The Role and Importance of Innovation in Providing Satisfaction to Customers

Innovation is defined as a new idea, device, or process. This means that for innovation to take place, a product or service has to be original in what it is offering and provide further satisfaction to customers. By providing this satisfaction, a company will increase it's value and attract new customers while retaining old ones, and in the process, generally increasing long-run profits. Innovation is important to overall business success. Innovation allows a company to not only look at the market today, but to predict future trends and evolve their business accordingly.

Recognizing that the market will change over time helps a company effectively research ideas and devices that are original and will benefit their consumers.

Innovating in these ways can boost current and future processes to increase efficiency. Maximizing efficiency leads to higher profits through higher quality goods, less time consumed with manufacturing, and a streamlined staff that works to their max potentials. All of these factors add up to a unique business that customers gain loyalty to.

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Loyalty, in turn, leads to inelastic demand for certain products or services, allowing a firm to increase price without decreasing demand.

Innovation is important to me and should be to others for a variety of reasons. First, innovation opens up markets to new businesses. These markets can be opened up for startups through the use of innovative ideas to create brand new products, technology, or services that are useful to customers and can generate profits. Startups can then grow into booming businesses and create more competition in the market and sparking even more innovation that improves the lives of everyone in the market as a whole.

Secondly, innovation can greatly increase the quality of products offered in the market. This higher quality is achieved by the streamlining of manufacturing processes or technology to decrease the costs of producing a good. Less costs producing something means more money being used for overall quality. Quality means that products will work better and last longer, ultimately decreasing costs for consumers in the long run. Lastly, innovation helps a society advance into the future because of newer and better products being invented and sold.