The need to be innovative and enterprising when identifying opportunities in the market place

The companies need to be innovative to be more competitive and up-to-date than its competitors.

Being innovative helps to find what the customer wants much quicker and therefore helps becoming the first company on the market to produce something new what the customer would like to buy. It makes the company, unique and different from the others, because it is always the first one to come up with a new idea of the product.

Being an innovative company helps to be better than your rivals, keep ahead of them and be the first company on the market to satisfy costumers’ needs. This also makes the company innovative. Company always needs to be up-to-date, be aware of what kind of products their rivals are planning to produce.

-It is also very important for the shareholders, that their company is innovative, b

-The shares of fast growing and innovative companies on the market are tending to be very high and constantly increasing. Therefore, if the company is innovative and is up-to-date, its shares increase in value, which leads to higher profits and higher incomes of the shareholders. This makes the shareholders interested in investing more money into the fast growing business, which means the company has more money, which they can spend on the research and development of the new products.

An example of the innovative company is Apple. Basically, Apple took the mp3 player, made it look very modern and hi-tech. They put a lot of memory into it, which was very unusual for the other mp3 players. At current time there was no other mp3 player producer with the same size and design for their players. Apple also designed and introduced the online-music store, where anyone who buys an iPod can access this website and download the music he wants to. This helped Apple to make another niche on the market with ultra-small and functional mp3 players, on which you can play not only music, but videos. Apart from this, apple started producing sound-speakers and other devices which are compatible with iPod. Until now Apple keeps being one of the most innovative companies in the world and constantly comes out with new products.

Therefore, being innovative and finding market opportunities helps the companies to identify the area of the business they’re good by trying to produce completely different products and coming up with new ideas. This helps them to make as much money out of the business they’re good at as possible and become more competitive or dominant on the market.