Times keep changing along with the development of technology and information. Some brands can survive to become the top brand, while many brands that fall in maintaining its existence. According to a study from Dartmouth’s Tuck School of Business, by Professor Peter Golder, leading brands are more likely to lose their leadership position over time than sustain it. For example, in 1923 there is a well-known company in the field of manual typewriters, named Underwood. These companies failed to survive due to the lack of innovation in the changes of an increasingly sophisticated era. The consumers moved on from manual typewriters to electric typewriters. Therefore, a product is claimed to be able to follow the changes to survive. How?
Notice The Major Mistake
The actual causes of sustaining market leadership are willingness and vision. When you already have the exact vision, you will eventually try to fulfill it to achieve the goals. For example, the marketers behind the brands should be able to search what are the latest issues that appear in public. The reason why is to create new upcoming products by the requirements and current needs of society.
Usually, innovation defined as something fresh and new ideas leading to new products, service, and process. The important thing is not just fresh and new ideas but how it can give strong influence to the market. Innovation means thinking out-of-the-box to create an outstanding and extraordinary product. The aim is to faces extinction and as a significant impact on growth and productivity to become the strongest brand that sustain.
We are all facing globalization, technological and knowledge revolutions. That’s why fresh ideas and innovation will help you to overcome the changes.