit. One suggestion for further research might be established as a way of improvement and development of methods directed to the application of innovation in the decision-making process. This approach will improve calculations of strategic perspective plans and will reveal the essence of the 'something new' development strategy on the whole by taking into consideration aspects of the conservative markets.

Online publication date: Mon, 30-Nov-2015

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