Bestbuy's innovation opportunity Essay Example | Topics and Well Written Essays - 250 words

Bestbuy's innovation opportunity - Essay Example For example Kodak, that invented the digital camera technology but failed to capitalize and now struggling with possible extinction. One of the most important opportunities created by innovation is in the resultant potential of a company’s private brand. Private brand here refers to a brand placed on products that larger manufacturers have made for the smaller retailers (p 23). With innovation, the quality of the products intended to the smaller retailers has improved immensely. The percentage market power associated with these high-valued products has therefore increased the brand’s potential (p 28). More demand for these brands and job creation has surge high with innovation. Innovation also has increased brands’ competitiveness in the market. It is, therefore, evident that with innovation our brand at Best Buy & Apos has increased immensely both competitively and in quality. Apart from brand potential, another opportunity of innovation is ease of market access by our company (p 32). Through incorporation internet in our business operation, our touch with most customers has increased immensely. Our products have therefore reached even markets that were otherwise unattainable (p 36). Finally yet importantly, innovation has opened opportunity for diversity of products we can now