Two Most Innovative Services: Market Acceptance Of The Innovations
For your final assignment, you will need to write an essay of at least 1250 words.
The need to generate new marketable ideas for products and services has become a key challenge for business leaders. The ability to practice continuous innovation has become a competitive necessity in today's business environment.
For your essay, choose one of the companies on the BusinessWeek or Fast Company innovative companies lists and then please address the following topics:
The two most innovative products or services the company has recently offered
Why these innovations have gained market acceptance
The extent to which the company focuses its innovation on existing knowledge (incremental) versus seeking radical innovation
The three top factors that have allowed this organization to remain a leader in innovation
Successful essays will apply concepts addressed in course readings to specific initiatives or characteristics of the organization. This means that you should cite specific ideas about the company you chose and course readings (MLA or APA format preferred) and that your essay should have a works cited or references page.
Note that essays that do not meet the word count requirement are generally not able to respond to the question in enough specificity or detail to be effective. As a result, essays that do not meet the word count will be failed.
The essay should be double-spaced and submitted as a Microsoft Word file.
Innovation in Organizations
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Innovation in Organizations
Facebook is one of the companies that have consistently been named by Fast Company as being among the leading innovative companies. Since it was founded in 2004, Facebook has managed to transform the social networking industry and it is currently recognized as a leader when it comes to social networking. Initially, Facebook allowed users to create personal platforms where they could find friends and share updates, videos, and photos (fastcompany.com,2018). Under the leadership of Mark Zuckerberg, Facebook has advanced its innovative technologies, thus enabling the company to develop a powerful marketing platform, improve internet access in less developed nations, and invest in virtual reality and artificial intelligence. This paper critically analyzes the continuous innovative services offered by Facebook and the factors that have enabled it to be among the most innovative company.
Two most Innovative Services
Two of the most innovative services to be recently produced by Facebook include its mobile apps as well as acquisitions of innovative technologies such as Instagram. These innovative technologies have been responsible for the increase in the number of users as well as the rapid expansion of the marketing and advertisement capabilities. Currently, Facebook has more than 1.8 billion subscribers and users who have been responsible for enabling the company to make revenues worth over $26 billion (fastcompany.com, 2017). Sheryl Sandberg, who is the chief operating officer, said that 80% of these revenues originated from mobile advertisements.
Second, the high profile acquisitions of companies and technologies such as Instagram in 2012 have also been responsible for rapid innovation at the company. After the purchase of Instagram, the platform has expanded to more than 600 million individuals under the ownership of Facebook (fastcompany.com,2018).The company continues to experiment with the apps to produce systems that are more captivating irrespective of the limitations associated with small mobile phone screens. The Messenger App platform is accessible from numerous platforms such as computers and mobile phones and it has grown to host over a billion users.
Market Acceptance of the Innovations
The innovations have gained market acceptance due to the ability of Facebook to diversify the innovative services it offers to clients. This has been possible through research and development as well as the acquisition of technologies that offer innovative services. Facebook, for instance, has entered into virtual reality (VR) market, with the objective of blending VR to the long-term objective of connecting people and simplifying the way people share information (fastcompany.com, 2018). The acquisition of Oculus VR and WhatsApp in 2014 has also enabled Facebook to expand its influence and reach the social media industry with the continuous development of innovative technologies.
The VR initiative has been made possible by more than 17,000 employees at the company who have built a firm that is worth more than $380 billion. The current technology enables people to use VR to video chat via the Messenger. The company produced a reference design for the Surround 360, which is a high-end, open-source camera system, which may be used by people to modify and build the technology for individual purposes. Another important reason for market acceptance includes expanding its innovativeness in order to stay ahead of the competition (Jana, 2013). For instance, startup companies such as High Fidelity and Altspace have also entered the social VR platform thus providing stiff competition to Facebook. Such competition can only be outdone by being innovative, such as the development of the Facebook Live in 2015, which greatly enhanced the live video platform, enabling people to make live broadcasts from their phones.
Focus on Innovation
Facebook is among the leading technology companies that focus on improving both the existing knowledge (incremental) and seeking radical innovation. To start with, Facebook has already developed an internal innovation culture that utilizes the existing knowledge to develop and expand the present technology (Jana, 2013). Facebook uses this culture to enhance collabo...