Market Innovation: The Engine That Redefines Modern Business
Market innovation today is not just a matter of choice; it is the lifeline for businesses to survive and thrive in the ever-changing environment, which is characterized by rapidly evolving customer expectations and intensifying competition. Simply put, it means creating new value for the market either by changing the existing product, creating a new service, or changing the ways the process is done. It is not only confined to inventions in technology but also includes changes in how companies get to know customers, how they market their products, and how they create experiences that are unique.